SlideShare a Scribd company logo
Subscribe to my
YouTube
channel – Real
estate and Taxes
with Lakshay
Is it profitable to open a financial
services business (Accounting, Real
estate or Insurance)?
By Lakshay Gandhi
647-987-4025
support@accountingops.ca
Agenda
• Requirements to operate a successful financial
services business
• Steps to register a business in Canada
• Revenue vs Expenses
• Pros and cons
• Conclusion
Steps
• Pick a name (check if the domain name is available), logo
and color scheme
• Fiverr and UpWork offer these services at a very
affordable cost
• Create a detailed business plan (geographic location,
target audience, marketing strategy, finding a mentor)
• Decide if you want to operate as a Corporation or Sole
Proprietor
• $200 federal vs $360 provincial registration
• Liability/Errors and omissions insurance
• Can you operate this business from home or need an
office/co-working space?
Requirements
• Licenses and fees (every province has its own rules and certifications)
• LLQP insurance license takes 3 months
• Becoming a CPA requires educational qualifications and 30 months
work experience
• For a real estate salesperson license – 5 courses, 4 exams and 2
simulations need to be completed in a maximum of 24 months
Cost vs Revenue
$-
$100,000.00
$200,000.00
$300,000.00
$400,000.00
$500,000.00
$600,000.00
1 2 3 4
Income Growth
Insrance Agent's Income Accountant's Income Realtor Income
$-
$2,000.00
$4,000.00
$6,000.00
$8,000.00
$10,000.00
$12,000.00
$14,000.00
$16,000.00
Insrance Agent's Cost Accountant's License cost Realtor course cost
Cost of obtaining the license
Pros and Cons
• Pros
• No inventory, no demurrage, no theft
• Relying on skill/knowledge rather than product
• Entrepreneurial and dynamic work environment
• No waiting period for product to arrive from overseas
• Cons
• Low barriers to entry so highly competitive industry
• Licenses and certifications take a long time
• Long sales cycle
• Must have skill – Marketing
• Experience and connections determines the pay rate
Top expenses
Top expenses Accounting Real Estate Insurance
Office rent 25% 25% 25%
Payroll 30% 17% 15%
Advertising 25% 40% 35%
General and Office admin 20% 10% 15%
Vehicle and Fuel 8% 12%
Conclusion
Real estate comes in first
when it comes to revenue
And most expensive
Sales cycle for real estate business is
longest
Sales impacted by economy
Accounting business is cyclical and less risky
compared to other two (you can’t become a
millionaire)
Insurance business requires constantly onboarding
new clients
Minimum $200,000 income is needed to survive in
any of the 3 business categories
Marketing is a common
element that determines
the success
Social media management,
video/reels editor, Scheduling and
posting content consistently, SEO,
managing reviews etc
Any questions?
• Lakshay Gandhi
• 647-987-4025
• Support@accountingops.ca
• Subscribe to my YouTube
channel – Real estate and
Taxes with Lakshay
Marketing team is required for all 3
businesses
• Marketing team to manage
1. Social media
2. Schedule and post content consistently
3. Edit videos
4. SEO
5. Blogs
6. Manage google my business page

More Related Content

Similar to Is it profitable to open a financial services business.pptx

CV_updated Deepak Nama
CV_updated Deepak NamaCV_updated Deepak Nama
CV_updated Deepak Nama
DEEPAK NAMA
 
SkyFall Services
SkyFall ServicesSkyFall Services
SkyFall Services
Natasha Bradley
 
Is opening a hair salon profitable in Canada
Is opening a hair salon profitable in CanadaIs opening a hair salon profitable in Canada
Is opening a hair salon profitable in Canada
Lakshay Gandhi
 
How CMS improved its bid & pre-sales productivity by 35%
How CMS improved its bid & pre-sales productivity by 35%How CMS improved its bid & pre-sales productivity by 35%
How CMS improved its bid & pre-sales productivity by 35%
Makrand Jadhav
 
Successful Liquidity & Exit Strategies for Government Contractors
Successful Liquidity & Exit Strategies for Government ContractorsSuccessful Liquidity & Exit Strategies for Government Contractors
Successful Liquidity & Exit Strategies for Government Contractors
Winvale
 
