💥 How to Start an Advisory Side Hustle

💥How to Start an Advisory Side Hustle

Starting an advisory firm on the side can be daunting - but it’s not impossible.

One of the members of The CFO Project did it. Meet Ryan.

Ryan says “Since joining The CFO Project (and offering CFO/Advisory services), it took me only 8 months to leave my day job. And, in 2 and half months since leaving my day job I’ve already doubled what I was making”.

So, if Ryan is living proof that you can get advisory clients with a day job. Here’s four tips on how to do just that:

Tip #1: Put advisory services in perspective

Advisory services are much more lucrative than traditional tax or bookkeeping work, so you need fewer clients than you think. At a minimum you should be charging $1,500 per client per month, but you can (and should) charge more.

Even at the minimum you only need 6 clients to make over $100,000 a year.

You don’t need a ton of clients, rather, you need a small amount of the right clients.

Tip #2: Spend three hours a week finding three clients

Remember, you don’t need a ton of clients, rather, you need a small amount of the right clients.

In fact, we recommend that you set your sights on finding just three advisory clients.

Just three.

If you charge the minimum we recommend ($1,500 monthly per client) then you’ll be earning $4,500 a month ($54,000 per year) with just three clients.

So, the key is to spend three hours a week to find three clients.

Then, once you get your first client, simply spend only two hours a week to get two more clients.

Then, once you get your second client, simply spend one hour a week to get your final client.

Tip #3: Find three hours a month to talk with your clients

Once you get your three advisory clients, you’ll need to meet with them on a regular basis. We recommend you meet once a month for an hour.

Remember, since you have three clients, you only need to find three hours a month to meet with your clients on their time schedule.

For those three hours a month, simply use your lunch break, take PTO or stay at your job an hour later.

The point is, all you need to do is find three hours a month (!) to meet with clients.

By the way, the beauty of advisory services is that the prep time to get ready for your monthly calls with your clients can be done whenever you feel like it. Therefore, it can be done after work hours and on the weekend.

💥How to Overcome Imposter Syndrome

If you’ve ever said to yourself…

”I feel like a fraud and it’s only a matter of time before everyone finds out”.

Then, congrats! You have imposter syndrome.

Why is that a good thing? Because real imposters don’t say things like that to themselves. But those who suffer from self-doubt do.

We wanted to explore this topic because it definitely affects those who want to offer advice (like a CFO/Advisor to businesses).

So, Adam Lean (from The CFO Project) sat down with Nancy McClelland CPA (the Dancing Accountant) and answered some of your questions around imposter syndrome:

👉Samantha, a bookkeeper, asks: “How can you tell if you're truly an imposter or just experiencing imposter syndrome?”

👉Timothy, a CPA, asks: “I worked for 10 years in a Big-4 accounting firm and I recently started my own tax practice. I want to get into advisory work, however, I’m afraid that my lack of real-world business experience will hold me back from being able to advise businesses. What are your thoughts?”

👉Adam and Nancy discusses: Why the title "CFO" makes us feel like an imposter (and how you should think about it).

👉Adam and Nancy discusses: Why you don’t have to know everything to become a CFO/Advisor to business owners.

Want to see the entire episode with Adam and Nancy? Click the button below.

💥Service of the Week: Guideline Pro

Have you ever had the need to set clients up with an affordable 401(k)? Or, maybe you, yourself, need to set one up.

This is what Guideline Pro does. They’re a free platform for accountants, bookkeepers and CPAs that comes with tools, support and other perks - and, of course, seamless 401(k) plans for your clients.

Did you know?

Several states are rolling out retirement plan programs and many of them require employers to either open the state-sponsored plan or offer a private plan like a 401(k).

Click here to see if your state has a mandate.

📨 Did a friend forward this email to you? Sign up for Escaping the Accountant’s Trap here.

🚀Are you a CPA and want to become a CFO? Click to RSVP for the CPA to CFO training.

🚀Are you a Bookkeeper and want to become a CFO? Click to RSVP for the Bookkeeper to CFO training.

🎓Want to become a Certified CFO and start offering CFO and advisory services? Click to learn more.