Are you interested in starting a business in the financial service industry? If YES, here are 50 great business ideas in the financial services industry for 2017.
The financial services industry is one of the industries that is open majorly those who are trained to and schooled in the handling of finances. As a matter of fact, in most cases you do not only need a degree to work as finance professional, but you would also need a professional certification from the finance related courses; such as accounting and auditing et al. For example; it is easier for a chartered accountant to secure an auditing job than for accountancy graduate who is not chartered.
If you are considering starting a business in the financial services industry, then you should ensure that you study courses such as financial studies, accountancy, economics and statistics, banking and finance, economics, and all. You can as well study any other related courses as long as you can write and pass professional certification exams and become chartered.
No doubt the financial services industry in the United States of America and in most parts of the world is highly regulated, so as to guide against fraudulent practices from financial experts. As a matter of fact, once a certified financial expert is found guilty of finance related crimes, the fellow stands the risk of losing his or her certificates and membership of any financial related association that he or she belongs to.
Think you want to start a business in the financial services industry? Well, here are 50 business ideas in the financial services industry which you can begin to make money from.
50 Profitable Financial Services Business ideas for 2017
One of the options you have if you want to start a business in the financial service industry is to start a commercial bank. No doubt starting a bank has loads of requirements that you must meet before you can be granted a license to operate.
Therefore, you are expected to approach the central bank of your country to obtain the procedures needed before you can qualify to open a bank and also the registration form. The fact that these procedures vary from one country to another, does not mean that they aren’t similar in the larger scheme of things. The idea of the conditions and requirements is to make it air-tight for fraudulent people to start a bank.
If you are interested to start a business in the financial services industry, one of your options is to start a mortgage bank. This type of business requires a huge capital base and you would need a license from the government of your country, before you can be allowed to legally operate a mortgage bank. No doubt if your mortgage bank is well positioned, you will surely attract loads of clients who will be more than willing to do business with you – expressly major players in the real estate industry.
Another thriving business that an investor who is looking to start a business in the financial service industry should consider is a micro – finance bank. You should be able to prove that people can trust you with their cash, which is why the financial requirement for starting a bank is not the kind of money that any investor might just raise without stress. The capital base for starting a micro – finance bank varies from countries to countries but over and above, it is in the range of millions of dollars.
Starting an investment bank is yet another highly thriving and profitable business venture in the financial services industry which an investor who intends to start a business should consider starting. If you have the capital requirement and of course the qualifications, then you should by all means approach the central bank of your country, request for the requirements needed to start an investment bank. Once you are able to meet the requirements you will be issued a license to start your own invest bank.
- Start a Community Bank
There are several niches in the banking sector and one of them is a community bank. Of course, the requirement for starting a community bank is lower when compared to the requirements needed to start a commercial bank, a mortgage bank and an investment bank.
So, if you are looking towards starting a business in the finance services industry, then one of your options is to start a community bank especially if you have what it takes to meet up with the requirements needed before you can be awarded a commercial bank license. It is a profitable and thriving business venture that is open to investors.
- Insurance Company
- Credit Card Issuing Company
- Pawn Shop
- Independent Insurance Agency
- Private Equity Firm
- Start an Auditing Firm
If you are a chartered accountant and you are looking towards starting your own business in the financial services industry, then one of your best options is to start an auditing firm. There is a pretty large market for auditing firms; there are loads of organizations out there that are willing to hire external auditors to help them audit their accounts.
No doubt if your auditing firm is well positioned and you are good at networking and marketing, you will definitely secure loads of auditing contracts from corporate organizations because it is the practice for corporate organizations to at least audit their accounts once in a year.
Accounting and banking software applications makes running the accounts of organizations go smoothly and with little or no hitches. So, if you are a software developer and are looking towards starting a business in the finance services industry, then one of your best options is to start developing and selling accounting and banking software applications.
Software applications such as Peachtree, QuickBooks, Navision, BusinessVision 32, MAS 90 & MAS 200, ACCPAC Pro series, AccountMate, SAP, NetSuite, Oracle, Kashoo, Microsoft Dynamics and Sage et al are all doing pretty well in the market and if you are able to come up with something similar of even more user friendly you will sure get a fair share of the existing market.
