Here’s what to expect:
Embarking on a solo venture in asset or commercial finance will demand significant hard work and will require you to draw on every aspect of your financial expertise. But don’t just take our word for it. We’ve spoken to some of our leading network members, and this is their advice:
Plan, Plan, and Plan Some More
If you’ve worked for a major bank or a leading national broker, you already know that an extensive understanding of finance and regulatory environments is non-negotiable. You must have in-depth knowledge of either the asset or commercial lending space and the intermediary market.
Using that expertise, you’ll need to plan meticulously. Map out every detail of your business, from setting your goals for success to defining how you will position yourself in the marketplace. How will you differ from the competition, your unique differentiator. Consider how you’ll search for products, process applications, follow regulatory guidelines, and meet FCA accreditation requirements.
Don’t underestimate the importance of marketing, branding, and maintaining a strong online presence. These elements are key to setting yourself apart in the market.
Partnering with the right network can also be critical. A network provides brokers with access to a wider range of products and ensures they have the necessary tools to support their clients in finding the most suitable finance solutions.
Top tip: prepare for the worst-case scenario. If you can handle that, you’ll be equipped to deal with whatever comes your way.
Be Realistic
It’s crucial to have a clear and realistic vision for your business and the level of service you can provide. Starting from scratch is a daunting task, even for the most resilient individuals. Building a client base takes time, so financial reserves are essential to cover expenses you spend time networking, establish relationships and building a name for yourself.
Top tip: As well as focussing on what you do want to do, think about what your non negotioables are too, this could be types of deal, working hours or any other element of your business.
Be Ready for Hard Work
Even if your ultimate goal is a lifestyle business that allows you more time for family or hobbies, it will take time and effort to reach that point. As it’s your brokerage firm, you’re responsible for understanding your client needs, structuring deals and liaising with the right funders to ensure the deal is approved and paid out on time.
Expect long hours, weekends, and unpredictable schedules in the early days. All our network members will testify that you’ll be working 24/7 at the start, so resilience and determination are key.
Get Support
Take time to speak to other brokers and gather valuable insights to shape your plans and goals. Consult knowledgeable colleagues from your current workplace and professional network to leverage their experience.
Support from family and friends is invaluable too. Your personal network, combined with your professional one, will be a critical asset.
Once your business is up and running, draw on the support of your network, if you choose to join one. Training, experienced BDMs, and advice from other network members will be available to help you navigate challenges and achieve success.
Hold on Tight and Enjoy the Ride
You’ll need to live and breathe your brand, stay true to your values, and most importantly, enjoy the journey. As the saying goes, if you love what you do, it rarely feels like work—and this mindset will significantly enhance your chances of success.
Be prepared to step out of your comfort zone and tackle the wide range of challenges that come your way. Asset and Commercial finance are diverse fields, and you’ll need to adapt to a variety of client requests. But the rewards can be substantial, offering you a purposeful and satisfying career.
Top tip: All of the brokers we have spoken to say despite the challenges having their own business has been a positive and life transforming event. Remember to celebrate your successes along the way.
Why Choose Asset Finance Solutions and Synergy Commercial Finance?
Asset Finance Solutions and Synergy Commercial Finance are networks dedicated to promoting excellence in commercial finance broking. Our ever-evolving “Broker in a Box” solution has been fast-tracking the establishment of new finance brokerages for the last 20 years.
If you’ve been working in asset or commercial finance for three years or more and are considering setting up your own business, we’d be delighted to share our expertise and help you on your journey.
