Is it time to alter your business model?

Are these phrases part of your daily vocabulary?  “I need more time”,  “where is the work-life balance I sought when I left my job to start a business?”,  “where does all my time go?”, “I haven’t spent a day with my ____ since, who knows when?”….

Then it’s time take a good hard look at altering your practice’s business model cause some part of it just ain’t working for ya!

Refocus

Retool

Recreate

Business Models

Your business model is more than your affiliation or how you run your office. I’ll be adding to this article in the future, but this will get you started on the road to more happiness.

Step 1: Affiliation

If you know me, I’m not into reinventing the wheel. Here are two articles to help you determine which type of affiliation would work best for you.

Please note that I do not work with either of these firms, but it is possible that I’ve been quoted in a blog article on their website. What I found while researching this topic were some excellent resources, and if other firms also have such documents, I will add them here:

Commonwealth Financial Network http://blog.commonwealth.com/which-regulatory-affiliation-model-is-best-for-your-business

Pershing
http://www.advisorintransition.com/transition/compare-business-models.html

Step 2: Your Office

Where will your office be located? Today we have choices!
Even if you choose to run your business virtually, it’s still important to locate the areas where you’ll physically be working to grow your business and/or meet with clients. Here are some ideas for you to consider.

At a larger firm
At your home firm
At a traditional office space in your local area or client areas
At a firm with a partner or two
At a company who has extra space
At an established co-working office an office shared with other financial advisors http://www.deskhub.com/, http://OfficeSpace.com, http://www.loopnet.com/Office-Space-For-Lease/, https://liquidspace.com/
At your client’s home or office
At a co-office space you create (you rent the space, find other business owners to share it).
At a dedicated office where you share a conference room and assistant through firms like Regus,
At a local business incubator
At a client’s office you rent a room from
In a financial center building with other financial professionals

TIPs on finding Office Space

— Hire a lawyer who specializes in real estate contracts to review your contract before signing on the dotted line.
— Check your home and business insurance policy to make sure it covers your office.
— Look for privacy when meeting with clients to talk about any business issues — even new clients. As you see, coffee shops are not on my list!
— Don’t just rely on the links I found. Once you choose a place (or two) to have an office, contact your local Chamber of Commerce and your favorite search engine to find firms who offer that sort of service locally.
— Let your colleagues, LinkedIn connections, and newsletter subscribers know where you’re looking to plan your office. Often the answers are those who are closest to you.

Step 3: How Will You Meet With Clients

1) Virtually using the phone and join.me, Skype, Skype for Business or a webinar program
2) From a office client’s visit
3) By visiting client’s offices or home
4) At your office*
3) Hybrid of of the above

* I don’t recommend meeting with clients at your home office. But if that’s how you want to meet them, it’s your choice.

(c) 2011, Updated 2016 Elevating Your Business.