Career Change - tips anyone?

[namtrak]

Support SWMBO while she studies at UNI. Encourage her with job applications, support her through her career development. Help her develop a career planning path and targets. Then make sure she comes home to a warm house, clean sheets and a cooked meal. Then Bob's your uncle

Cheers

[Bodgy]

Feel free to talk about getting those customers, feel free.

Clint

Refer to your business plan (yes you surely have one) and let us know what specific service you are to offer, who your target clients are, and the price point.

I'll have a go then.

[Lignum]

Clint

Refer to your business plan (yes you surely have one) and let us know what specific service you are to offer, who your target clients are, and the price point.

I'll have a go then.

Thats what i wanna know Not in detail, but whats Clint selling? a product or service.

[Clinton1]

Namtrac - thats what I'm doing (supporting the missus to study), but she wants to take a few years off and have kids... otherwise I'd be happy to be the house husband.

I'm selling a service. Financial Planning.
There is a severe lack of FP's at the moment, and the industry is growing rapidly.
I can get the educational requirement finished next year, then use long service and a lot of unused holiday time to give myself about 8 months in the new job (on the lower pay rate) while still being paid my normal wage .

I will have no problem getting a job as a FP, and imagine that I will have a lot of choice in employers. Sounds arrogant, but I've had offers already without even getting the educational requirements sorted out.
After doing 12 months I should be able to get my 'certification' so that I am able to work on my own.

After this I will be:
1. offering to buy out an existing office with its client list,
2. setting up my own office if there is the market opportunity, or
3. leasing an existing office with its client list.

[Clinton1]

The devil is in the detail, however I am pretty confident that my people, management and administrative skills will see me through. I will be offering to buy out an owner, who will retain a residual ownership component (@25%), under a partnership scheme. This should see the old owner being fairly actively engaged in making sure my business succeeds, and that they don't 'poach' back the client list.

In the industry low wages are generally paid for the first year, while the employees builds up a client list - then wages are paid out of the client list earnings. You quickly learn if you will survive - luckily I can go back to my current job for up to 2 years!

Target client market will be retiree's with a need to have funds under management.
Price point - there are commissions paid by the funds that are looking for investors, unless you can raise millions then you have no say on the commission.

I don't have a business plan yet, that will come when I have the office that I wish to buy or set up in my sights. Basically I know that I can live off the wages that are paid in the industry. I do a lot of similiar work (interpretation of "real situation and requirements" against a "legislative framework that limits your freedom of action" and then make tactical and strategic decisions ).

I have a few innovative business concepts that I'd be trying, which I don't want to go into here.
One of which is the fact that I know a business that is a commercial lending brokerage house that I will be able to approach and have them send me all their personal investment customers, as they don't offer personal FP services. Yet.


One of the reasons that I have not worried about a business plan is because while they are a powerful tool, a lot of the business owners that I've managed to talk about starting up and running a business have such a plan..... and they just make it all up and continually revise it. It seems to be used as a "where we are and where we have been" tool more than anything.
That said, I will be doing one when I am much closer to the leap point.

[Bodgy]

Cliont

The normal go in FP is that you work for a company, usually one of the financial institutions, after a while and assuming your make your numbers, you then quit and take with you a non-exclusive 'dealership' for their products.

This will give you some referrals and (Naturally) you take you client list with you.

FP is a great and growing business. Unfortunately there are an awful number of cowboys in the game. Both incompetent and malfeant - go for the biggest com regardless of suitability.

Off the top of my head, referrals from your base are the best source of new business.

Marketing to your target base is a relatively simple business.

So I'd say go for it, in the fullness of time.

If you totally f@@@ up, then you can get a job in an instant (as you say).

[ernknot]

Clinton,
Do your research. Be able to support yourself and your family for about 6 to 9 months and above all try and get a mentor. You mabe able to do that through your nearest Busniness Council. I feel sure they have some type of mentoring programme. Best of luck mate, have a shot. Remember that a lot of successful businesses do fail at their first go ( no mentoring) but they get up and dust them selves off and have another go. It needs a lot of determination and reading you posts you have that.

[Lignum]

Gee Clint, here i was thinking you were going to get a real job/business and start making furniture

[Clinton1]

No money in that, mate.

Seriously, I do not want to turn an enjoyable hobby into something that is essential for my survival. I think I'd start to regret that.