One thing is certain, if you are interested in making money from any industry, you don’t necessarily need to be a core professional before you can tap into the industry. This is simply because of the point that there are several business opportunities along the value chain of an industry. As a result, if you are looking towards tapping from the value chain in the finance industry, then one of your options is to start retailing finance related books. It is a business that you can successfully start without any basic finance related qualifications.
- Start Blogging about Finance Related Topics
If you are professional in the finance services industry and are looking towards starting a simple business in the industry that wouldn’t in any way affect your 9 – 5 job , or any other business at all, then your options is to start blogging on finance related topics. No doubt if you have useful contents on your blog, that you will attract traffic. What is more, the more the traffic you attract to your blog; the more money you will make.
This is so because before any organization can place adverts on your blog they would want to first of all know the amount of traffic you attract to your blog. Please note that one of the secrets of retaining your readers and attracting new readers to your blog is to be consistent in posting fresh and useful contents as much as you can.
Another business idea in the finance services industry that an entrepreneur who intends starting a business in the industry should consider opening is to start a finance related TV show. Although there are several finance related TV shows out there, but that does not in any way stop you from starting yours. If your TV show is well organized and packaged to address key finance issues, you will show attract large viewership and of course mouthwatering sponsorship deals from major players in the financial industry in your country.
It is a cool way of making money, but you must always be your toe when it comes to developing contents for the TV show. This is because of the point that one of the ways through which you can continue to be relevant is by having great contents. So, you have to be up and doing when it comes to research.
Of course, it is more expensive to buy slots on TV than it is for the radio. So if you are looking towards starting a finance related talk show and you don’t have the finance to purchase airtime on TV, then going to the radio might just be your best option.
The truth is that, if your radio talk show is well organized and packaged to address key financial issues, then you will show attract large listenership and of course mouthwatering sponsorship deals from major players in the financial industry in your country. It is a cool way of making money, but you must always be your toe when it comes to developing contents for the radio talk show.
- Credit Card Processing
- CPA Firm
- Peer-to-Peer Lending Company
- Payroll Business
- Merchant Cash Advance Service
- Author Finance Related Books
If you are in the academia and you happen to be in the finance departments or any finance related department, and are looking towards starting a business in the finance services industry, then one of your options is to author finance related books. It is a cool way of making money- especially if you are a recognized professor, doctor or professional in the finance services industry.
Aside from authoring text books that can be used for finance related qualifications and certifications exams, you can also write financial self – help books that the average persons out there can find handy in their personal lives and businesses. Topics such as how to prepare your budgets and how to track your expenses et al won’t be a bad idea for the start.
There are loads of people out there who are too lazy to mount the seriousness involved when it comes to investing for the future. For some of such people may happen to find themselves in the midst of investment minded people and so they will definitely need to buckle up. So, if you are looking to start a trade in the finance related industry, then one of your options is to start an investment club. The investment club could be targeted towards your colleague at work, people in your church or people in your neighborhood. It is a way of getting people to participate in the finance services industry.
- Start Publishing Finance Newspaper
Publishing finance newspaper is yet another thriving and profitable business venture that an entrepreneur who is interested in starting a business in the finance services industry should consider starting. There are several finance based dailies and there is still room for more because people would always seek information that is useful to them. So if you know you have what it takes to compete with publishers of financial newspapers, then by all means join the fray.
Another thriving and profitable business that an entrepreneur who is looking towards starting a business in the finance services industry should consider starting is publishing of finance magazine. When it comes to generating incomes, magazine companies exploit the sale of their magazines in newsstands, from advertisement from stakeholders and of course from those who sign – on to prepaid subscriptions and when it comes to distributing magazines, most magazines publisher make use of the mailing system, bookshops, strategic news – stands, through registered vendors and selected pick – up locations et al.
Beyond every reasonable doubt, the competition in the magazine industry is high but one thing is certain, if you are able to set a standard in the industry, you are sure going to get committed and faithful readers who would not mind paying annual subscription fee upfront.
