Planner Pulse 033: [Start-up series] Verse Wealth — Start-up costs and money decisions

James O’Reilly and Corey Wastle started a Melbourne-based financial planning business called Verse Wealth in January 2015.

This is the seventh episode in a monthly series with James and Corey, to follow their first year in business.

This week we’re talking start-up costs. We get into where exactly they’ve spent their money — particularly on some of the big ticket items — and we also talk about ongoing costs, as well as when and what they've reinvested back into the business.

James and Corey were very generous and open about things, so there’s real numbers discussed here. 

You might be surprised as to what the costs actually are — they were certainly lower than what I anticipated. 

Listen and learn

In this episode, we chat about:

Where the bloody hell are you?

  • Leads coming through consistently from 30+ referral partner relationships (7 leads in the last 2 weeks)

  • Recruiting for the first Verse Wealth employee

  • The results of last month's Periscope experiment

  • The challenge of converting leads into clients

  • James' awarded a LinkedIn Power Profile (and a slightly dodgy trophy)

James is big in India #uhoh #checkthespelling #checkthecountry

James is big in India #uhoh #checkthespelling #checkthecountry

#legit #correctspelling

#legit #correctspelling

I dare James to wear that while he’s ducking out for lunch

I dare James to wear that while he’s ducking out for lunch

🏆 😂

🏆 😂

Deep dive

  • Where the funds came from to start Verse Wealth and how much they set aside

  • How Corey and James researched and planned for the costs of starting their business

  • The prices for some of the big ticket items needed when starting up e.g. licensee fees, PI insurance, legal fees, office space, technology, software etc

  • What they got wrong

  • Why Corey and James decided not to draw a wage for the first 12 months

  • How much it costs to keep the business running — the bare bones, no wages included — each month

  • When they decided to start reinvesting back into the business and why

Smarter not harder

  • Nothing new this week. But if anyone's got any printer recommendations...

Listener questions

  • "What's the best financial decision you've made in your business so far?"

People on this episode

Mentioned on this episode