Starting a fractional CFO business - While CFOs aren’t exactly a new concept, providing fractional services to small businesses is. Of course, big companies typically don’t need this kind of service because they have full-time CFOs.
But that’s where you come in. By becoming an outsourced CFO, you’ll help struggling small business owners navigate their way to greater profitability. This can be unbelievably gratifying, not to mention quite lucrative.
Here are four questions to ask yourself if you are thinking about starting a fractional CFO consulting business.
Do I Have a Passion for Helping Business Owners Reach Their Goals?
Unfortunately, utterly detesting your job has become normalized in our society. Everywhere you go, you see people dragging themselves around like mindless zombies because work has sapped every ounce of their strength.
So many individuals downplay the problem as if it's no big deal. They pretend they're engaged and hope nobody notices. This is not only bad for the employer but bad for the employee too.
That’s because job dissatisfaction can lead to getting sick. It can also lead to depression. For those lucky individuals who are passionate about what they do, work isn't really work anymore. Steve Jobs said, "the only way to do great work is to love what you do."
According to the Hungarian psychologist Mihaly Csikszentmihalyi, enjoying your work is a prerequisite to getting into the zone. This is where focus is crystal clear and creative juices flow— a fantastic place to be and something to consider if you are thinking of starting a fractional CFO consulting business.
If you enjoy accounting because you have a fondness for financial figures, then by all means, continue what you’re doing. However, if you’d rather help frazzled owners come up with the strategies that can take their company to new heights, starting a fractional CFO business might be the perfect fit for you.
Do I Have the Skills to Become an Outsourced CFO?
If you have a basic financial background, chances are excellent that you can acquire the skills you need to help business owners fulfill their long-held dreams and starting a fractional CFO business may be a perfect fit for you.
It's essential to do your research because not every company is up to teaching what you need to know to become a highly sought-after outsourced CFO. Ensure that whichever company you choose, it offers lifetime technical and marketing support, ongoing live webinars and conference calls, and constant updating of their knowledge base.
Will I Be Happy Being My Own Boss?
Some people like having a boss because they love the certainty of being told what to do. Others love the freedom that comes with self-employment.
While there are benefits to being self-employed, there are also challenges. However, with the right business advisors by your side and a proven marketing system, your ability to surmount these obstacles will be second to none.
Besides, for those with an entrepreneurial mindset, the advantages of being your boss heavily outweigh the disadvantages. With remote work options increasing, starting a CFO consulting business from wherever on the planet you happen to be is easy and offers you true flexibility and freedom.
Because you work with high-value clients willing to pay you top dollar, your earning potential is unlimited. You choose who you want to work with and who to turn away, so you’ll enjoy your work a whole lot more.
Your destiny is in your own hands—something you can’t really say if you work for someone else. This is a favorite among many who are thinking of starting a fractional CFO consulting business.
Do I Believe I Can Succeed?
Let's say you are thinking about starting a fractional CFO business and want your CFO advisory service to be resoundingly successful. In that case, you need to have an inner conviction that you can make it happen. Without it, you'll feel like a phony, uncomfortable in your actions and doubting your every move.
You'll need to have a strong belief that you can create a successful CFO firm even before coming up with business goals. Fear can paralyze us, preventing us from achieving our objectives. However, the antidote for fear is a strong belief that you can get something done.
If you want people to believe in you, you must first believe in yourself. This is the foundation upon which all future success is built and having the right mindset when starting a fractional CFO business is crucial.
Missed opportunities and wasted potential are what happen when you're riddled with self-doubt. However, when you shift your mindset from not believing in yourself to knowing you have what it takes to achieve success, your world changes in an inkling.
It’s easier to believe that you can succeed when you have the support of a company with the training, tools, years of experience, and support to help you when starting a fractional CFO business.
Embark On a New Career with Training From The Expert CFO
So many people dream of starting a new career. One where they’re doing what they love instead of something they despise with every fabric of their being.
They imagine what it would be like to excitedly jump out of bed in the morning instead of dragging themselves to work because never-ending career monotony has transformed them into a brainless zombie.
They imagine how they would feel if, instead of being a provider of run-of-the-mill bookkeeping services, they helped business owners make their dreams of entrepreneurial success a glorious reality.
Here’s the problem:
Most people settle for pipe dreams instead of doing what it takes to live an extraordinary life. This includes many accountants who squeak by with tedious compliance work rather than something that's a thousand times more satisfying.
Something where their earning potential was unlimited.
Something where they call the shots instead of being lorded over by an annoying micromanager.
If you’re sick and tired of settling for a less-than-satisfactory life, you should consider starting a fractional CFO business today.
We can help!
Contact us today if you need help starting your fractional CFO consulting business.