Small business 2015 outlook
Small business 2015 outlookSmall business 2015 outlook
Small business 2015 outlook
Biz2Credit
 
How can you smash the growth glass ceilings?
How can you smash the growth glass ceilings?How can you smash the growth glass ceilings?
How can you smash the growth glass ceilings?
Equiteq
 
Don’t Miss Out on Money! How to Make Sure Your Credentialing is Done Correctly.
Don’t Miss Out on Money! How to Make Sure Your Credentialing is Done Correctly.Don’t Miss Out on Money! How to Make Sure Your Credentialing is Done Correctly.
Don’t Miss Out on Money! How to Make Sure Your Credentialing is Done Correctly.
Kareo
 
Quick start routes
Quick start routesQuick start routes
Quick start routes
Jitendra Gala
 
How to become a re agent in cali
How to become a re agent in caliHow to become a re agent in cali
How to become a re agent in cali
KniaGianinePablo
 
3 Day MBA in Finance - Feb Manila, May SG, Nov BK, Dec SG - David Silipo (5)
3 Day MBA in Finance - Feb Manila, May SG, Nov BK, Dec SG - David  Silipo (5)3 Day MBA in Finance - Feb Manila, May SG, Nov BK, Dec SG - David  Silipo (5)
3 Day MBA in Finance - Feb Manila, May SG, Nov BK, Dec SG - David Silipo (5)
equinoxtc
 
7 Critical Points_Richmond
7 Critical Points_Richmond7 Critical Points_Richmond
7 Critical Points_Richmond
Mike Metzger
 
Is Your Client\'s Business Exit Readiness Presentation 2011
Is Your Client\'s Business Exit Readiness Presentation 2011Is Your Client\'s Business Exit Readiness Presentation 2011
Is Your Client\'s Business Exit Readiness Presentation 2011
davidsaxe
 
Simple Steps for Starting Your Business | Entrepreneur Road Map | SCORE
Simple Steps for Starting Your Business | Entrepreneur Road Map | SCORESimple Steps for Starting Your Business | Entrepreneur Road Map | SCORE
Simple Steps for Starting Your Business | Entrepreneur Road Map | SCORE
Washington, DC Economic Partnership
 
Should I Buy a Building for My Business?
Should I Buy a Building for My Business?Should I Buy a Building for My Business?
Should I Buy a Building for My Business?
American River Bank
 
UGBA 100 - Unicard capstone project
UGBA 100 - Unicard capstone projectUGBA 100 - Unicard capstone project
UGBA 100 - Unicard capstone project
Takeo Hiraki
 
The Power of Discovery for Increasing Win Rates
The Power of Discovery for Increasing Win RatesThe Power of Discovery for Increasing Win Rates
The Power of Discovery for Increasing Win Rates
Mike Kunkle
 
Start your 1st biz
Start your 1st bizStart your 1st biz
Start your 1st biz
Janice Riley
 
Resume41
Resume41Resume41
Resume41
Joe Luciano
 
Now infinity slides
Now infinity slidesNow infinity slides
Now infinity slides
Craig West
 

Similar to Is it profitable to open a financial services business.pptx (20)

CV_updated Deepak Nama
CV_updated Deepak NamaCV_updated Deepak Nama
CV_updated Deepak Nama
 
SkyFall Services
SkyFall ServicesSkyFall Services
SkyFall Services
 
Is opening a hair salon profitable in Canada
Is opening a hair salon profitable in CanadaIs opening a hair salon profitable in Canada
Is opening a hair salon profitable in Canada
 
How CMS improved its bid & pre-sales productivity by 35%
How CMS improved its bid & pre-sales productivity by 35%How CMS improved its bid & pre-sales productivity by 35%
How CMS improved its bid & pre-sales productivity by 35%
 
Successful Liquidity & Exit Strategies for Government Contractors
Successful Liquidity & Exit Strategies for Government ContractorsSuccessful Liquidity & Exit Strategies for Government Contractors
Successful Liquidity & Exit Strategies for Government Contractors
 
Small business 2015 outlook
Small business 2015 outlookSmall business 2015 outlook
Small business 2015 outlook
 
How can you smash the growth glass ceilings?
How can you smash the growth glass ceilings?How can you smash the growth glass ceilings?
How can you smash the growth glass ceilings?
 
