Arguably the best thing about transforming your financial planning practice into a virtual one is that your overhead will come down drastically. No office + virtual staff = minimized expenses.
A relatively obvious observation, yes, but let us take a look at what a virtual practice actually looks like from a financial perspective.
As a business owner, your goal is to service your clients to the best of your ability while generating as much revenue as possible while still living a life you love, the virtual financial practice will enable you to do just that.
No More Rent
Not having to pay rent for physical office space is a considerable benefit, resulting in your saving a lot of money each year.
Depending on your location, office space can cost many thousands of dollars a month in the USA; astronomical and no longer necessary. Think about how you can reallocate this expense for your business while also bringing more home to enjoy life….
You will then have more room to reinvest some of your savings back into the business for the crucial aspects of running a virtual business. Think digital marketing and digital infrastructure – two necessities for a virtual financial planning practice you simply cannot go without.
No Running Costs Associated with A Physical Office Space
Now, with zero office rental fees, also comes the benefit of not having to fork out for the general costs associated with running a physical office.
No more obligation to typical maintenance and utilities such as office supplies for your staff, internet for multiple people, electricity, water/sewage, or a cleaning company. Again, this will result in a drastic savings each month.
Other savings associated with a virtual business include not paying for maintenance on plumping, electrical, appliances, or even paint. Or having to deal with a sewage backup at 1 in the morning…ya, that happened to me, ugh!
Virtual Employees Are Cheaper
Another significant saving is not having to pay the salaries and benefits for permanent employees. Fewer employees physically present in your office means less money to be paid out every month – in this case, none at all.
With a virtual financial planning practice, you can be fully operational by hiring virtual employees instead. The benefits? Firstly, it is not your responsibility to ensure they are set up to work. So, you need not worry about office supplies, a laptop, or even their internet connection – you simply pay them by the hour or per job/task.
You won’t have to cover their benefits either. The amount you pay per hour or per task is all-inclusive, and it’s also very affordable.
Further to that, working with virtual employees as opposed to permanent ones also gives you flexibility. You’ll be able to forecast whether you’ll need someone’s services or not. If not, no worries, meaning no dead weight. You only hire when their expertise is required.
Through employing freelancers, you can have a whole team of expert individuals on call, using them when and where you need them. In the digital world, it is most definitely the way to go.
Investing in Digital Infrastructure
When migrating to a virtual business, you’ll need to invest in digital infrastructure, as in the right tools to get you fully operational. Besides a virtual team, you’ll need an in-depth digital marketing strategy because this is where your lead generation and client prospecting will take place. People aren’t looking for advisors in the Yellow Pages anymore!
Your audience lives online, and so this is where you’ll need to engage with them. My advice is to first build out the foundation yourself. It will take a bit of time and effort but is necessary for so many reasons. But eventually you will want to outsource these services. Getting up to speed with how marketing works is no easy feat as it is incredibly strategic. Your expertise is financial advice and planning, and that is what you should focus on. Instead, use the infinite amount of online resources available to build a virtual team that can take care of what you currently cannot.
By using the virtual model to your advantage, you will be working with the most experienced and knowledgeable individuals to help get your digital practice off the ground.
If this migration seems a little too daunting to you, don’t stress! I’ve designed a virtual advisor system called Conneqtor to help guide you every step of the way. It will train you on lead generation, virtual practice management, and digital marketing, etc., etc., etc.
I hope you enjoyed reading this article!