Financial services is probably the largest industry sector under the sky. This is an industry that doesn’t demand specific educational background in the most of the cases. Rather it demands skill, adequate knowledge, and handful experience about the subject. Financial services industry is lucrative. Retail banking, commercial banking, wealth management and insurance are the major segment in the industry.
Recent technology upgradations and increasing internet accessibility have changed the potential of financial services industry. In the recent era, online lending, money transfer, and credit ratings, FinTech companies are breaking the dominance of financial services’ largest players in novel ways.
5 Things To Consider In 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.
20 Profitable Financial Services Business Ideas
#1. Angel Investment Company
Angel investment is very popular in the startup community. You can start investing your own money and become an angel investor. Else, you can initiate a community of angel investors. A dedicated platform for startups.
#2. ATM Space Renting
Commercial banks are expanding their network nowadays. In the developing countries, this is one of the best business to start. If you have a small space in a prominent locality, you can rent it out. Most interesting thing is, this business will give you a fixed and assured monthly income.
#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. You can also offer value added services like internal audits, cost accounting etc.
#4. Bureau De Change
This is one of the most profitable financial services you can start with a very small investment. The currency of every country is different. Anyone visiting international locations, he or she is required to change the currency. With proper licensing, you can start this business.
#5. Business For Sale Broking
You can earn money from the business for sale. Your primary responsibilities are sourcing people wanting to sell their businesses, 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 help in all closing matters.
#6. Business Subsidy & Grant Consulting
There are available Govt. subsidy and grants for different types of business 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. Collection Agency
Collection agencies are the specific agency who collect payments on behalf of an organization from their debtors or customers. Adequate knowledge about the product and experience is required to start this type of business.
#8. 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 is this business.
#9. Debt Collection Agency
Debt collection agency business is profitable and can be initiated from home. You can start this business with a small 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 based. 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.
Financial Services Providing Business Ideas
#11. Franchise Consulting
This is one of the best financial services business to start with less money. You can work by two ways. You can work on the behalf of franchise offering companies seeking for clients. Otherwise, you can advise your clients about the right franchise according to the location, experience, and investment capacity.
#12. Freelance Bookkeeping
An individual can start freelance bookkeeping business right from home with small startup capital investment. Every company small or big need business accounting. For successful operation of business proper accounting is a must. Read More…
#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 projection, identifying the best possible options for raising fund and ultimately arranging for the same.
#14. Gold Loan Company
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 golds. 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 business. 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 business not only in small towns but also in metro cities. Proper licensing and registrations are mandatory
#17. Mutual Fund Investment Agency
Mutual funds are the very lucrative investment options nowadays. You can start this business as an advisor. You primary responsibilities are investing your clients’ money in a profit generating manner according to the investment amount and tenor.
#18. Stock Broking
Stock broking is another profitable online financial services you can start from home. If you have a good client base and a reputation of fetching profit, you will definitely shine in this business.
#19. Tax Consulting
Commerce stream background is must 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.
Financial services industry is most trending and profit making industry nowadays. I hope, this list of 20 profitable financial services business ideas will give you a direction towards initiating a new business in the industry.