Don’t Miss Out on Money! How to Make Sure Your Credentialing is Done Correctly.
Don’t Miss Out on Money! How to Make Sure Your Credentialing is Done Correctly.Don’t Miss Out on Money! How to Make Sure Your Credentialing is Done Correctly.
Don’t Miss Out on Money! How to Make Sure Your Credentialing is Done Correctly.
 
Quick start routes
Quick start routesQuick start routes
Quick start routes
 
How to become a re agent in cali
How to become a re agent in caliHow to become a re agent in cali
How to become a re agent in cali
 
3 Day MBA in Finance - Feb Manila, May SG, Nov BK, Dec SG - David Silipo (5)
3 Day MBA in Finance - Feb Manila, May SG, Nov BK, Dec SG - David  Silipo (5)3 Day MBA in Finance - Feb Manila, May SG, Nov BK, Dec SG - David  Silipo (5)
3 Day MBA in Finance - Feb Manila, May SG, Nov BK, Dec SG - David Silipo (5)
 
7 Critical Points_Richmond
7 Critical Points_Richmond7 Critical Points_Richmond
7 Critical Points_Richmond
 
Is Your Client\'s Business Exit Readiness Presentation 2011
Is Your Client\'s Business Exit Readiness Presentation 2011Is Your Client\'s Business Exit Readiness Presentation 2011
Is Your Client\'s Business Exit Readiness Presentation 2011
 
Simple Steps for Starting Your Business | Entrepreneur Road Map | SCORE
Simple Steps for Starting Your Business | Entrepreneur Road Map | SCORESimple Steps for Starting Your Business | Entrepreneur Road Map | SCORE
Simple Steps for Starting Your Business | Entrepreneur Road Map | SCORE
 
Should I Buy a Building for My Business?
Should I Buy a Building for My Business?Should I Buy a Building for My Business?
Should I Buy a Building for My Business?
 
UGBA 100 - Unicard capstone project
UGBA 100 - Unicard capstone projectUGBA 100 - Unicard capstone project
UGBA 100 - Unicard capstone project
 
The Power of Discovery for Increasing Win Rates
The Power of Discovery for Increasing Win RatesThe Power of Discovery for Increasing Win Rates
The Power of Discovery for Increasing Win Rates
 
Start your 1st biz
Start your 1st bizStart your 1st biz
Start your 1st biz
 
Resume41
Resume41Resume41
Resume41
 
Now infinity slides
Now infinity slidesNow infinity slides
Now infinity slides
 

More from Lakshay Gandhi

3 Examples of new capital gains taxes in Canada
3 Examples of new capital gains taxes in Canada3 Examples of new capital gains taxes in Canada
3 Examples of new capital gains taxes in Canada
Lakshay Gandhi
 
Week 91 - Vacant home taxes in 2024 for Canada
Week 91 - Vacant home taxes in 2024 for CanadaWeek 91 - Vacant home taxes in 2024 for Canada
Week 91 - Vacant home taxes in 2024 for Canada
Lakshay Gandhi
 
2024 Canadian Tax Deductions not to be missed
2024 Canadian Tax Deductions not to be missed2024 Canadian Tax Deductions not to be missed
2024 Canadian Tax Deductions not to be missed
Lakshay Gandhi
 
2024 Updates to foreign buyer ban in Canada
2024 Updates to foreign buyer ban in Canada2024 Updates to foreign buyer ban in Canada
2024 Updates to foreign buyer ban in Canada
Lakshay Gandhi
 
Where should I invest in Canada: Calgary or Edmonton or Somewhere?
Where should I invest in Canada: Calgary or Edmonton or Somewhere?Where should I invest in Canada: Calgary or Edmonton or Somewhere?
Where should I invest in Canada: Calgary or Edmonton or Somewhere?
Lakshay Gandhi
 
