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

October 24, 2023#97: Financial Coaching vs Life Coaching
Join Josh and Emily as they discuss the Venn diagram of financial coaching and life coaching. How do they overlap, what similarities and differences there are…and do the words “life coaching” even mean anything…?
Top takeaways:
It’s impossible to draw any hard and fast lines between the two.
“Life coach” is so vague as to be completely useless.
Successful “life coaches” have niched down to the point where they’re career coaches or relationship coaches or parenting coaches etc.
If you’re looking to expand your soft skills around counseling, look for classes in a university extension program rather than life coaching courses.
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
33 min
October 17, 2023#96: How to develop an elevator pitch
Join Josh and Amelie as
Top takeaways:
No one likes to be pitched to.
Having a very specific niche will let you practice having positive conversations without the pressure of “I’M GOING TO SELL YOU!”
You want potential clients to recognize that you could help them without you needing to tell them that.
Shorter is always better than longer.
People latch onto pain points.
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
October 10, 2023#95: Pros and cons to debt settlement companies
Join Josh and Emily to discuss debt settlement companies. What should you look for, what are pros/cons, what are red flags?
Top takeaways:
Some just do things that you could do yourself.
Look for connections with other reputable organizations or certifications.
Start by asking what the process will look like–and look for transparency.
Consider starting with the bank directly before reaching out a debt settlement company–BUT be aware of potential minefields.
If there is an attorney involved, you should not talk about any of the settlement etc. so you don’t break (have your client break) attorney-client privilege.
Resources mentioned:
Credit Counseling Services
NEFE
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
23 min
October 03, 2023#94: Should I build referral relationships with advisers I wouldn't refer to?
Today Josh and Garrett to discuss referral relationships…especially those with advisers/professionals who you disagree with.
Top takeaways:
No, you shouldn’t.
One-sided referral pipelines have an expiration date–the other person WILL be able to see through you.
Stay away from companies with high turnover.
Look at what side offerings potential referral partners have. Are they focused on the thing you would refer a client to do or are they dividing their attention in many other places?
Registered Investment Advisers (RIA) who are only registered as an RIA are the only ones who legally have a fiduciary responsibility.
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
27 min
September 26, 2023#93: Scarcity Mindset In Your Business
Today Josh and Emily talk about how scarcity mindset is, how it shows up in your business, and some ways to tackle it! Make sure you listen to the end to hear them talk about where scarcity mindset has shown up in their businesses.
Top takeaways:
Scarcity mindset can lead to hyperfixation (I have to make my website perfect) or short-term coping mechanisms as opposed to long-term problem solving.
You cannot cut your way to profitability.
Spending on your business is an investment, not an expense.
Pay attention to the response of “I need to react by cutting” or “this is more than I can pay.”
To combat scarcity mindset, build collaborative relationships, practice gratitude, and support other people.
The clearer you are on your niche, the easier it is to set boundaries around which clients you work with.
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
40 min
September 19, 2023#92: What is cashflow budgeting?
Today Josh and Amelie dive into a conversation about various budgeting methods, and why the personal finance budgeting methods are all really just…hybrid methods of cashflow budgeting!
Top takeaways:
Technically, rollover budgeting is looking at what was spent/used the previous month and rolling it over to the next month.
Technically, zero-based budgeting is starting over from scratch every year (not month) and receiving requests from various business departments for what they need.
Cashflow budgeting is looking at expenses for the year, planning out when income is coming in, and figure out how to make everything work.
Using a zero-based budget on a monthly basis can easily create a lot of stress, but can be helpful once a year.
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
38 min
September 12, 2023#91: How do you prepare for a known drop in income?
When you’re a new financial coach, “where do I find clients” is always one of the top questions. Today, Josh and Emily discuss what to do to find early clients.
Top takeaways:
Put your poker face on! The client probably has lots of emotions…don’t let yours amplify things.
Ask “why,” “when,” and “how long will it last?”
Don’t be afraid to tap into an emergency fund–that’s LITERALLY why it’s there.
Different strategies work better based on whether this is likely to be a short-, medium-, or long-term situation.
Don’t rush decisions just because you agree with them. Also don’t delay decisions just because you want them to have more savings.
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
36 min
September 05, 2023#90: How to find clients early in your business?
When you’re a new financial coach, “where do I find clients” is always one of the top questions. Today, Josh and Emily discuss what to do to find early clients.
Top takeaways:
Start with…who are you trying to work with? Who is your niche?
Check out conferences associated with your niche.
Go to where your niche hangs out.
Consider focusing on your local area rather across the entire country.
Focus on what problem you solve rather than “I’m a financial coach!”
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
42 min
August 29, 2023#89: What are my obligations for collecting sales tax?
Today’s not the most exciting topic, but it’s an important one! Do we coaches need to collect (and remit!) sales tax? Josh and Amelie discuss!
Top takeaways:
Some states charge sales tax on products, some charge sales tax on services…it’s important to figure out what your state policies are.
Go straight to the state website to get information, not blogs etc.
Make sure you ALSO check city and county taxes!
If your client is in a different state than you, then “economic nexus” applies which depends on how much business you do in that state.
If you have a legal, governmental license, you fall into the Professional Services category; if you are not licensed, you would fall into Personal Services.
Once you start approaching 50-60 transactions in a single state, make sure you start investigating tax rules in that state.
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
43 min
August 22, 2023#88: When should I start a blog?
Many people think starting a blog is a great way to get new clients. When is a blog a good idea and when is it not? Join Josh and Emily to discuss that topic.
Top takeaways:
Do not start a blog when you need clients or when you don’t have time.
Start a blog when you have something to say to a specific group of people.
Start a blog when you have an ecosystem to actually DO something with results.
Building an amazing lead magnet is almost always a better use of your time than blogging.
If you’re at the point of being ready to start a blog, post half as often as you can create articles (so if you can write two articles a week, write one article a week).
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
40 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…