The US coaching industry hit a new record of nearly 13 billion dollars last year. There is a boom in coaching. Professionals from all disciplines find that coaching is the best way to expand their practice and bring their expertise to others. This post will focus on how to start a financial coaching business and financial coaching in general.
The definition of coaching will vary depending on what type of coaching is being provided. The UW-Madison Center for Financial Security defines it as:
“Financial coaching means providing regular one-on-one sessions with clients in order to ‘coach’ performance improvements to meet goals mutually set by the coach and client (…) Coaching is different from counseling or mentoring and focuses more on ongoing behavior change, executive attention and goal setting,
and goal monitoring.”
Towards the end of this article, you’ll find answers for some of the most frequently asked questions on how to start a financial coaching business…
Coaching is a huge industry. You support and mentor others to help them improve their skills and reach their goals.
Financial coaches help people make better financial decisions and achieve their money goals. The truth is that there are many qualified coaches needed in this field.
35% of Americans have credit files and are in debt. Only 46% have an emergency fund. 24% have basic financial literacy. And so on.
25% of Americans say they constantly worry about money. Money is perceived as more stressful than relationships and work.
But how can you help clients? What are the financial benefits of a business that offers financial coaching?
Financial coaches can help their clients improve their financial management and earning power. For instance, coaches can help “coachees” to:
Simon Sinek’s famous TED Talk will tell you that the key to financial coaching success is starting with your “why.”
When you understand why you do something, the sacrifices and uncertainty that go into financial coaching become less daunting.
Simon Sinek discusses your Why from a business perspective, but it is essential to understand that financial coaches must also find their why.
Each has a different reason for being here. My motivation for starting my financial coaching business was to enjoy personal finance and help others achieve their financial goals. I also love giving back.
I work hard to repay my debts and to make my financial situation better. I also know that I can help others by paying it forward.
I hold a degree from a 4-year university and more than a decade of bank experience. Additional experience includes tracking expenses, building an emergency fund, and paying off debt. I also have extensive knowledge in saving, investing, and managing my expenses. You might be surprised to learn that I did not have any financial coaching training when I started my career.
My own personal experiences with getting out of debt have convinced me that I know the right path to a healthy financial life. But what about sharing my knowledge with others?
Two specific sessions of financial coaching have taken place over the past year. They were given by people I’m familiar with. Whitney Hansen and Kelsa Dickey have their own approaches to coaching and that’s okay!
Financial Coach Academy is an online or self-paced coaching school. Kelsa Dickey will teach you the fundamentals of coaching, including financial knowledge, business skills, and coaching skills.
This video explains the intricacies of the Financial Coach Academy.
When you’re just starting out, it is important to learn and train. Based on my own experience and testimonials, the Financial Coach Academy is the best guide for starting your financial coaching business.
I didn’t have a plan and a guide to help me become a financial advisor – that was my biggest mistake. This is why I recommend this coaching program to get you started.
If you pay in full, the Financial Coach Academy course will cost $3,197. You can also opt to make five payments of $697. You can choose to pay $1,797 for the self-paced course or four monthly payments of $497.
Kelsa and her husband, Michael, do an excellent job in preparing you for a career as a financial coach.
They have my approval.
But hey, how much trust can you display as a coach if you don’t have much money to your name?
If you want to get a bunch of money first so that there will be actual merit to what you’re saying…check this out!
Learn how to become a Financial Coach This tutorial is self-paced, and you can rewind and replay as many times you wish. Whitney Hansen will teach you how to plan and prepare, launch systems, growth, traffic, and the next steps in your financial coaching business.
Whitney’s unique approach to becoming a financial advisor is the main reason I took the course. I honestly glanced at the course material and realized that I needed to watch her Growth + Traffic segment again.
Become a Financial Coach This course teaches you digital marketing strategies such as creating professional videos, advertising on Facebook, and even starting a podcast.
It is crucial to use digital marketing to generate coaching clients. Unfortunately, there are not many courses that teach this.
I am a huge value person. Whitney’s financial coach course is a great deal at just $397. Become A Financial Coach offers incredible value, which I still use today.
One of the toughest things I had to do when I started my business was to find clients. Anyone who tells you otherwise is probably living in a land of unicorns. This is the key to creating a successful financial coaching business.
Sharing your expertise as a financial coach is one of the most rewarding things you can do.
“What if there are no clients? Should I still say I’m a financial coach?”
This is the perfect time to share your work with others! Financial coaching is an emerging term that will allow you to explain what a financial advisor does and why you became a financial counselor.
