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ToggleReady to Unleash Your Entrepreneurial Spirit by Starting a CFO Advisory Firm That Has Seven Figure Income Potential?
Gone are the days when only megacorporations needed outsourced CFO services. These days, with intense competition threatening to choke the life out of enterprises even before they get off the ground, businesses need all the help they can get.
That’s why the sky’s the limit when it comes to income potential for those starting a CFO advisory firm. Doing this helps clients attain a level of success they could never have achieved on their own. However, while plotting a path for robust financial success for others, don’t forget about yourself.
These six tips will help to achieve your dream of starting a CFO advisory firm with a potential seven-figure income:
1. Believe It is Possible
To create a seven-figure CFO advisory service, you must believe that you can do it—that it’s in the realm of possibility for you. This means having unshakeable confidence in your ability to carry your dream across the finish line. Without this conviction, your efforts will be lackluster at best.
Mindset is everything when it comes to keeping yourself energized, particularly when it comes to something that'll challenge you like never before—like starting a CFO advisory service. Get to the point that failure is an abject impossibility and dispel any vestige of self-doubt from your mind.
If you are starting a CFO advisory firm, you've got to get really good at recognizing self-doubt when it rears its ugly head. This includes overcoming so-called "imposter syndrome," or feeling like you're a fraud—even if you've experienced great success with something.
Imposter syndrome can cause us to be afraid of new opportunities. If you need help getting rid of the psychological factors that can kill your dreams, seek the advice of a trusted mentor.
2. Create a Unique Service Offering
To charge the highest rates, you must stand head and shoulders above the competition by offering a service no other firm provides. This means finding out what your Unique Selling Proposition (USP) is.
A USP is the one-of-the-kind thing that nobody else on the planet provides that still addresses the needs of your ideal audience. It focuses on the distinctiveness of your service and why a potential client should go with you instead of someone else.
You can create a unique service by niching down or finding out what businesses need that they're not currently getting. However, whatever you do, don't closely mimic a service a competitor is offering. That's a surefire way to get lost in all the marketing din.
To provide a service that addresses your clients’ pain points, you need to know what they are. This means taking the time to get to know your audience inside and out.
In addition to cultivating an understanding of your target audience, gather intelligence on your competitors. To do this, select five direct competitors to research. A direct competitor would be individuals who offer fractional CFO services or business coaching.
After finishing your research, analyze your findings to identify any unmet needs. This is called “gap analysis” and is a critical exercise when starting a CFO advisory firm.
3. Hone Your Expertise
To reach the seven-figure mark, ensure that the expertise you offer is top-notch—that the value you bring to businesses far exceeds what they have to pay. To do this, you must be a consummate problem solver.
The best way to do this is to find a company that offers world-class training in starting a CFO advisory firm and internalizing the knowledge they provide. At The Expert CFO, we offer comprehensive educational resources put together by some of the best minds in the business.
Match world-class expertise with exceptional client service, and you’ll be well on your way to starting a CFO advisory firm that gives you the income level of your dreams.
4. Create Measurable Goals
To achieve robust financial success with your CFO advisory service, ensure that you set measurable, achievable objectives. Without them, you won’t know how to proceed.
Measurable goals are specific, attainable, and time-based objectives you set for yourself. To set measurable goals, create an action plan with timelines. To help create an action plan, ask yourself these questions:
- How long will it take?
- What are the milestones I need to establish to reach my goal?
- What will I do every week, month, and year to stay on track?
- How will I know when I have been successful?
Creating goals and tracking your progress is a worthwhile exercise when starting a CFO advisory firm or any business for that matter.
5. Be Willing to Take Risks
To boost income to high levels, you must be willing to take risks—the kind that providers of traditional accounting services wouldn’t dare to attempt. This means offering a service that goes light years beyond basic bookkeeping so you can provide businesses with what they really need.
Because we evolved to be risk-aversive, taking risks can be frightening. After all, if our ancestors took too many risks, they would have died even sooner than they did (life expectancy 10,000 years ago was only 25).
However, risk is necessary if you're looking to create a seven-figure income. One way to alleviate the fear that comes with risk is by doing research, and this means gathering as much information as you can about how others built their own CFO advisory service.
At The Expert CFO, our business advisors have decades of CFO consulting experience and expertise you can tap into and joining our network of consultants is something to consider when starting a CFO advisory firm.
6. Exceed Client Expectations
The secret to keeping clients deliriously happy is giving them what they want. To do that, focus, with laser-sharp intensity, on who your target audience is.
Not everyone is interested in starting a CFO advisory firm. Knowing whom you're catering to will save time and money.
Target as specific an audience as possible, and don't be afraid to refine it further over time. Be confident in your expertise, and revenues will invariably increase. Once you know your target audience, select the marketing channels where your audience is most active.
Embark On An Exciting New Career with Help From The Expert CFO
With the proper training, the right support system, and killer marketing, it's possible to achieve seven figures when starting a CFO advisory firm.
At The Expert CFO, you’ll get all this and more. You’ll decide when you want to work and where.
No longer are you forced to offer rock-bottom prices because there are too many accountants and not enough of a customer base for basic bookkeeping services. No longer will you wonder if you have any clients left because you haven’t talked with them since last tax season.
If you are thinking of starting a CFO advisory firm, unleash your entrepreneurial aspirations today with training from The Expert CFO!
Contact Us today to learn more about our CFO training programs.