Accounting Processes - 2024: Roles and Responsibilites
Accounting Processes - 2024: Roles and ResponsibilitesAccounting Processes - 2024: Roles and Responsibilites
Accounting Processes - 2024: Roles and Responsibilites
Lakshay Gandhi
 
Week 24 - How to pay yourself from your business - Salary vs Dividend.pptx
Week 24 - How to pay yourself from your business - Salary vs Dividend.pptxWeek 24 - How to pay yourself from your business - Salary vs Dividend.pptx
Week 24 - How to pay yourself from your business - Salary vs Dividend.pptx
Lakshay Gandhi
 

More from Lakshay Gandhi (7)

3 Examples of new capital gains taxes in Canada
3 Examples of new capital gains taxes in Canada3 Examples of new capital gains taxes in Canada
3 Examples of new capital gains taxes in Canada
 
Week 91 - Vacant home taxes in 2024 for Canada
Week 91 - Vacant home taxes in 2024 for CanadaWeek 91 - Vacant home taxes in 2024 for Canada
Week 91 - Vacant home taxes in 2024 for Canada
 
2024 Canadian Tax Deductions not to be missed
2024 Canadian Tax Deductions not to be missed2024 Canadian Tax Deductions not to be missed
2024 Canadian Tax Deductions not to be missed
 
2024 Updates to foreign buyer ban in Canada
2024 Updates to foreign buyer ban in Canada2024 Updates to foreign buyer ban in Canada
2024 Updates to foreign buyer ban in Canada
 
Where should I invest in Canada: Calgary or Edmonton or Somewhere?
Where should I invest in Canada: Calgary or Edmonton or Somewhere?Where should I invest in Canada: Calgary or Edmonton or Somewhere?
Where should I invest in Canada: Calgary or Edmonton or Somewhere?
 
Accounting Processes - 2024: Roles and Responsibilites
Accounting Processes - 2024: Roles and ResponsibilitesAccounting Processes - 2024: Roles and Responsibilites
Accounting Processes - 2024: Roles and Responsibilites
 
Week 24 - How to pay yourself from your business - Salary vs Dividend.pptx
Week 24 - How to pay yourself from your business - Salary vs Dividend.pptxWeek 24 - How to pay yourself from your business - Salary vs Dividend.pptx
Week 24 - How to pay yourself from your business - Salary vs Dividend.pptx
 

Recently uploaded

Bridging the Language Gap The Power of Simultaneous Interpretation in Rwanda
Bridging the Language Gap The Power of Simultaneous Interpretation in RwandaBridging the Language Gap The Power of Simultaneous Interpretation in Rwanda
Bridging the Language Gap The Power of Simultaneous Interpretation in Rwanda
Kasuku Translation Ltd
 
Best steel industrial company LLC in UAE
Best steel industrial company LLC in UAEBest steel industrial company LLC in UAE
Best steel industrial company LLC in UAE
alafnanmetals
 
METS Lab SASO Certificate Services in Dubai.pdf
METS Lab SASO Certificate Services in Dubai.pdfMETS Lab SASO Certificate Services in Dubai.pdf
METS Lab SASO Certificate Services in Dubai.pdf
sandeepmetsuae
 
Best Web Development Frameworks in 2024
Best Web Development Frameworks in 2024Best Web Development Frameworks in 2024
Best Web Development Frameworks in 2024
growthgrids
 
WORK PERMIT IN NORWAY | WORK VISA SERVICE
WORK  PERMIT  IN  NORWAY | WORK VISA SERVICEWORK  PERMIT  IN  NORWAY | WORK VISA SERVICE
WORK PERMIT IN NORWAY | WORK VISA SERVICE
RKIMT
 
Sustainable Solutions for Chemical Waste Disposal by Summerland Environmental...
Sustainable Solutions for Chemical Waste Disposal by Summerland Environmental...Sustainable Solutions for Chemical Waste Disposal by Summerland Environmental...
Sustainable Solutions for Chemical Waste Disposal by Summerland Environmental...
Summerland Environmental
 
