A home office and being an active community member is good for business

By Harpreet Singh Atwal, Dip FA, BSc(Hons)

I found happiness as a financial advisor and business owner and in my life when I embraced my community. It was not initially the direction I thought my career would take, but I’m thrilled it did.

This new path started with one of the most powerful decisions I’ve ever made. A few years ago, while my wife and I were renovating a new house and had a baby on the way, I decided to close my two offices and open an office in our new home. If it sounds like a step backward, it’s not. It reduced my expenses considerably, and today we’ve never ever been so inundated with inquiries. To handle the growth, we’re developing new processes and tripling the size of the home office.

Restarting a business

This only came about after I hit a wall operating two financial services offices. The business was growing, but things weren’t working for me. Service was slipping, cash was running short, and I had a hunch that everybody in the company was happy — except me.

This wasn’t the way I wanted to live my life or run my business. After much soul searching, I closed my offices, had my garage renovated into an office, which included a separate entrance for clients, and reopened my practice there. I worried, however, what new clients would think of my new office and if I’d be able to keep my current clients after the move.

Client communication matters

Harpreet Atwal

I wrote a letter to our clients explaining the change and asking them to trust me. What I found is that when a client develops trust in you, it’s not because of your brand or how many offices you have. The trust is based on you as a person. My clients didn’t flinch at doing business in a home office. Not a single client left us — despite some of my clients now being more than two hours away.

When I had two offices, I was obsessed with growing the business through referrals and brand building. I thought if I did that, I didn’t need to do any “marketing.” After the move, the brand changed. I also was in a community where nobody knew me. I needed new clients, and I needed to market, but I wanted to do it in a way that fit my new business model.

The meaning of marketing to me

Like my home office, my marketing is about being part of the community. I get involved by spending about 10 percent of my week at networking meetings, both in the mornings and the evenings. When I’m there, I focus on being a good participant. I attend regularly and genuinely show I care. I don’t worry about doing business with other attendees. I just listen and offer my help, even if it has nothing to do with my work. I’ve found the level of interest you show in people determines if they think you would actively and confidently work for them in the future.

I also include some informal ways of networking and meeting people. I found my biggest client simply by going with my wife to coffee shops, which is a casual environment where people feel comfortable talking and connecting with others.

In both my formal and informal marketing, I turned what I thought might be a concern — my home office — into an asset. When clients know your office is at home, it can be a massive selling point. It shows you’re clearly invested in the community and will not close up shop and leave overnight. I’m happy to say business is doing well and I get to spend more time with my family.

Harpreet Singh Atwal, Dip FA BSc(Hons), of Solihull, England, has been an MDRT member since 2013 and is a Court of the Table qualifier

• Watch Harpreet Atwal talk more about opening a home office in “How to boost your happiness by restarting your business.” 
• Want to see how other MDRT members develop strong client relationships? Watch “Build a loyal clientele.”