The popular ALPS manual "Getting Started Solo" has recently been revised and expanded with new sample documents, business best practices, and additional resources. Check out the excerpt below and follow the link to download the entire PDF (61-pages).
Exciting, scary, busy, crazy, and overwhelming are all words that may come to mind as you begin to contemplate opening your own practice. At the outset you need to be honest and ask a number of questions. Are you properly positioned to open your own practice? Who will your clients be? What practice areas will you focus on? What will your ongoing costs be? Do you have the necessary capital to fund startup costs? Do you have an established credit line available? How will you distinguish yourself in the marketplace? How will your practice be managed? Where will you locate your practice? Answering critical questions like these can help you develop a plan that will further ensure the likelihood of a successful launch.
The following is a list of issues you might want to give some thought to and several resources that may prove helpful as you go through the process. Good luck, and remember, all of us here at ALPS are available to help in any way we can.
Start with a Business Plan and Budget: Develop a written business plan that includes a realistic budget. This essential document is going to be a comprehensive road map that will identify critical information about what your business will look like and the steps you will need to take to get there. It may include short-term and long-term planning (1 to 3 years and 6 to 8 years out.) This business plan may prove useful in any attempt to raise capital and is often essential in establishing a credit line. Understand that the failure to have a budget and adequate capital resources is the most common reason new businesses fail. Most experts would agree that the four key elements of a plan are a clear and concise description of what your business does; calculation of financial information such as operational expenses, projected revenue, and a creditor and investor repayment plan; the specific steps that you will take to achieve a viable and financially successful business; and your unique qualifications that will help you achieve that success. There are numerous templates and resources available online that can help you develop a business plan and budget. Depending on how comprehensive it is, a plan and budget can easily take from 30 to 100 hours of time to prepare, but it is an important benchmark for identifying your goals and how you will achieve them. Click here for additional Business Plan Resources.
Download the entire document here.