Financial Coaches Network - The Podcast: Build your Financial Coaching Business

By Joshua Escalante Troesh, Garrett Philbin, Amelie Riendl, and Emily BlainBusiness Entrepreneurship

Financial Coaches Network - The Podcast: Build your Financial Coaching Business episodes

May 21, 2024#127: How to answer the question, "So what do you do?"
Josh and Emily discuss the sometimes-awkward question of “So, what do you do?” How can we answer that question in a way that actually answers the question and doesn’t lead people to assume you do things that you don’t actually do (investments, life insurance etc.)?
Top things to think about:
Think about the context of where you’re having the conversation.
Consider, “I’m a financial coach who…” or “I have a business that…” to avoid sounding sales pitchy.
The more specific your “I help people with…” statement is, the less salesy it sounds.
At a networking event, it’s hard to give any statement that will be beneficial for anything other than just meeting people because literally everyone is there to find out “are you business or can you send me business?”
At an industry convention, consider what differentiates you from all the other coaches/finance people there.
Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow
25 min
May 14, 2024#126: Non-profit corporation: How can I create/transform my business?
Josh and Amelie continue their discussion about non-profits. Whether you’re starting a new company or transforming an existing business into a non-profit, there are some steps to follow!
Top things to think about:
The basic steps are to form a corporation and then go through the steps of turning that corporation into a non-profit.
501c3 is one option and probably the most likely for most coaches, but there are other options as well.
There are far stricter rules around naming a corporation.
Hiring a lawyer to write your bylaws and articles of incorporation will be much faster and efficient–and will probably save you time and money in the long run.
You’ll need a board of directors and they need to be representative of the “broader community.”
Then you send things off to the IRS, probably get rejected, fix things, then resubmit.
Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow
38 min
May 07, 2024#125: Non-profit corporation: A good idea for my business?
Josh and Amelie discuss the idea of setting your business up as a non-profit. When might this be the most advantageous thing to do?
Top things to think about:
Non-profits are corporations who have filed for exempt status (typically 501c3, but maybe not!).
You have to have a board of directors in a non-profit.
Think about what your goals are, and then determine if those align better with a for-profit model or a non-profit model.
Consider how much money your clientele make–do they make enough to pay you for your services? If not, can you create a non-profit where someone else can pay?
Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow
22 min
April 30, 2024#124: What are the top things that waste your time as a coach?
Josh and Emily discuss things that waste business owners’ time. We also call ourselves out for OUR biggest time-wasters!
Top things to think about:
Marketing is a huge waste of time.
Operations are a huge waste of time.
Multi-tasking is a huge waste of time.
Communications are a huge waste of time.
Innovation is a huge waste of time.
Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow
28 min
April 23, 2024#123: Reading the Financial Tea Leaves - Ratio Analysis
Josh is joined by special guest Professor Trelawney–or rather, Amelie–to discuss a seemingly-boring topic that has led to surprisingly wonderful client responses…financial ratios! Debt-to-income,
Top things to think about:
Without ratios…numbers are relatively meaningless.
Early on, we should focus on helping clients set up for long-term success–retirement savings to get company match, pay down debt that will hard ability to buy a house (credit cards and high interest car loans), and put money aside for short- to mid-term loans.
Liquidity ratio is a great one–it’s also known as “how many months does your emergency fund last?”
Ratios matter a lot…within a client’s life and context.
Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow
40 min
April 16, 2024#122: What's the difference between advice I give and advice that financial gurus give?
Josh and Emily discuss the difference between “them” and “us”—household name financial advice givers versus individual financial coaches.
Top things to think about:
Gurus give general advice (even to individuals) with a purpose of entertaining/reaching an audience.
Individual coaches give specific advice with a purpose of helping that individual client.
Gurus are fundamentally entertainment, so they can say basically whatever they want.
Don’t model your communication or advice after gurus.
Episodes mentioned:
Episode #75 - What is my liability when answering questions in Facebook Groups?
Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow
29 min
April 09, 2024#121: How to avoid your sales call turning into a free coaching session
Josh and Amelie talk about free sales calls. Should you coach during your sales call? What is the point of a sales call anyway?
Top things to think about:
If you see the primary goal of the sales call as “a way to show my value,” you run the risk of coming across as pushy.
You cannot gather enough data in the first 5 minutes of a sales call to provide valuable coaching.
Have a script for your sales call–and know what the big picture piece is that you want to communicate.
Instead of spending your time talking in your sales call, ask good questions so the prospect is the primary person talking.
Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow
35 min
April 02, 2024#120: How do I create effective business goals?
Josh and Emily discuss business goals today! How do you set goals, how do you decide if they’re good goals, and how do you stick to them?
Top things to think about:
SMART goals started in the business world.
A and R often have different words associated with them depending on whether you’re talking about business goals or personal finance goals.
Focusing on one big goal can help clarify smaller SMART goals.
Don’t set goals based on how important they are.
Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow
45 min
March 26, 2024#119: Is the snowball method the best way to pay off debt?
Join Josh and Amelie to discuss debt payoff methods! Is the snowball method the best way?
Top things to think about:
The two most commonly talked about methods are the debt snowball and the debt avalanche methods.
Focus on the debt with the highest negative impact.
From a motivational standpoint, studies have shown that paying off a larger portion of a balance has a larger positive impact (so a $500 payment on a $1k balance has a bigger impact than a $500 payment on a $1k balance).
Don’t be dogmatic about debt payoff methods–evaluate what works best for each individual client situation.
Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Looking for financial coaching software? Sign up for the interest list for FCN MoneyCoach, the premier cash flow analysis software for financial coaches and advisers. https://www.financialcoachesnetwork.com/money-coach
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow
32 min
March 19, 2024#118 - “Whatever the client wants to talk about”
Join Josh and Emily to discuss why having a meeting agenda is important…and why having the agenda consist exclusively of “whatever the client wants to talk about…” is NOT a good idea.
Top things to think about:
It’s very important to leave space for the client to ask questions and bring up what’s on their mind.
At the end of the day, the client hired you for your expertise.
Explaining what you see as the top goals of the meeting and why is a great way to start.
If you genuinely have nothing to discuss…then you need to either say, “Great, let’s celebrate and we’re done here!” OR start making new goals!
Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Looking for financial coaching software? Sign up for the interest list for FCN MoneyCoach, the premier cash flow analysis software for financial coaches and advisers. https://www.financialcoachesnetwork.com/money-coach
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow
30 min

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Looking to build a successful financial coaching business? Join thousands of others in the Financial Coaches Community who are building successful financial coaching businesses. Hosted by Joshua…