- Money Transfer Business
- Payday Loan Service
- Stock Brokerage Firm
- Financial Consulting Firm
- ATM Business
- Bail Bonds Business
- Start an Investment Club for Kids
Catching them young especially when it comes to positive things or habits is perhaps one of the easiest way to secure the future of the next generation. So, if you are looking towards building a generation that will become active in the finance services industry, then you sure bet is to start an investment club for kids. All you need to do is to ensure that investment topics are broken down to the simplest level so as to enable kids grab the concept.
Trading forex is yet another thriving and profitable business venture that an entrepreneur who is looking towards starting a business in the finance services industry should consider starting. Trading currencies online could be a risky venture, but it is indeed a very rewarding online business. If you have good analytic skills and you have sound knowledge on cash flow and the exchange market, you can do well as a forex trader.
You can Google forex trading platforms and tutorials to learn how to become a professional forex trader. This aspect is very needful, as you would really need to do some exhaustive research to pull through.
- Start a Bureau De Change
Starting a bureau de change is yet another thriving and profitable business venture that an entrepreneur who is interested in starting a business in the finance services industry should consider starting. A bureau de change is a place where people change currencies.
For example; if you travel all the way from the United States of America to Nigeria and you don’t want to go to the bank to change your US Dollars to Naira, then your option is to visit a bureau de change where you are likely going to get a better deal. So, if you are setting up a bureau de change, ensure that you choose a location inside an airport or somewhere close to an airport; bureau de change thrives in such areas.
- Provide Bullion Van Services
If you are looking towards starting a business in the finance services industry, then one of your options is to provide bullion van services to banks and other related financial houses where huge cash are transported from one location to another. Bullion vans are the vehicles that are used for the purpose of transporting large amount of cash most often from the Central Bank to a commercial bank. It is a cool way of making money but you must ensure that you fortify your security system before you can secure contracts from banks.
- Go into the Manufacturing of Money Counting Machines
If you have visited the bank you would have come across money counting machines. Money counting machines are machines that are used to count cash before handing the cash over to the client or before receiving the cash from a client who came to pay in money. In the value chain in the financial industry; those that are into the manufacturing of money counting machines are recognized.
So if you are looking towards starting a business in the finance services industry, then one of your options is to go into the manufacturing of money counting machines. It is a cool way of making money from the industry because banks can’t do without money counting machines.
- Start the Retailing of Money Counting Machines
If you do not have the financial capacity to go into the manufacturing of money counting machine and you interested in that line of business, then you have the option of retailing counting machines. The banks in your city and country as a whole are your major clients so you must do all it takes to market your money counting machines to them. It is a cool way of making money especially if your money counting machines is unique and efficient.
It is the practice of students who wants to write professional exams to attend coaching centers in order to prepare effectively for their exams. If you are academic inclined, then one of the business you should consider starting in the finance services industry is to open a coaching center where students attend lectures in preparation for finance related certification exams. It is a cool way of making money and you will definitely attract loads of students if the success rate (those who become chattered) is much in your coaching center.
There are loads of mom and pop businesses that are ignorant when it comes to bookkeeping and accounting- hence their businesses are prone to suffer. Good enough some of these business are willing to pay professionals who can come around to help them handle their accounting and keep their books. So, if you are looking towards starting a business in the finance services industry, then one of your options is to offer bookkeeping and accounting services to mom and pop businesses in your community.
As a matter of fact, you can successfully launch this type of business with little or no start – up capital. The major things you need is your accounting qualification / certification and the determination to work and source for clients.
There are people who are specialized in debt collection – especially bad debts. If you are interested in starting a business in the finance services industry, then one of the options available to you is to start a debt collection business.
There are loads of people out there who will be more than willing to hire your services once they realize that you have what it takes to help them reclaim their monies from their debtors. In this type of business, you make money by earning commission or percentage from the debts you are able to recover. In essence you negotiation skills will help you to earn more.
- Start a Mortgage/Debt-Reduction Service
There are professionals whose jobs are to help people re – negotiate their mortgage / debt, with the essence of helping them get a better deal – reduce their debt. If you are experienced in this regard, then you should look towards starting this type of business. As a matter of fact, this is one of the businesses in the finance service industry that you can successfully start with little or no start – up capital.
