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

July 30, 2024#137: Business setup basics
Josh and Amelie give a high level overview of setting up your business and whether using a registered agent is helpful or not.
Top things to think about
The first question to ask yourself is whether to go the sole proprietorship route or the LLC/entity route.
Sole Proprietor - You may need a DBA (doing business as/fictitious name statement).
Make sure you check what your local city/county/state requires as far as business licenses etc.
Get an EIN even if it’s not required (it’s easy and free!).
Registered agents…can be slightly helpful, but not as helpful as they claim they are.
Other episodes mentioned in the episode:
Episode #125 - Non-profit corporation: A good idea for my business?
Episode #126: Non-profit corporation: How can I create/transform my business?
Other resources mentioned in the episode:
AdvicePay (Essential level included with your FCN Launch Membership)
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
July 23, 2024#136: Making your business fit into your desired schedule
Josh and Emily discuss making your business fit your desired schedule! Four day workweek? Work around your full-time job? Better work-life balance? How can you make that work?
Top things to think about
Being a business owner is a terrible way to get a better work-life balance.
It’s much easier to find a job that has flexibility–though it may not fit all your other job wants.
Be careful about falling into the trap of filling 80% of your available time with client meetings.
You need to choose which you value more–your time or your money.
Other episodes mentioned in the episode:
#99: Timeblocking: Amazing Tool or Pointless Exercise?
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
32 min
July 16, 2024#135: Is renting a home better than buying?
Josh and Amelie discuss the age-old question of renting vs buying!
Top things to think about
Society claims buying is better than renting; economics disagrees.
When you rent, your max home maintenance is a few dollars for a new lightbulb.
Renting gives a lot more flexibility; owning offers more stability.
One big advantage of owning is that your mortgage stays the same.
The standardized deduction exists in part to equalize tax deductions for land owners and non-land owners.
Overall, lifestyle is much more important to people than the actual finance/economic side.
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
37 min
July 09, 2024#134: New Laws that Affect Financial Coaches
In this episode recorded on April 1, Josh and Emily discuss a new law, AB0401, the Financial Obligation Omnibus Law, that restricts what people are allowed to talk about in regards to finances, shorted to the April Fool Law…ha…ha…ha. We are actually discussing general laws around financial coaching and lawsuits around financial coaching that may lead to increased regulation.
Top things to think about
The Investment Advisors Act is one thing to keep an eye on.
Different states have different laws about who is required to register as an investment adviser.
The more lawsuits that are brought against “financial coaches,” the more likely it is that regulation will come.
FCN plans to stay on top of this and monitor things so we can help out if/when regulation happens.
We will probably see potential regulation at least a year beforehand, so we’ll have some time to prepare!
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
31 min
July 02, 2024#133: Credit versus Debit Cards
Josh and Amelie and Emily discuss credit cards and debit cards! What are the best use cases for each? Is one always bad and the other always good? Any common misconceptions?
Top things to think about
Debit cards can exacerbate cashflow challenges.
You have MUCH more generous fraud protection with credit cards than with debit cards.
Josh’s advice for new credit card users (less than 2 years of on-time in-full payments) is to find a card with a credit limit that’s less than one week’s take-home pay and one that has no rewards points.
Both credit and debit card rewards points are there to get you to spend more money.
You’re more likely to get card information stolen in person than online.
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
46 min
June 25, 2024#132: Does cold messaging work?
Josh and Emily discuss cold messaging! Does it work? Is it terrible? Is it annoyingly aggressive? Is Emily actually as biased against cold messaging as she thinks she is?!
Top things to think about
Cold messages that immediately show a benefit that’s specific and personal are effective.
Avoid selling in your first message or two.
Generic messages are rarely effective; the more specific the message is to a specific group of people, the more likely it is that you’ll get results.
Think about how engaged someone is–did they spend less than a second hitting a Like button or did they spend the time to react differently/comment/actually engage?
Invite them one step ahead (don’t send the call link right off the bat–give them time to open the door).
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
30 min
June 18, 2024#131: Marketing: quantity vs. quality
Josh and Amelie discuss marketing strategies, specifically *quantity* versus *quality* and which strategy is best in what situation!
Top things to think about
There’s no one right answer.
Is your ideal client looking for really in-depth, quality research or lighter, more accessible pieces?
Are you trying to build trust (exposure/quantity) or expertise (quality)?
Repurposing content is not a terrible idea, BUT you need to make sure the path is linear–don’t point people from your newsletter to your Facebook page that then send people to subscribe to your newsletter.
Put content out half as often as you think you can at the beginning.
When thinking about that linear experience, quantity is more important in the early part and quality is more important 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
33 min
June 11, 2024#130: The 411 on HSAs
Josh and Emily briefly discuss “what is an HSA?” and then dive into what financial coaches should think about when talking to clients about HSAs, including potential red flag areas.
Top things to think about
You have to have a high deductible health plan (HDHP) to qualify for an HSA.
Feel free to do the math, but anything beyond, “the simple math says it’s worth it/not worth it,” may be best left to a comprehensive financial adviser.
Consider the implications of possibly switching insurance to a HDHP–what does it impact beyond cost?
HSA contributions are not part of the standardized deduction.
If you’re going to use all of the money you contribute to an HSA, you should probably be using a lower deductible plan and contributing to an FSA instead of the high deductible plan and an HSA.
HSAs make the most sense when there is enough free cashflow to pay for medical expenses out of pocket and contribute to the HSA to invest for the future (and this is when you need an investment licensed person to give advice).
Broadly speaking, the same expenses qualify for FSA and HSA reimbursement (but you can’t legally double dip).
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
June 04, 2024#129: Corporate transparency and how it may affect you
Short and sweet! Josh and Amelie discuss the new-as-of-2024 Beneficial Ownership Information reporting rules. If you are a sole proprietor OR a partnership, this doesn’t apply. BUT if you have an LLC, you need to make sure you are complying or you’ll face really stiff penalties.
Top things to think about
If your business was formed in 2024, you should be good to go (you have 30 days to do it).
The penalty of not doing this on time is $500. Per. Day!!!
If ownership changes (new owner coming in or owner coming off), you have 30 days to re-file.
If your business was formed before December 31, 2023, then this takes effect in January of 2025.
Ideally, you hire an attorney to handle this for you.
Resources mentioned in this episode:
FinCen BOI site
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
11 min
May 28, 2024#128: From the Vault - Investments to make in your business as a new financial coach
With the Memorial Day holiday, we’re pulling out a rerun of one of our most popular episodes!
Join Josh and Garrett as they discuss the importance of investing in yourself and your coaching business. The most important takeaway is that the #1 thing that limits the growth of businesses is the business owner’s time!
3 key takeaways:
Business finances are different from personal finances!
Starting:
Focus on short-term wins that provide a return on monetary AND time investments.
Examples: minimum viable marketing, processes that allow you to NOT reinvent the wheel with every client, set up systems to prevent you from getting sued, calendar system, access to resources that provide you with support like FCN Launch or the AFCPE
Going full-time:
marketing-related (how to get more people into your pipeline)
sales support (training, tech and systems/CRM, automations for follow-up)
things around reclaiming time (bookkeeping services, automation, VAs)
Resources mentioned in this episode:
FCN Podcast Episode #11: What is Marketing vs. Advertising vs. Sales?
AFCPE
FCN Launch
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
34 min

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

From the publisher's feed

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…