Building or maintaining a solid financial ground is never the easiest thing to do, as this requires exceptional skills like the ability to calculate the possible ROI of an investment, understand the dynamics of assets and liabilities over time, amongst many others.
Many individuals desire to have a good understanding of the processes involved in building a solid financial ground. However, this is something only specific set of people, often referred to as finance experts, can handle.
Finance experts command both fortune and respect, with no dearth of employment/business opportunities.
If you are an expert in the finance sector or an upcoming finance graduate, below is a list of effective business ideas you can venture in.
- Start an Auditing Firm
Average Annual Pay: $31,625 – $78,685
What they do: It’s important for every firm to review their financial status at least once every year. This financial review, otherwise called auditing, is done best finance experts. Hence, if you are knowledgeable in the finance field and you’re looking forward to starting your own business, setting up an auditing firm is something to be considered. With the ability to network, market and position yourself well, you can land yourself good business deals.
- Develop and Sell Accounting and Banking Software
Average Annual Pay: $52k- $175k
What they do: Accounting and banking software are used widely to efficiently manage the finances of an organization. For a software developer who also has an understanding of finances, this is one of the best options. Many accounting software are doing well in the market. If you can come up with something similar or even more user-friendly than these software, you can build a good business off of it.
- Retail Finance Related Books/E-books
Average Annual Pay: Widely varies
What they do: If you are a credible writer and writing comes naturally to you, write and publish finance-related books. You can reduce the publishing costs by releasing e-books. Be it books written to help students clear top notch exams or finance self-help books that even an average person can learn from — this is a lucrative business idea.
- Blog About Finance
Average Annual Pay: $19k – $79k
What they do: Build a blog platform, make it as professional as possible with the use of reliable theme providers like Colorlib. After this, provide in-depth knowledge on finance-related topics. Blogging is the easiest and most widespread format to build an audience, share insights and also learn. After you successfully build a large audience, there becomes numerous ways to monetize your blog — be it affiliate marketing, selling ad spots, sponsorships, and so on. You can also be approached by large firms to consult for their company.
- Start Publishing a Finance Magazine
Average Annual Pay: Widely varies
What they do: Finance Magazines can be a great income source if you can pack it up with valuable stuff. There are many finance magazines doing great. Package something unique and stand a chance to get hold of a fair market share.
- Online Finance Coaching
Average Annual Pay: $30k – $122k
What they do: If teaching comes to you naturally but you don’t want to be tied down physically, this is a great option for you. start a coaching center to prepare students for the various finance related certification exams. With multiple educational sites on the web where you can host your courses, all you need to do is to design and create one.
- Start a Mortgage/Debt-Reduction Service
Average Annual Pay: $30,418 – $53,276
What they do: This is one of the few businesses in the finance industry which you can get into with little or no startup capital. The job is to help individuals/companies renegotiate their debts/mortgages and get them a better deal. The money you make will be based on commissions or perhaps as agreed upon percentage.
- Finance Consulting Firm
Average Annual Pay: $24k – $175k
What they do: Ranging from investments to savings and budgeting, finance consultants offer their expertise in these services. It’s a thriving business where you can start consulting for individuals, businesses, or even the government.
- Tax Consultant
Average Annual Pay: $39k – $79k
What they do: Every country has its own set of laws governing the payment of tax, and these laws are often administered very strictly. Many big time businesspersons often get sent behind bars while trying to evade the taxes. Starting a tax consultancy firm is a very viable business option to help brands settle their tax-related issues.
- Manage Investment Portfolios
Average Annual Pay: $52,163 – $188,912
What they do: Most people fail to realize that managing wealth is more important than creating one. Rich people, however, know the importance of efficient finance management and as a result, they often employ professionals to manage their investment portfolios. If you have the required skill set, help rich people remain rich and, you can get richer yourself.
- Build Investment Tools
Average Annual Pay: Varies
What they do: Stock investment tools help businesspersons to analyze their desired investment fields after which it’ll present the investment that is most likely going to yield a good ROI. With a good technical know-how and a core finance expertise, you can build such tools.
- Budget Consultant
Average Annual Pay: $41,035 – $82,730
What they do: Preparing a budget for a certain project is often a big deal for many people and organizations. If you are good with fund allocation and can efficiently distribute available fund to effectively cover the required sectors of a project, becoming a budget consultant for firms/individuals is an excellent business option for you.
- Risk Management Consultant
Average Annual Pay: $74k
What they do: Many businesses fail because they couldn’t account their business risks well and thus did not have a proper risk-management plan in place. With a good risk management plan, a business can mitigate the risks from the initial stage and this, thus, has created a market demand for risk-management consultants who know their craft.
- Credit Repair Business
Average Annual Pay: $33,988 – $70,559
What they do: A credit repair business has low startup costs and great profit potential. The responsibility involves identifying errors in credit reports and disputing inaccurate information with the appropriate organizations to improve credit ratings. These services are taken up on behalf of clients who are undergoing credit problems.
- Financial Planner
Average Annual Pay: $43,100 – $138,357
What they do: They prepare financial plans for people and organizations. These financial plans often cover cash flow management, retirement plans, investment plans, insurance plans, tax planning, estate planning and so on. This is an excellent business firm to venture into as large companies are always in search of experts in this field.
- Credit and Thrift Business
Average Annual Pay: Varies
What they do: Credit and thrift business helps traders and artisans who earn money daily to save; there is a thrift collector who goes around collecting their daily savings and then presents it to the respective owners at month end. A percentage of the daily savings amount that is thus saved by the customer is taken as profit by the thrift collector. It is yet another thriving business in the finance sector.
- Host Finance Talk Shows
Average Annual Pay: $24,943 – $193,916
What they do: Start your own show on any platform with a large broadband broadcasting. Through the medium, educate individuals and organizations on finance-related issues. If your knowledge in the file can continuously add value to your audience, this will definitely become a great means of revenue generation for you.
- Forex Trading
Average Annual Pay: $48,177 – $157,163
What they do: This involves learning the different shifts in conversion rate, the rising and falling of currency values, and also buying and selling of currencies online. Although this involves a great deal of extensive research and outstanding analytic skills, this can pay off really well if you have a sound knowledge in the field and also a bit of luck by your side. Just as ROI is never guaranteed, forex trading is risky but rewarding.
- Finance Journalism
Average Annual Pay: $20k – $75K
What they do: With excellent writing skills and an up-to-date status on the various happenings in the business realm, writing about business-related issues is a really good field to venture into. Most interesting, perhaps, is that you can do it as an add-on to your primary business.
Which of the above business ideas would you suggest to a fellow businessperson and why? Share your thoughts below.