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

June 06, 2023#77: How do I set pricing with my first clients?
Join Josh and Amelie to discuss pricing–especially pricing at the beginning of your business.
Top takeaways:
Benchmarking based on other financial coaches can be very dangerous because what other coaches do may or may not have anything to do with what you do.
The people you work with, length of your program, technology you offer…all of those should impact your pricing far more than what other people are charging.
If your program is about 1-2% of your client’s income over a two-year period, that may be a harder sell.
Sliding scales are dangerous because they invariably attract people who qualify for the lower end, and it is impossible not to provide the same level of service.
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
41 min
May 30, 2023#76: Throwback: What should I cover in my first client meeting?
Join Josh and Garrett to talk about the first meeting after a client has signed up! They paid you, now you have to actually…deliver!
Note: This conversation was originally in the Financial Coaches Facebook group in late 2020, but has a lot of great info still! At one point, Garrett talks about wishing for a financial coaching software similar to financial planning software…and how Josh and Garrett were working on getting something put together for the Financial Coaches Network. If you haven’t yet, check out FCN MoneyCoach, our fancy financial coaching software (that yes, Garrett uses!).
Top takeaways:
Three things to consider:
Where is your client at?
What are your expectations/what are your client’s expectations?
What are your next steps and what do you need to set up to make those next steps possible?
You do not HAVE to collect numbers before (or even during!) the first meeting.
Bonus question/answer: How long should my program be? Answer: As long as it needs to be to tackle your niche’s challenges.
Resources mentioned in the episode:
Loom - super slick program for screen recording videos to talk to clients/walk them through things
FCN MoneyCoach - financial coaching software designed to simplify the coaching process for you and the budgeting/categorizing process for your clients!
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
44 min
May 23, 2023#75: What is my liability when answering questions in Facebook Groups?
Join Josh and Emily to discuss whether to answer questions in Facebook groups…and if so, what kind of liability could be involved. Disclaimer: As we say numerous times in episode, we are not lawyers and cannot answer exactly what you’re liable for!
Top takeaways:
Yes, there is potential for liability when answering questions on Facebook.
Giving advice online about things you are not licensed to give advice about does create potential for liability.
Giving factual information WITHOUT BIAS probably does not create potential for liability.
When it comes to basic budgeting tips and ideas (things that don’t require a license), you probably have pretty limited liability.
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
37 min
May 16, 2023#74: How do you find a VA and what can they help me do?
Join Josh and Amelie to discuss all things VA! How do you find one, and what tasks can they help with?
Top takeaways:
Start by listing all your business taxes, and then go through asking yourself, “how much do I enjoy this?” and “how good am I at this?” and “how important is this to my business?”
Identify the time sucks that aren’t moving the business forward.
When you first start looking for a VA, ask other business owners for VA leads.
If you have a one-time project, hire an expert in that area. If you have an ongoing need, hire a VA.
If the VA is going to have ANY access to any amount of client data (name, where they bank, debt levels, credit score, etc.), you need to have a legal agreement that is reviewed by an attorney.
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
26 min
May 09, 2023#73: How do you coach people with irregular income?
Join Josh and Emily to discuss a wide range of irregular income
Top takeaways:
Not all irregular income can be treated the same.
The more extreme the scenario, the more you should be concerned over whether your skills as a financial coach are sufficient to give solid advice.
If the income is swingy month-to-month, it’s relatively simple to set money aside in high months to compensate for lower months.
Huge swings year over year should start indicating that perhaps looking at other strategies would be a good idea.
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
28 min
May 02, 2023#72: Do you have to file taxes if you didn't earn any income?
Join Josh and Garrett as they discuss taxes! Specifically, taxes in the early stages of your business.
Top takeaways:
The government considers you to have a business whether you see it as a side gig/little thing or not.
If you have $1 more today than you did yesterday, you need to file (perhaps in your own Schedule C, but.).
If you had expenses and no income OR expenses that were greater than your income, you should file (the losses could offset active income from other sources).
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
28 min
April 25, 2023#71: What should I ask in an "end of service" questionnaire?
Join Josh and Emily to talk about end of service questionnaires. When a client is finished working with you, what should you ask them? What kind of feedback is valuable?
Top takeaways:
You should have an alternate way of gathering data like, “How much debt did you pay off?” or “How much were you able to save?”
You can solicit info about “How did you like my program” but it shouldn’t be the focus.
Figure out what you’re trying to learn, and ask very specific questions to answer that question.
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
April 18, 2023#70: How do you overcome the objection of “I’d love to work with you but I just need some time?"
Episode 70: How do you overcome the objection of “I’d love to work with you but I just need some time?"
Join Josh and Emily as they discuss how to handle client objections. Today, they discuss two angles on a “time” objection–either “I need time to decide” or “now isn’t the right time.”
Top takeaways:
Browbeating a potential client over an objection is NOT the way to go.
The way we respond to objections is impacted by our own headtrash.
Always assume the best–assume that “now isn’t the right time” is a genuine reason, and find out why so you can make a plan to reconnect.
Ask the prospect how they’d like you to follow up with them.
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
28 min
April 11, 2023#69: Should I create an LLC/S-corp/B-corp/other/nothing? Part 2
Episode 69: Should I create an LLC/S-corp/B-corp/other/nothing? Part 2
Join Josh and Amelie to continue discussing business entities!
Top takeaways:
For most coaches who are part-time and making less than $10k annually, an LLC or S-corp is PROBABLY overkill but depends on many things including how many assets you have to protect.
Hiring employees should be an automatic trigger for entity creation.
There are certain things you can write off as a C-Corp that you can’t as other structures.
You CAN use something like Legal Zoom, but…it’s only as good as the user. Plus they take 0 responsibility for the documents created.
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
26 min
April 04, 2023#68: Should I create an LLC/S-corp/B-corp/other/nothing? Part 1
Episode 68: Should I create an LLC/S-corp/B-corp/other/nothing? Part 1
Join Josh and Amelie to discuss entities! Should I form an LLC or an S-Corp or…what?!
Top takeaways:
The answer is always “it depends,” and in this case, one of the things it depends on is how much you have to protect.
Talk to an attorney or a financial advisor who specializes in small businesses, and make sure you have a CPA to make sure your LLC or S-corp business taxes are structured correctly.
In some states, a single-member LLC provides 0 liability protection.
An entity structure is the last line of defense (after insurance ((which doesn’t really exist for financial coaches yet)), having a personalized contract that an attorney made for you, and data security practices).
Moving from sole proprietorship to S-Corp depends on your personal income and has tax and social security benefit implications.
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…