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 25, 2022#47: Group Programs: Should I do them?
Episode 47: Group Programs: Should I do them?
Join Josh and guest cohost Emily as they kick off a three-part series around group coaching! Today, they discuss whether group programs are the right choice for you!
Top takeaways:
Who is your niche? What would their comfort level be around sharing in a group?
If your group coaching is a prospecting tool, then you should start it as soon as you have a process in place.
If you’re starting group coaching because you’re at capacity, you should start it 12 months before you run out of capacity (so you have time to build/market/fill the group program).
If you want to offer group coaching because you can offer it at a lower price point, consider the challenge of filling a group program (tune in next week for more on that!).
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 advisors and coaches. 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 18, 2022#46: Facebook Ads! An Introduction
Episode 46: Facebook Ads! An Introduction
Join Josh and Garrett to discuss Facebook ads! We’d all like Facebook ads to be a cure-all and magic tool to get you clients, but…are they?
Top takeaways:
Facebook’s advertising is worthless, but their targeting is awesome.
If you don’t have a specific niche and understanding of their psychographics…you’re wasting the best part of Facebook ads (the targeting).
The Facebook ad text needs to meet clients where they’re at in their journey and encourage them to take THEIR next step, not the next step you want them to take.
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 advisors and coaches. 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
39 min
October 11, 2022#45: Navigating Self-Employment Taxes
Episode 45: Navigating Self-Employment Taxes
If you are self-employed, you are responsible for paying self-employment taxes. What does that mean, are there ways to reduce that amount, and how do you actually do it?! Join Josh and guest cohost Emily Blain to discuss!
Top takeaways:
Marginal tax rate: you’ve added one more dollar to your income; what is that dollar taxed at? Effective tax rate: when you look at all of your dollars, what is the weighted average tax rate on everything?
The best way to predict how much you’ll owe is to do a projection (or have your financial adviser/tax professional) of your income for the year.
Self-employed people aren’t taxed MORE, but you are responsible for both the employee and employer side of things, since you are both employee and employer.
If you reduce your self-employment taxes, also known as social security taxes…you reduce your future social security benefits.
Social security benefits include old age, survivor, and disability benefits, all of which are based on what you pay in social security taxes.
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 advisors and coaches. 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
35 min
October 04, 2022#44: How to build workflows in your business?
Episode 44: How to build workflows in your business?
What are workflows and why are they important? Join Josh and Garrett as they discuss how work flows help you save time and mental energy!
Top takeaways:
You cannot scale your business without workflows.
Identify what are the steps, what are the decision points, what are the deliverables, what are the conversations… and in what order do all those things happen?
Start with a very linear workflow, then start thinking about how to respond when life happens and things aren’t linear. Also, include time periods between steps.
Resources mentioned in this episode:
LucidChart (3 charts for free)
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 advisors and coaches. 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
September 27, 2022#43: Marketing beyond social media
Episode 43: Marketing beyond social media
There’s a general sense among people, especially entrepreneurs and small business owners, that social media posts are the end-all, be-all of advertising. Join Josh and Garrett as they discuss what else exists!
Top 4 takeaways:
Options: Social media, print, TV/youtube, radio/podcasts/direct mail (targeted mail)
Social media is good at connecting the product with people’s interests. Television is great at conveying emotion but horrible at conveying information. Print is great at conveying information, and not great at conveying emotion.
Just because social media is “free” doesn’t mean it’s the best option–your time is valuable!!!!
Think about what mediums exist that your target audience engages with.
Resources mentioned in this episode:
https://www.dataaxleusa.com/lp/business-list/
https://www.bni.com/
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
47 min
September 20, 2022#42: When is debt good?
Episode 42: When is debt good?
Let’s talk about…debt! Josh and Garrett discuss the practicalities of debt while taking the emotion and value judgments out (hopefully!).
Top 4 takeaways:
Money today is worth more money than the same amount would be in the future.
How do you determine if debt is good or bad? Ask “Will my/your financial situation be better or worse at the end of the debt payoff period?”
Mortgages and student loans both often lead to dramatic wealth-building opportunities (a house where your entire investment, not just downpayment, has probably appreciated over the term of the mortgage OR a degree that hopefully opens up higher-paying job opportunities).
Debt can be used in highly complex tax or asset management strategies, so be aware that those do exist!
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
33 min
September 13, 2022#41: How to keep track of where clients are in the process
Episode 41: How to keep track of where clients are in the process
As clients move through your coaching process…how do you track what they’ve done? It may not be the most thrilling topic, but it’s vitally important.
Top 3 takeaways:
Create your process FIRST, then find technology to assist you in solving that problem.
First, think about what milestones you hope your clients will achieve so you know what you’re tracking progress towards.
Don’t start with automation and tech; start with milestones until you have solidified those.
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
42 min
September 06, 2022#40: Rent vs. Buy
Episode 40: Rent Vs. Buy
One common mantra is that renting is throwing money away. Is that true? What are other things to consider?
Top 5 takeaways:
It’s easy to understand where the “Homeownership is the best answer” comes from: If you rent for 30 years, you have “nothing” to show for it. If you pay a mortgage for 30 years, you have a house.
If you buy a $400k home, you can figure roughly $3k a month in the mortgage payment (including taxes and insurance) plus average maintenance costs. Rent for a similar property would be roughly $2k/month. In 30 years, if that $400k house appreciated 4% (which is high!), it would be worth $1.3 million. If, over that 30 years, that renter invested the $1k/month, 8% returns would be $1.36 mil.
People who believe that buying a house is stupid often have a history of being burned (the number of people who believe that spiked in 2008-2009).
When renting, you don’t have to pay an unexpected $40k because your roof is leaking.
Renting affords you a LOT more flexibility than owning a house.
Resources mentioned in this episode:
FCN Podcast Episode #36: Life Insurance: The thunderdome throwdown!
Launch Behind The Scenes webinar
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
33 min
August 30, 2022#39: What to do when couples have a different view of managing money than you?
Episode 39: What to do when couples have a different view of managing money than you?
What do you do when your client has a forceful personality and believes in managing their money in a very different way than you do, or has very strong opinions in general? Join Josh and Garrett as they discuss!
Top 3 takeaways:
You cannot force or logic someone into doing something. You have to identify something they care about more.
Sometimes the solution to the issue is outside our financial coaching realm of expertise.
If you understand your clients and their psychology, you can prepare for the most likely scenarios (while acknowledging that no one group manages money the same way!).
Resources mentioned in this episode:
FCN Podcast Episode #36: Life Insurance: The thunderdome throwdown!
Launch Behind The Scenes webinar
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
19 min
August 23, 2022#38: How much time to have between your meetings?
Episode 38: How much time to have between your meetings?
Josh and Garrett talk about how to structure your meeting schedule and what to consider when scheduling meetings.
Top 3 things to consider when deciding meeting schedule:
What is YOUR clients’ tolerance for how often meetings should happen? (Clients think more meetings seem better until they get into the process.)
What do you want to accomplish over what period of time? Don’t put multiple Big Deals into one meeting.
What has to happen in between the meetings? If you’re asking them to categorize all their transactions for the past month, don’t hold a meeting two days later.
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

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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…