Copy Trading Forex Brokers 2024 ptx
Copy Trading Forex Brokers 2024      ptxCopy Trading Forex Brokers 2024      ptx
Copy Trading Forex Brokers 2024 ptx
Brokerreviewfx
 
Top Challenges Faced by High-Risk Merchants and How to Overcome Them.pptx
Top Challenges Faced by High-Risk Merchants and How to Overcome Them.pptxTop Challenges Faced by High-Risk Merchants and How to Overcome Them.pptx
Top Challenges Faced by High-Risk Merchants and How to Overcome Them.pptx
Merchantech - Payment Processing Services
 
Comprehensive Water Damage Restoration Services
Comprehensive Water Damage Restoration ServicesComprehensive Water Damage Restoration Services
Comprehensive Water Damage Restoration Services
kleenupdisaster
 
Understanding Love Compatibility or Synastry: Why It Matters
Understanding Love Compatibility or Synastry: Why It MattersUnderstanding Love Compatibility or Synastry: Why It Matters
Understanding Love Compatibility or Synastry: Why It Matters
AstroForYou
 
Satrya Jaya Mulia - Company Profile - 2024 - CS PROJECT.pptx
Satrya Jaya Mulia - Company Profile - 2024 - CS PROJECT.pptxSatrya Jaya Mulia - Company Profile - 2024 - CS PROJECT.pptx
Satrya Jaya Mulia - Company Profile - 2024 - CS PROJECT.pptx
RichoRamadhan2
 
x ray baggage scanner manufacturers in India
x ray baggage scanner manufacturers in Indiax ray baggage scanner manufacturers in India
x ray baggage scanner manufacturers in India
Gujar Industries India Pvt. Ltd
 
Keyword Density Evolution: Elevating SEO Excellence, Leading as Top SEO Agenc...
Keyword Density Evolution: Elevating SEO Excellence, Leading as Top SEO Agenc...Keyword Density Evolution: Elevating SEO Excellence, Leading as Top SEO Agenc...
Keyword Density Evolution: Elevating SEO Excellence, Leading as Top SEO Agenc...
Barrownz.in
 
Office Business Furnishings | Office Equipment
Office Business Furnishings |  Office EquipmentOffice Business Furnishings |  Office Equipment
Office Business Furnishings | Office Equipment
OFWD
 
Greeting powerpoint slide for kids( 4-6 years old)
Greeting powerpoint slide for kids( 4-6 years old)Greeting powerpoint slide for kids( 4-6 years old)
Greeting powerpoint slide for kids( 4-6 years old)
lenguyenthaotrang663
 
Best Immigration Consultants in Amritsar- SAGA Studies
Best Immigration Consultants in Amritsar- SAGA StudiesBest Immigration Consultants in Amritsar- SAGA Studies
Best Immigration Consultants in Amritsar- SAGA Studies
SAGA Studies
 
SEO For Interior Designers In Delhi.pdf
SEO For Interior  Designers In Delhi.pdfSEO For Interior  Designers In Delhi.pdf
SEO For Interior Designers In Delhi.pdf
SEOServicesinDelhi
 
All Trophies at Trophy-World Malaysia | Custom Trophies & Plaques Supplier
All Trophies at Trophy-World Malaysia | Custom Trophies & Plaques SupplierAll Trophies at Trophy-World Malaysia | Custom Trophies & Plaques Supplier
All Trophies at Trophy-World Malaysia | Custom Trophies & Plaques Supplier
Trophy-World Malaysia Your #1 Rated Trophy Supplier
 
Electrical Testing Lab Services in Dubai.pdf
Electrical Testing Lab Services in Dubai.pdfElectrical Testing Lab Services in Dubai.pdf
Electrical Testing Lab Services in Dubai.pdf
sandeepmetsuae
 
Discover How Long Do Aluminum Gutters Last?
Discover How Long Do Aluminum Gutters Last?Discover How Long Do Aluminum Gutters Last?
Discover How Long Do Aluminum Gutters Last?
SteveRiddle8
 

Recently uploaded (20)

