FPA MN Symposium 2009

1. FPA MN Symposium 2009 Developing Your Practice

2. Learning Objectives Define the considerations of starting an independent practice Outline how to write a basic business plan Develop a marketing strategy to obtain clients

3. Outline Considerations Business Planning Model Marketing Strategies

4. So you want to go out on your own? Things to consider�

5. Vision Do you see your practice being� A sole practitioner? A partnership? A group? How are you going to get there? Where do you want to establish your �home base� and why? What will your office environment look like? For you and your staff? For your clients?

6. Financial Considerations: How much will it cost? Rent/Utilities Administrator Copier/Printer/Fax plus toner/paper Phone System Computer(s) Advertising/Postage Internet/Technology/Web Page Furniture Professional Fees/Continuing Education Miscellaneous Expenses

7. Do you have what it takes? Do clients like working with you? Do you like working with clients? Are you organized? Can you delegate effectively? Are you a rain maker? As time passes, are you willing to take a smaller piece of a larger pie? Are you willing to put together a plan and stick to it?

8. The Business Plan Do you have a written business plan? http://app1.sba.gov/training/sbabp/bptemplate.pdf will provide a great start for you to develop that plan! In our business, we always stress the important of having a written financial plan for our clients, but by a show of hands, how many of you have a written business plan? How many of you update your plan on a yearly basis?In our business, we always stress the important of having a written financial plan for our clients, but by a show of hands, how many of you have a written business plan? How many of you update your plan on a yearly basis?

9. Executive Summary Should provide a snapshot of your company explaining who you are, what you do, and why.

10. Business Description and Vision Mission Statement (purpose) Vision Statement (statement of growth) Goals and Objectives History

11. The Market Describe your industry and outlook Define critical market needs Identify your target market Define the unique value that your business will bring to that market Define how you will engage your market

12. Products and Services Describe what products and/or services you will provide Describe why your products and/or services will be competitive

13. Organization and Management Organization Chart Legal Structure (sole proprietor, partnership, corporation, etc.) Special licenses or designations needed Biography of key employees

14. Financial Management Start-up costs Projected Balance Sheet (1yr forward) Projected Income Statement (1yr forward) Projected Cash Flow Statement (12mo forward)

15. Important Items What is your vision? What are your goals? Short Term Medium Term Long Term What is your marketing strategy? How will you hold yourself accountable? How will you measure success?

16. Marketing

17. Marketing your Practice How will you market to your existing clients? What types of professional networks do you have or will you create and how will this provide you with additional clientele? How will you go about buying books of business? How will you develop new leads? Seminars Referrals Lead Services What will the costs be?

18. Pitfalls Trying to do everything yourself Being content Not taking the time to train your people Not following your plan, especially in the accountability area

19. FPA: Practice Development Workshops Objective: To help advisors build the systems and processes necessary to run an effective practice Third Wednesday of each month from 7:30-9:30am

20. Questions/Discussion