1. Determine the type of practice you want to open. That is, be very clear on whether your firm will be a general partnership, a sole proprietorship, a limited liability company, a C corporation, or an S corporation.
2. Know your market well. Create a business plan in which you clearly define your target market, your competition, and possible ways of revenue generation.
3. Find yourself a mentor to guide you.
4. Ensure that you have the right credentials.
5. Put in place an advisory board. If possible, bring on some established names in the market on this board. This will earn you instant credibility from prospective clients.
6. Have your own back-office team, even if it is only your spouse helping out as a part-time assistant.
7. Buy the appropriate technology.
8. Have a pragmatic marketing plan.
9. Ensure that you comply with all the relevant regulations on ethics and licensing.
10. Define your standard procedures.
With all these in place, you are now ready to impress your first client and run a scalable financial planning business.