Bridging the Language Gap The Power of Simultaneous Interpretation in Rwanda
Bridging the Language Gap The Power of Simultaneous Interpretation in RwandaBridging the Language Gap The Power of Simultaneous Interpretation in Rwanda
Bridging the Language Gap The Power of Simultaneous Interpretation in Rwanda
 
Best steel industrial company LLC in UAE
Best steel industrial company LLC in UAEBest steel industrial company LLC in UAE
Best steel industrial company LLC in UAE
 
METS Lab SASO Certificate Services in Dubai.pdf
METS Lab SASO Certificate Services in Dubai.pdfMETS Lab SASO Certificate Services in Dubai.pdf
METS Lab SASO Certificate Services in Dubai.pdf
 
Best Web Development Frameworks in 2024
Best Web Development Frameworks in 2024Best Web Development Frameworks in 2024
Best Web Development Frameworks in 2024
 
WORK PERMIT IN NORWAY | WORK VISA SERVICE
WORK  PERMIT  IN  NORWAY | WORK VISA SERVICEWORK  PERMIT  IN  NORWAY | WORK VISA SERVICE
WORK PERMIT IN NORWAY | WORK VISA SERVICE
 
Sustainable Solutions for Chemical Waste Disposal by Summerland Environmental...
Sustainable Solutions for Chemical Waste Disposal by Summerland Environmental...Sustainable Solutions for Chemical Waste Disposal by Summerland Environmental...
Sustainable Solutions for Chemical Waste Disposal by Summerland Environmental...
 
Copy Trading Forex Brokers 2024 ptx
Copy Trading Forex Brokers 2024      ptxCopy Trading Forex Brokers 2024      ptx
Copy Trading Forex Brokers 2024 ptx
 
Top Challenges Faced by High-Risk Merchants and How to Overcome Them.pptx
Top Challenges Faced by High-Risk Merchants and How to Overcome Them.pptxTop Challenges Faced by High-Risk Merchants and How to Overcome Them.pptx
Top Challenges Faced by High-Risk Merchants and How to Overcome Them.pptx
 
Comprehensive Water Damage Restoration Services
Comprehensive Water Damage Restoration ServicesComprehensive Water Damage Restoration Services
Comprehensive Water Damage Restoration Services
 
Understanding Love Compatibility or Synastry: Why It Matters
Understanding Love Compatibility or Synastry: Why It MattersUnderstanding Love Compatibility or Synastry: Why It Matters
Understanding Love Compatibility or Synastry: Why It Matters
 
Satrya Jaya Mulia - Company Profile - 2024 - CS PROJECT.pptx
Satrya Jaya Mulia - Company Profile - 2024 - CS PROJECT.pptxSatrya Jaya Mulia - Company Profile - 2024 - CS PROJECT.pptx
Satrya Jaya Mulia - Company Profile - 2024 - CS PROJECT.pptx
 
x ray baggage scanner manufacturers in India
x ray baggage scanner manufacturers in Indiax ray baggage scanner manufacturers in India
x ray baggage scanner manufacturers in India
 
Keyword Density Evolution: Elevating SEO Excellence, Leading as Top SEO Agenc...
Keyword Density Evolution: Elevating SEO Excellence, Leading as Top SEO Agenc...Keyword Density Evolution: Elevating SEO Excellence, Leading as Top SEO Agenc...
Keyword Density Evolution: Elevating SEO Excellence, Leading as Top SEO Agenc...
 
Office Business Furnishings | Office Equipment
Office Business Furnishings |  Office EquipmentOffice Business Furnishings |  Office Equipment
Office Business Furnishings | Office Equipment
 
Greeting powerpoint slide for kids( 4-6 years old)
Greeting powerpoint slide for kids( 4-6 years old)Greeting powerpoint slide for kids( 4-6 years old)
Greeting powerpoint slide for kids( 4-6 years old)
 
Best Immigration Consultants in Amritsar- SAGA Studies
Best Immigration Consultants in Amritsar- SAGA StudiesBest Immigration Consultants in Amritsar- SAGA Studies
Best Immigration Consultants in Amritsar- SAGA Studies
 
