Are you a financial expert, chartered accountant, or accounting professional and want to start a business? Find here a list of top finance business ideas for beginners that can be started with a small investment.
Financial services are probably the largest industry sector under the sky. This is an industry that doesn’t demand a specific educational background in most cases. Rather it demands skill, adequate knowledge, and a handful of experience in the subject. The financial services industry is lucrative. Retail banking, commercial banking, wealth management, and insurance are the major segments of the industry.
Recent technology upgrades and increasing internet accessibility have changed the potential of the financial services industry. In the recent era, of online lending, money transfer, and credit ratings, FinTech companies are breaking the dominance of financial services’ largest players in novel ways.
Here is a list of top profitable finance-related business opportunities:
25 Finance Business Ideas
1. Start a Personal Finance Blog
There are plenty of successful finance bloggers on the internet and making good money. Any financial expert having a flair for writing can create a successful finance blog.
Before starting a finance blog, it is advised to choose a finance niche that is searched by a considerable number of people online.
#2. Angel Investment Company
Angel investment is very popular in the startup community. For finance professionals, it is among the popular finance business ideas. You can start investing your own money and become an angel investor.
Else, you can initiate a community of angel investors. It will work as a dedicated investment platform for startups. If you have a network of investors and investment seekers, you can consider starting this business.
#3. Audit Firm
An audit firm is a perfect business to start for professional auditors. Every small and big business required auditing every year. Proper networking and marketing are required to get clients. The market is huge. Additionally, you can also offer value-added services like internal audits, cost accounting, etc.
As per Payscale, the average annual salary of an auditor in the United States presently is $56,910.
#4. Start an Online Payment Service Platform
The online payment industry is growing by the day. More and more people are showing interest in online financial transactions. Hence, the demand for online payment service providers is also growing.
As an online payment service provider, you will provide businesses with a payment platform wherein customers can pay through credit cards, debit cards, or cash cards. In exchange, you will charge a processing fee for each financial transaction.
#5. Business For Sale Broking
Your primary responsibility as a business broker is to help customers in buying and selling businesses. The job includes preparing a business valuation for fair market pricing, listing the business for sale, marketing the business, qualifying potential buyers, showing the business, answering questions, working on behalf of their clients to negotiate an appropriate selling price, and helping in all closing financial deals.
#6. Business Subsidy & Grant Consulting
There are available Govt. subsidy and grants for different types of businesses from different agencies. Small business owners look for experts who can do the paper works and every possible required work on behalf of them to get the subsidy. If you have knowledge and experience on a specific subject, you can start this business even addressing a niche segment.
#7. Debt Collection Agency
Collection agencies are the specific agency that collects payments on behalf of an organization from its debtors or customers. Adequate knowledge about the product and experience is required to start this type of business.
#8. Launch a Finance Podcast
The podcast industry is growing over the last few years. At present, creating a podcast is extremely easy as many podcast hosting sites have been launched. If you have experience in any particular field of the finance sector, starting a finance-related podcast can fetch good profit returns.
#9. Debt Collection Agency
The debt collection agency business is profitable and can be initiated from home. You can start this business with low capital investment. It is advisable to work within a company before you start your own debt-collecting business.
#10. Forex Trading
This is definitely a risky venture to start. Adequate experience is required. You can start this business as the home base. Currencies worth $5 trillion dollars are traded in the forex market per day. So, you can make a lot of money from the forex trading business without investing too much.
#11. Franchise Consulting
This is one of the best financial services businesses to start with less money. You can work in two ways. You can work on the behalf of franchise offering companies seeking clients. Otherwise, you can advise your clients about the right franchise according to the location, experience, and investment capacity.
An individual can start a freelance bookkeeping business right from home with a small startup capital investment. Every company small or big needs business accounting. For the successful operation of a business proper accounting is a must.
#13. Fundraising Consulting
In the entire business cycle, companies often look for fundraising opportunities. Your primary responsibilities are evaluating the balance sheet, crafting proposed return projections, identifying the best possible options for raising funds, and ultimately arranging for the same.
#14. Gold Loan Company
A gold loan is a highly secured loan. This is also one of the best options to get instant cash for a person who has some gold. It is recommended to check your state law. The business is very lucrative.
#15. Insurance Agency
It is one of the evergreen financial services providing businesses. You can start the business with almost zero investment. As an individual insurance agent, you can sell life insurance, medical insurance, accident insurance, and auto insurance.
#16. Micro Finance Company
Microfinance company is a profitable businesses not only in small towns but also in metro cities. However, proper and extensive licensing and registrations are required to launch a microfinance business in any country across the world.
#17. Mutual Fund Investment Agency
Mutual funds are very lucrative investment options nowadays. You can start this business as an advisor. Your primary responsibilities are investing your client’s money in a profit-generating manner according to the investment amount and tenor.
#18. Stock Broking
Stockbroking is another profitable online financial service you can start from home. If you have a good client base and a reputation for fetching profit, you will definitely shine in this business.
#19. Tax Consulting
A Commerce stream background is a must for starting this business. You can initiate the business from home with small capital. Freelance tax consulting will allow you to accept different clients to have maximum income from your potential manhour.
#20. Venture Capital Firm
Initiating a venture capital firm is a definitely profitable business. You can also form an organization of a community of venture capitalists. A substantial amount of capital investment is required.
#21. ATM Space Renting
Commercial banks are expanding their network nowadays. In developing countries, ATM space renting is one of the best businesses to start if you have a space to rent. If you have a small space in a prominent locality, you can rent it out. Most interesting thing is, that this business will give you a fixed and assured monthly income.
#22. Start Trading Crypto
Cryptocurrency is the latest investment disruptor that is challenging conventional investing platforms. Though it provides higher returns on investment, still it is a highly volatile and risky investment to make. It is advised to trade cryptocurrencies carefully and through safe cryptocurrency exchange platforms.
#23. Bureau De Change
This is one of the most profitable financial services you can start with a very small investment. The currency in every country is different. Anyone visiting international locations is required to change the currency. With proper licensing, you can start this business.
#24. Commercial Bank
This is one of the most profitable financial services to start with substantial capital investment. This is definitely a large-scale business. Proper planning, registrations, licensing, and staffing is important in this business.
#25. Develop a Financial App
If you have experience and knowledge in app development, think of creating mobile apps that can help customers and finance-related businesses. This app can be a digital wallet app, crowdfunding app, stock research app, etc. However, nowadays to make an app successful, you must have a big marketing budget and hence strong funding backup is essential.
5 Things To Consider Before Starting Financial Services Business
- Build a strategy and business model to put your company in a better position to succeed
- Become the dynamic center of a FinTech ecosystem.
- . Focus on what your own company does best — for instance, identifying investment themes, assessing credit exposure, managing counterparty risk, or executing and settling financial transactions.
- You must set high standards for customer interactions and be able to draw a comprehensive picture of customer expectations for the firm’s brand.
- Technology planning must become integral to C-suite discussions. Nontechnology executives on your team will need to become more tech-savvy than is typical of most business managers in the industry.
The financial services industry is the most trending and profit-making industry nowadays. We hope, this list of profitable finance business ideas will give you a direction towards initiating a new business in the industry.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their businesses.