Please note that you will make money from this type of business based on commissions and perhaps percentage as agreed.
- Go into the Printing of Check Books
Another thriving and profitable business that an entrepreneur who is interested in starting a business in the finance services industry should consider starting is to go into the printing of check books for banks. You will quite agree that check books play an important role in the banking industry.
If you have a current account with a bank, then you will be presented with a check book that you can use to withdraw cash or pay people for their services and goods et al. So if you know you have what it takes to legally print check books, then it is a business that you should start simply because there is a large market for check books.
- Start a Credit and Thrift Business
Credit and thrift business is yet another thriving and profitable business venture in the finance services industry that an entrepreneur who is interested in making a living should consider starting. Credit and thrift business is a business that helps traders and artisans who earn money daily to save; the thrift collector goes around collecting their daily savings and then presenting it to them at the end of the month. A thrift collector makes money by earning a percentage from the daily saving amount that a customer saves.
Another thriving and profitable business in the finance industry that an entrepreneur who is interested in starting a business should consider starting is a money lending business. If you have banking experience or any other related financial experience and you are looking towards becoming your own boss, then you should consider starting your own money lending business. One good thing about this type of business is that you can start on a small scale by lending money to family and friends and then grow it to a big and highly profitable venture.
Finance consulting business is yet another thriving and profitable business in the finance services industry. Finance consultants offer consulting services that ranges from budgeting to savings to investments et al. If you have the required qualifications and experiences then you should consider starting a finance consulting firm. You can consult for businesses, for the government and for individuals as well.
If you are a big time investor looking for ways to expand your investment portfolio, then you should consider starting a hedge fund firm. You may want to ask ‘what is a hedge fund?’ Hedge fund can be simply defined as is a regulated investment fund (a much wider range of investment and trading activities) that is typically open to a limited range of investors who pay a performance fee to the fund’s investment manager who invest the funds and bring returns.
If you run a hedge fund firm, the easiest way for you to make money is to help your clients make more money. The income you generate is based on your performance which is why most hedge fund managers employ different investment strategies to generate good returns for their clients. In other words, the performance fee is indeed the defining characteristic of a hedge fund.
Mortgage Brokerage firms are established with the sole aim of providing a convenient platform in form of long term loan to those who want to buy their own property. With the loan you get from the bank via a mortgage brokerage firm, you can finance any property of your choice as long as you pass the screening and evaluation process. The screening and evaluation is put in place so as to ensure that due process is followed before issuing a loan and the person receiving the loan must be credit worthy.
In other words, Mortgage Brokerage firms stand as the middle men between a Bank and Mortgage bank, as the case may be and the individual or organization seeking to buy a property. Anybody, or group of investors may start and own a mortgage brokerage firm as long as they meet the requirements for establishing such organization in the country they intend establishing the business.
- Become a Tax Consultant
Another thriving and profitable business in the finance services industry that an entrepreneur who is interested in making money can successfully start is to become a tax consultant and possibly start a tax preparation business. Tax is one of the major means of generating funds for the governments of any country so as to enable them finance their expenditure. It is therefore very important for all businesses that exist in a country to pay the appropriate tax.
Truth is that each country has its own laws governing the payment of taxes and they administer it very seriously. That is why you might see people, including big time business men / women and even public figure go to jail if they evade tax.
- Help People Manage Their Investment Portfolios
Creating wealth from the scratch is not an easy task; and what most people fail to realize is that managing wealth is one of the most difficult things to do. It is indeed more difficult than creating wealth itself which is why wealthy people employ professionals to help them manage their various investment portfolios.
So, if you have the required qualifications and experience, then one of your options of starting a business in the finance industry is to help people manage their investment portfolios. Celebrities, professional sportsmen and sportswomen and all those who became wealthy ‘overnight’ are some of the people you can work for.
There are loads of people out there who are scared of retiring from their businesses or from government or corporate organizations simply because they don’t know how to manage their retirement entitlements (gratuity, pension and other retirement benefits). If you are a financial expert cum planner, then one of the businesses that you can start in the finance services industry is to become a financial advisor to retirees. I am sure that there are loads of retirees out there who will be more than willing to hire your services if they are sure they will get the best from you.