SEO For Interior Designers In Delhi.pdf
SEO For Interior  Designers In Delhi.pdfSEO For Interior  Designers In Delhi.pdf
SEO For Interior Designers In Delhi.pdf
 
All Trophies at Trophy-World Malaysia | Custom Trophies & Plaques Supplier
All Trophies at Trophy-World Malaysia | Custom Trophies & Plaques SupplierAll Trophies at Trophy-World Malaysia | Custom Trophies & Plaques Supplier
All Trophies at Trophy-World Malaysia | Custom Trophies & Plaques Supplier
 
Electrical Testing Lab Services in Dubai.pdf
Electrical Testing Lab Services in Dubai.pdfElectrical Testing Lab Services in Dubai.pdf
Electrical Testing Lab Services in Dubai.pdf
 
Discover How Long Do Aluminum Gutters Last?
Discover How Long Do Aluminum Gutters Last?Discover How Long Do Aluminum Gutters Last?
Discover How Long Do Aluminum Gutters Last?
 

Is it profitable to open a financial services business.pptx

  • 1. Subscribe to my YouTube channel – Real estate and Taxes with Lakshay
  • 2. Is it profitable to open a financial services business (Accounting, Real estate or Insurance)? By Lakshay Gandhi 647-987-4025 support@accountingops.ca
  • 3. Agenda • Requirements to operate a successful financial services business • Steps to register a business in Canada • Revenue vs Expenses • Pros and cons • Conclusion
  • 4. Steps • Pick a name (check if the domain name is available), logo and color scheme • Fiverr and UpWork offer these services at a very affordable cost • Create a detailed business plan (geographic location, target audience, marketing strategy, finding a mentor) • Decide if you want to operate as a Corporation or Sole Proprietor • $200 federal vs $360 provincial registration • Liability/Errors and omissions insurance • Can you operate this business from home or need an office/co-working space?
  • 5. Requirements • Licenses and fees (every province has its own rules and certifications) • LLQP insurance license takes 3 months • Becoming a CPA requires educational qualifications and 30 months work experience • For a real estate salesperson license – 5 courses, 4 exams and 2 simulations need to be completed in a maximum of 24 months
  • 6. Cost vs Revenue $- $100,000.00 $200,000.00 $300,000.00 $400,000.00 $500,000.00 $600,000.00 1 2 3 4 Income Growth Insrance Agent's Income Accountant's Income Realtor Income $- $2,000.00 $4,000.00 $6,000.00 $8,000.00 $10,000.00 $12,000.00 $14,000.00 $16,000.00 Insrance Agent's Cost Accountant's License cost Realtor course cost Cost of obtaining the license
  • 7. Pros and Cons • Pros • No inventory, no demurrage, no theft • Relying on skill/knowledge rather than product • Entrepreneurial and dynamic work environment • No waiting period for product to arrive from overseas • Cons • Low barriers to entry so highly competitive industry • Licenses and certifications take a long time • Long sales cycle • Must have skill – Marketing • Experience and connections determines the pay rate
  • 8. Top expenses Top expenses Accounting Real Estate Insurance Office rent 25% 25% 25% Payroll 30% 17% 15% Advertising 25% 40% 35% General and Office admin 20% 10% 15% Vehicle and Fuel 8% 12%
  • 9. Conclusion Real estate comes in first when it comes to revenue And most expensive Sales cycle for real estate business is longest Sales impacted by economy Accounting business is cyclical and less risky compared to other two (you can’t become a millionaire) Insurance business requires constantly onboarding new clients Minimum $200,000 income is needed to survive in any of the 3 business categories Marketing is a common element that determines the success Social media management, video/reels editor, Scheduling and posting content consistently, SEO, managing reviews etc
  • 10. Any questions? • Lakshay Gandhi • 647-987-4025 • Support@accountingops.ca • Subscribe to my YouTube channel – Real estate and Taxes with Lakshay
  • 11. Marketing team is required for all 3 businesses • Marketing team to manage 1. Social media 2. Schedule and post content consistently 3. Edit videos 4. SEO 5. Blogs 6. Manage google my business page

Editor's Notes

  1. Experience Connections Flashy cars, cellphone, marketing, social media