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Hi all,
I am Mike from Sydney, Australia. I am a 31 year old banker looking to start a finance/brokerage business. My only self employed work was the 5 years or so I ran a tutoring business while at university; this wasn't something I wanted to grow though.
Most of my experience is in commercial real estate banking and want to focus on selling into this market, especially initially. I am using my time as a Banker to forge relationships with key referral partners so that I can generate business when a broker. I would also look to sell home loan mortgages as I would be able to provide some value to these customers.
I would like to branch out at a later point and focus on assisting early stage businesses and start-ups because they face some of the biggest hurdles to getting finance, they get some pretty shocking advice from some brokers and there can be huge upside in growing alongside your customers.
I have read the Millionaire Fastlane and Unscripted and I think my best chance at the unscripted life is to do the deals that I want to do and find the best actual financial solution and get paid well for it. I have been frustrated as a banker being bogged down by endless compliance and not really being able to help your customer get the best outcome. I can also see exactly how much revenue some of my deals make and my bonus is not in line with potential earnings as a broker.
Whether I choose to scale or not is really an issue down the track. The option is there and I have dealt with various brokerage firms in Sydney that I could use as an example an emulate their structures. This is not the focus yet, and I am assuming that sales and generating enough business to warrant scaling is the first thing I need to focus on.
Personal situation: I have a 1 year old and a second baby on the way. Looking to wait until my wife can return to work which is likely in mid 2023. I am itching to start the business but trying to keep level headed as I know I need to time it appropriately and ensure my wife isn't absorbed with stress when I start out. My wife is great, she is supportive of the idea and understands that cashflow will be tight in the first 18 months but I am just trying to be aware of not putting too much on her plate at the one time either. We are lucky her parents live nearby and want to babysit which also helps out a lot. We are both really keeping our expenses as low as possible not for any other reason but because it gives us optionality and hopefully reduces the risk of starting the business slightly.
If anyone has started a brokerage business or even any business with a young family I am super keen to listen to any advice so I can try to avoid common pitfalls. Although I have corporate work experience I am naïve in regards to starting a business and looking for as much unbridled advice as possible.
Cheers, Mike
I am Mike from Sydney, Australia. I am a 31 year old banker looking to start a finance/brokerage business. My only self employed work was the 5 years or so I ran a tutoring business while at university; this wasn't something I wanted to grow though.
Most of my experience is in commercial real estate banking and want to focus on selling into this market, especially initially. I am using my time as a Banker to forge relationships with key referral partners so that I can generate business when a broker. I would also look to sell home loan mortgages as I would be able to provide some value to these customers.
I would like to branch out at a later point and focus on assisting early stage businesses and start-ups because they face some of the biggest hurdles to getting finance, they get some pretty shocking advice from some brokers and there can be huge upside in growing alongside your customers.
I have read the Millionaire Fastlane and Unscripted and I think my best chance at the unscripted life is to do the deals that I want to do and find the best actual financial solution and get paid well for it. I have been frustrated as a banker being bogged down by endless compliance and not really being able to help your customer get the best outcome. I can also see exactly how much revenue some of my deals make and my bonus is not in line with potential earnings as a broker.
Whether I choose to scale or not is really an issue down the track. The option is there and I have dealt with various brokerage firms in Sydney that I could use as an example an emulate their structures. This is not the focus yet, and I am assuming that sales and generating enough business to warrant scaling is the first thing I need to focus on.
Personal situation: I have a 1 year old and a second baby on the way. Looking to wait until my wife can return to work which is likely in mid 2023. I am itching to start the business but trying to keep level headed as I know I need to time it appropriately and ensure my wife isn't absorbed with stress when I start out. My wife is great, she is supportive of the idea and understands that cashflow will be tight in the first 18 months but I am just trying to be aware of not putting too much on her plate at the one time either. We are lucky her parents live nearby and want to babysit which also helps out a lot. We are both really keeping our expenses as low as possible not for any other reason but because it gives us optionality and hopefully reduces the risk of starting the business slightly.
If anyone has started a brokerage business or even any business with a young family I am super keen to listen to any advice so I can try to avoid common pitfalls. Although I have corporate work experience I am naïve in regards to starting a business and looking for as much unbridled advice as possible.
Cheers, Mike
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