- Invest in Bonds Online
Another simple and cool way of making money in the finance services industry is to start investing in bonds online. Anyone who intends going into any form of business or investment naturally is expected to build his or her capital. Hence, if you want to invest in Bonds online; the first thing that is expected of you is to have the required capital to invest.
You might want to save up to meet your desired capital, or you might want to pool the resources together via close family members and good friends. The amount in question which you intend investing is up to you. Be sure you set a target and discipline yourself to save it up before launching out on your investment.
You may have found yourself wanting to be like some of the very successful stock brokers at some point or the other. The truth would always remain that there is wealth in the stock industry. This is one of the reason why the stock brokers smile to the banks at all times. As such, if you are looking for a business to start, you may want to consider being a stock broker.
- Invest in the Stock Exchange
One of the safest things for anybody to do is to keep money in a place where the interest would continue to increase without any effort; and investing in the stock exchange is one of those avenues. When you do invest in stocks, as long as you have done your due diligence, the stocks you bought would continue to appreciate in value if all things remain equal. You might then be able to sell your stocks to make profits or buy more so as to build your stock portfolio.
- Build Investment Tools
Stock investing tools could help you with the research and you would be able to make your own decision based on your findings. So, if you are a beginner in the world of stock exchange, the following tools would guide you towards starting and becoming a pro. Example of investment tools areInvestools.com, fidelity.com, Investors.com, Google Finance, finviz, The Morningstar, The Motley Fool, Fund Fact Sheets, The Yahoo Finance and The Investopedia et al.
- Start Investing in Silver
If you have the desire to invest in precious metals, you might want to ask loads of questions to know if investing in one of your option – Silver, is indeed a good investment portfolio to have considering the speculation that goes on in the trading floor. If you are in doubt whether to invest in silver or not, you must know that records has it that whenever the Stock Market crashes, and the central banks has to alter tack and flood the markets with liquidity, it is observed that silver always to do far better than other precious metals in the market including gold in periods like this.
- Start Investing in Gold
Investors who have experienced a boom in the gold venture know how important it is to not joke with such an investment as gold. From time immemorial till now; there has always been the demand for gold. This demand might not be so readily met within a short space of time because gold isn’t manufactured, but mined.
Therefore, over the years experts have come to realize that the demand for gold might not plummet but rather would be on the increase because of its demand from nations whose thirst for gold is on the increase. Therefore, you can be sure that as the demand for it increases, the price definitely would follow suit thereby giving investors adequate returns on their investments.
- Become a Budget Consultant
There are loads of people and organizations who struggle with preparing budgets, hence the need for budget consultants to help them handle that aspect of their business. So if you are a budget expect and you are looking for a business to launch in the finance industry, then one of your options is to become a budget consultant.
- Start a Cash – in – Transit Company
Another thriving and profitable finance services related business that an entrepreneur can start is cash – in – transit business. What really is the cash in transit business all about? Simply put, it has to do with the mobile or physical transfer of banknotes, coins, as well as other valuable items from one location to another. These locations include; bank branches, ATM center, cash centers as well as other retailers.
In most cases the people who render such services fall under the category of private security companies. These companies are also known as logistics companies and are to a large extent expected to obey the transport and security legislations in the country from where they operate from. This is because the laws vary from one country to another.
- Start ATM Installation and Maintenance Company
No doubt the advent of ATM has indeed made available business opportunities for entrepreneurs. One of the finance services business that an entrepreneur can successfully launch is to start ATM installations and maintenance business.
There are loads of ATMs scattered all around the United States and of course in most parts of the world and it won’t be out for place for these machines to be serviced and maintained regularly in order for them to continue to function effectively as expected. Please note that you would require technical / engineering training before you can start this type of business.
