TITLE

Making the Leap: Starting Your Own firm

AUTHOR(S)
Joseph, J. Mark
PUB. DATE
December 2004
SOURCE
Journal of Financial Planning;Dec2004, Vol. 17 Issue 12, p44
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
You must do some of your most strategic and important work before you open the doors to your firm, Taking the time to crystallize and prioritize your thoughts and plans around a unifying strategy and vision will yield ongoing benefits. Using these early decisions as a filter for your daily decisions limits your available choices to those that are consistent with your goals and vision. Simply knowing who you are and what value you can provide to clients is not enough. You must also effectively communicate that to the world around you, Establishing an effective brand will help align your perceived value and your true value in the minds of clients and prospective clients. Ultimately, this will help you position your firm appropriately in a crowded marketplace. Although you may not aspire to be a multinational corporation, there are still many important reasons to think and operate like a business. It is important to acknowledge and carefully assess the financial and business implications of each of your decisions, There are countless options available to help you with the different facets of running your firm. From marketing materials to financial planning software, you will face the question of whether to build something or whether to buy it "off the shelf" One effective way to decide is to ask yourself, "ls this an area of distinctiveness for my firm?" Focus your time and attention on customizing in areas of your distinctiveness. As helpful as it would be, it is impossible to figure everything out ahead of time. One of the most important steps in this journey is simply making a personal commitment to "make the leap."
ACCESSION #
15309281

 

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