Next Mission Turns 3!

I officially launched Next Mission on 1 November 2021, the same day my Air Force retirement became official. Each year near its birthday, I reflect on the past year in business highlighting the good, the challenging, and what’s next. (Year 1, Year 2)

The Good

We’re Profitable (barely)

They say you should find a job you would still do even if you didn’t get paid. I’m glad I did because for the last 3 years I’ve actually been paying (investing) for the privilege. I’m happy to say that Next Mission will be profitable in 2024. It’s nice to not have to continue to funnel outside money into the business. Again, I’ll highlight that having the military pension and healthcare is fantastic. I’m not sure I would have embarked on this journey without it. I have

HUGE respect for my friends that launched their businesses without that safety net.

Growth – Steady then slow

Shortly after I penned last year’s update, growth picked up. For the next 8 months I added an average of 1 new client every month. While I could grow faster, I’m happy with that rate. It allows me to focus on serving them and getting the initial planning done while still having time for my clients who have completed the initial planning process. This pace slowed late in the summer, but I’m hopeful that like last year will pick up again as we head into next year.

Client Relationships

It’s been great to continue to deepen relationships with clients that have been with Next Mission for 2+ as well as the one that have joined more recently. There is nothing better than realizing you’re helping people get to their goals and live their best lives.

Content

I say this every year, but this is still one of my favorite business activities. The newsletters (Email and LinkedIn) continue to grow. Since you’re reading this, I want to thank you for being a subscriber. We’re closing in on 900 subscribers between the two with about 500 readers every week which kind of blows my mind. I also co-launched a podcast this year. It’s still in the early growth stage. I will say I think I’m a better writer than a podcaster/video person, but it’s something I’m working on. I also co-hosted two webinars this year on retirement from the military and ultimate retirement for military retirees. These were well received by attendees and are now available on demand (military retirement and ultimate retirement).

Next Mission Joined Apforia

One of the biggest changes for the business side is that I’ve decided to join an “umbrella” Registered Investment Advisor. I’ll still be operating Next Mission as I have, but Apforia is registered at by the SEC versus the individual state level. Most of the details are behind the scenes, inside baseball type stuff. The one thing it does provide clients is continuity should something unexpectedly happen to me.

The Challenging

Growth

The down cycles are hard. When there are no prospective clients on the calendar, you start to wonder is anyone going to ever make another appointment. It’s also hard when you see others who are just killing it or you talk to prospects who would be a good fit, but decide to not engage or to go to another planner.

Finding "The Thing"

I’m still trying to find “the thing” that will most resonate with prospective clients. What’s the content or service model that will really help move the needle. I view both the marketing and service model as a series of small experiments aimed at figuring out what really works best for clients.

Hourly Rate

Now that I’m slightly profitable I had the horrific thought of what my hourly rate would have been over the last years. That is not a good thought.

What’s Next

Content

After several years of launching new things, first the newsletter, then the LinkedIn Newsletter, then the podcast, and finally some webinars, I’m not planning on any new mediums for the next year. The goal is to continue what I’ve been doing and try to create some additional traction with one of these. While I’m not planning to add any new mediums, I will probably tweak some formats, timing, etc. to see if that improves anything.

Changing Service Options -- Planning (Ongoing) > A plan > Winging It

As I’ve talked with prospective clients over the past few months, I’ve come to realize that while I do think ongoing planning is the best way to achieve financial goals, people aren’t always ready or may not need the ongoing service right now. That said, I do think getting a check up with a financial professional can help many people improve their future financial lives.

I plan to write more about this is in the coming weeks, but I’m going to be changing my service offering to provide a project-based or what is sometimes referred to as a 1-time plan as an option for getting started. There will be decision points during the process to transition to ongoing service if it makes sense to both of us. So if you’ve been thinking about a financial checkup that would give you a roadmap for 1-3 years because your financial life is relatively stable, watch our upcoming newsletters or setup a call to talk about it.

About Mike Hunsberger, ChFC?, CFP?, CCFC, MQFP

Mike Hunsberger is the owner and lead planner at Next Mission Financial Planning. Next Mission Financial Planning provides comprehensive financial planning and investment management for military and veteran clients. Mike started the firm after spending 25 years in the Air Force.

Schedule a call with Mike