Steps to Start a Daily Money Management Business

A daily money management business is a good venture to consider as it mainly focuses on the financial affairs of clients. Typical services include filing tax, handling bill payments and balancing checkbooks and more. Only a few important factors need to be considered in starting it up and in providing profitable opportunities to clients.

Starting a daily money management business requires considering a lot of factors. Through these factors, the assurance that it will prosper is higher. Below are the factors to consider on starting a daily money management business.

daily money management business

Get a Degree in the Field of Personal Finance and Accounting, Register the Business in the State

Get a degree in the field of personal finance and accounting. It does not actually a crucial element to consider. It is just that some clients prefer a business that holds its education requirements. Potential clients are more confident of trusting their money to someone with a solid experience and financial education under the belt.

Right after obtaining a degree, registering the business in the state is the next priority. The business can be formed as a private corporation or an LLC. This will help protect the personal assets from financial liability for legal actions and company debts.

Join the Daily Money Managers Association in the Area and Obtain Certification

The association, or the AADMM, is actually the main industry organization that provides specialized insurance, certification and all other benefits to money managers. The website can be visited whereas a membership application can be downloaded. The application can then be submitted by a membership fee need to be paid upon joining. In 2010, the annual membership fee required to be paid is around 175 dollars.

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After joining the organization, obtaining certification also comes as the next step. The certification also adds credibility to the business and gives potential clients the confidence of hiring a professional and experienced one that adheres to the strict and quality standards.

When the certification application is already completed, the study materials can now be reviewed and downloaded. The exam can be scheduled at a specific time and at a testing location.

Market Survey

Do your homework. Go out and survey existing owners, potential customers. Find out if you have what the customers are having hard time in finding the services currently. Figure out what the existing owners are saying, what is their day to day work look like. If they have any issues that they can share with you.

Getting Your Funds Ready for the Business

For any startup finance is very important. Do you have the kind of funds ready that your business will be needing over next 2 years? You should take this seriously and have a clear picture of finance before starting the business.

Obtain Insurance and Market the Services before the Public

An omissions and errors insurance need to be obtained by the business. This helps protect the business from any costly liability. This is especially if employees commit a mistake. Afterwards, market the services before the public. In addition, place the advertisements in niche publications and in local newspapers. These must be entirely focused on the customer group being targeted.

Nevertheless, there is a specific payment in the search engines, telephone directories and local directories. The advertisements will help attract their attention. Word-of-mouth also provides cost-efficient and highly effective marketing for a daily money management business.

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