- Start the Supply of POS Machines
Aside for ATMs another banking tools that you can easily find in business outlets is Point of Sale Machines. As a matter of fact, the banks don’t manufacture POS machines themselves, they buy from suppliers. So, if you are looking for a thriving and profitable finance services business to start, then one of your options is to start supplying POS machines to banks. When you supply to banks, it is the duty of the bank to link the POS machine to a customer’s account as requested. No doubt there is a large market for POS machines simply because of the role they play in business transactions.
- Open a Mobile Money Shop
Mobile money is another concept in the finance services industry that is gaining ground rapidly. Mobile money is all about making payment for goods and services from your mobile phone. The fact that people who make use of mobile money look for places to fund their wallet or to even withdraw cash makes it necessary to have mobile money outlets.
Becoming a mobile money agent or mobile money merchant is simple, all you need to do is to approach a bank and then fill out the necessary forms and submit the required documents. The money you make from this type of business is based on commissions, which is why you must ensure that you position your mobile money outlet so as to attract customers on a regular basis.
- Become a Risk Management Consultant
Another finance services business idea that an entrepreneur who is interested in making money should consider starting is to become a risk management consultant. Many entrepreneurs who go into business often forget to carry out risk assessment before venturing into the business. The truth is that the reason why many business owners fail in their business is simply because they did not take into account the risk involved in the business and how to manage the risk.
When you have a good risk management plan in place, you are able to mitigate business challenges from its early stage before they grow big to become an emergency and then strangulate your business.
- Start a Commercial Loan Brokerage Company
Commercial loan brokerage business is yet another thriving and profitable finance services business that an entrepreneur can successfully start. A commercial loan brokerage company is an alternative non – bank firm that stands as intermediaries between people who want to lend money and those who have monies to lend (Could be bank); they lend money to people in a short – term basis. It is indeed a commercial enterprise and the interest rate is normally higher than what is obtainable from the banks. No doubt starting this kind of business will require that you have a solid financial base, but the fact remains that it is a highly profitable venture and the risk involve is much.
- Start Investing in Penny Stock
Another thriving and profitable finance services business that an entrepreneur can start is investing in penny stock. Penny Stocks are the stocks that are sold for less than a dollar in the stock market. It is sold at a cheap rate so as to facilitate quick selling and buying decisions from those buying and those selling. Investors in the stock market can afford to take the risk to deal in Penny Stock since the most often the money invested in it is not too much.
Therefore, if you want to invest in Penny Stock online, you should not forget the fact that Penny Stocks is highly volatile, simply because of the high rate of speculation associated with it. If you want to invest in Penny stocks, then you must be aware of the high risk associated with it despite the urge profits and quick returns on your investments.
Starting a venture capital firm may not be as easy as most people think, but you can rest assured that with the right information and qualifications, you can successfully establish your own venture capital firm and position it to start making profits within a short time. The need for investors to invest in start-ups and small businesses across the globe is increasing by the day, so if you want to cash-in on this as an investor, then you are on the right track when you establish your own venture capital firm.
No doubt if you have the desire and the magic touch to turn around the fortune of small businesses or start-ups, then you can become successful when you establish your own venture capital firm. The fact still remains that you must be interested in the growth of smaller companies and young entrepreneurs if you are to do well in this line of business.
Amongst the investment vehicles available to investors is the Mutual Funds. In simple terms, the Mutual funds is a pool of cash generated from various private investors with the same goal, interest and investment philosophy, for the sole aim of investing in stocks, bonds, assets, other securities and money market instruments. The fund is managed by a professional fund manager on behalf of the investors.
The good thing about mutual fund is that the investors are able to decide to sell their shares directly to the public just like every other company that is listed in the stock exchange. So if you are looking towards starting a finance services business, then one of your options is to start a mutual fund firm.
To start a credit repair business is simple and your timing couldn’t be better. A credit repair business has unlimited profit potential and a low start-up cost. This industry identifies errors in credit reporting and disputes inaccurate information with the appropriate organizations to improve credit ratings. These services are typically undertaken on behalf of a client who has known credit problems, such as a recent bankruptcy.
There you have it, 50 businesses in the financial services sector that you would want to start. However, it remains pertinent that you carry out an exhaustive and thorough research. This is vital so that you do not leave any stone unturned as you plan to start out this business.