It is most likely that one of your family members, friends, or organizations will be your first client.
It all comes down to relationships. You can make connections with other financial professionals, such as insurance brokers and real estate agents in your area, as well as with family members and friends.
You must first tell people you are a financial coach. Notice how I didn’t say that I was a financial coach. Big difference.
Sometimes it can be difficult, but don’t be afraid of telling them that you are a financial coach.
Don’t tell anyone that you are a financial advisor.
Once you have your why and have received training, it’s time to launch your coaching company. Good news: You don’t have to invest a lot to get your business started.
Names should be descriptive enough to let people know who and what you are. While creativity is great, don’t let it get to the point where you aren’t clear on what services you offer or confuse others.
First, let me say that you don’t need a website to start your business. This is especially true if you are just helping family and friends. We live in a time when the internet is almost mandatory. I advise you not to let the idea of creating a website stop you from starting a financial coaching company.
My website, content, and story are what I rely on to bring in clients. Therefore, a website was an essential step in my financial coaching business.
Building a website shouldn’t be a problem. There’s a lot of free resources online to help you get started on your website. You can buy a domain, a hosting service, a theme builder, hire a content writer, and many other things.
Financial coaching is great because you can meet anywhere.
It’s also easy to coach in coffee shops, libraries, co-work spaces, etc. People are often busy and prefer to make a call via the internet rather than driving across town. While you may be speaking with customers and local businesses, it is just as likely that your clients are from across the country.
Although equipment and resources can refer to many things, I believe you already have many of them. Access to the internet, pen, paper, and a phone. Everything else is a luxury.
You don’t necessarily need a standing desk to start a coaching business. Start simple, but most importantly, start!
Do not be afraid of the term. It’s just getting online and doing more of it.
Digital marketing includes setting up a Google Business Page, social media, creating a podcast or YouTube channel, and Google and Facebook Ads.
When you’re starting out, I recommend that you pick one. You should only be posting content to Instagram if that is what you love. This is why Become A Financial Coach is a great choice. She covers these topics in detail.
The goal is to make yourself available online so that people can search for you and hire you as financial coaches. It is better to be simple, especially when you are just starting out.
If you are interested in helping people with their money but don’t know how, this guide might be an excellent place to start.
Finding your first client is not easy. It’s not easy to find your first client. However, a website that has testimonials and original content will yield results. But it can take time for potential clients (potential clients) to connect with you online. Training institutes may also be employers or help students find work. However, volunteering is possible. Find volunteer opportunities within your circle of friends and in non-profit organizations.
The average financial or money coach salary is $46,605 as of August 27, 2021. However, the range of salaries typically falls between $41,143 to $54,030.
The majority of financial coaches work on a fee-only basis. Some charge depending on how long you intend to work together (e.g., a set fee of six months or per person session), while others charge based upon a percentage income.
Our review team has come across a program in the real estate industry that is next level!
Although it’s not real estate in the traditional sense, it’s all digital.
With digital real estate, you have the opportunity to completely walk away from your 9-5 job!
Sound too good to be true?
Of course it does!
But it isn’t…in fact, business owners wish they had this skill!
What exactly is the skill?
Well, basically you are acting as a conduit for small business to increase their bottom line.
What we mean is…
You are helping these businesses grow!
All you have to do is build and rank a website and forward certain jobs off to a business owner in town, you could even email it to them!
This works for literally any service based business… ie: tree service, plumbing, towing, etc.
Simple, after you forward the jobs off to a business owner and he makes closes the deal, you simply ask to agree to a WIN-WIN arrangement.
A fair price to charge per lead, depending on the industry is 10-20%… let’s just use the tree service industry for example and go by worst case scenario.
Let’s say you build and rank the site and only 20 jobs a month come in. The average tree service job is anywhere from $500-$2000!
That means at bare minimum you have an asset worth $1000 a month!
See why they call it digital real estate now?
That’s a rent payment.
The great thing is how easy it is to scale. You don’t have to answer the phone…all you have to do is get the phone to ring.
Truly passive income!
The training program takes making money online to a whole other level. The owner of the program walks you through how to build and rank a site hand in hand, with the occasional voice over when he is sharing his screen.
You will learn the importance of keywords, website name, how to send call notifications via email, backlinking, etc.
Once the training program is completed you will also have access to a Facebook group where you can ask questions and be in a community with others on the same journey as you.
Digital real estate allows you to have passive income with most of your day being spent OUT of the brick and mortar landscape.
Now, we know you probably have tons of questions…