Report question

Note: your identity will not be shared with the person who sent you this message.
This field is required

How to start

How to start a banking company i am good at handling budgets and want too find easy ways to invest to star my dream company were i can help others manage there budget and I need to know where to start.

Sign in to answer

4 answers

Keith.

Do you have a business plan. If not this is a good place to start. 

Also, define your geographical area and target market. Then, survey those within this area to get some feedback on what their needs are

You mentioned that you are good at budgets- perhaps a bookkeeping business would something of interest, or if you are looking for investments try angel investing or venture capital.

 

Hope this helps with direction.

 

Report 1111's answer

Note: your identity will not be shared with the person who sent you this message.
This field is required

Keith, you don't want to invest any money as an angel investor as yet. I see that you're very young. so I would suggest that you should look into going to college to polsih the field that you're interested in. There are a lot of people who would ttake your money and you won't get a dime back.

Nexr, please contact your local small business agency. You can look them up through this site sba.gov. I'm sure you'll get a lot of help from them.

This site give you some idea on building a business. http://demo.sitesell.com/freebusinesstools.html

I would appreciate feedback on how useful you found this reply and what you decided to do.

Thank you.

Janet W.

http://www.ebusinessstartups.net

Report Janet's answer

Note: your identity will not be shared with the person who sent you this message.
This field is required

If you want to start a bank, go work for one for awhile to gain some exposure to the processes and regulations involved. They can be quite overwhelming. Though, based on the description of your dream company, you may want to investigate becoming certified as a financial planner. Look at the Financial Planning Association (http://www.fpanet.org/) and the Certified Financial Planner Board of Standards (http://www.cfp.net/) for what this job entails.

Report Bob's answer

Note: your identity will not be shared with the person who sent you this message.
This field is required

Hello Keith, I think you are interested in a very dynamic space. I would have to disagree with most of the comments offered. I think that a business plan becomes essential if you are seeking funding. If you want to be an asset manager or be in the investment management business, I shall show you an efficient way to do so.

1. Get a life and health insurance license in your state. Cost = about = $400.00

2  Go work for an insurance company or Investment Advisor as an independent agent, this will get you comfortable with prospecting and talking to people about their finances.

You want to do three things at this time

a. Build a team of people who want to run a Investment company 3 or 4. You want to make sure the people you recruit have at least one of these qualities : relationships, capital and experience. 

b. Start and register an Investment Advising firm with your State.

c. Build very close relationships with Investors, clients, and other Investment professionals in your area.

3. Find a custodian who will work with you as a Startup firm. Try Scottrade or TradePMR ask for Mike Baldwin, he is a great guy and will serve as a good Advisor.

4. Find an office and create some marketing material for your firm. Buy this time you will be very familiar with the various investment vehicles.

You are able to be a fee based Advisor for which you will need a series 65 NOT SERIES 7. 

Sponsor yourself to go take the exam, this is why I suggested registering your firm with the State. 

By now you will have the team, some cash, relationships, clients and Investors who you can bring clients to to get funded and now you will be an asset manager, Investment Advisor and ...wait for it: Investment Banker. 

Now you can go to your clients from the insurance company and say "look, i am able to enhance your financial situation by offering you Stocks, bonds,mutual funds etc" and they will trust you because you have already done business with them

P.S Only ask Advice from people who have been where you want to go.

Keep me posted. 

Report Frank 's answer

Note: your identity will not be shared with the person who sent you this message.
This field is required