Money Made Human Podcast

Coaching is a $2.85 BILLION dollar industry, and it’s not slowing down anytime soon. In fact, between 2015 and 2019, the number of professional coaches increased by 33% - and the industry is continuing to grow, which means that understanding how to “be a coach” isn’t enough - you need to be a great coach, so today, I’m going to help you understand the differences between “good” and “great” coaching. 

And, not surprisingly, that starts with owning what you do not know. Having a healthy level of curiosity is incredibly important as a coach, especially for financial coaches. Admitting that you have a knowledge gap - or that a question is beyond the scope of your agreement - will not only help you to maintain your client’s trust, it also shows them that you’re willing to learn alongside them. 

Additionally, it’s important to focus on your client’s thoughts and feelings, not your own - which will help the client to make decisions that are important to them as you support their growth and development of better money management. 

Wouldn’t it be awesome if you could share your thoughts with your client and they immediately got you - better yet, what if you just thought something and they automatically knew what to do? If you’re rolling your eyes, GOOD! Because this is the real world, and telepathy isn’t a skill I was gifted with. This is why I developed a framework for financial coaching when I started taking on clients. 

Money is a touchy subject for many people - when those same people reach out to a financial coach, it’s a huge step and a huge responsibility. Even if the clients you’re working with are “laid back” - if they’ve sought a financial coach, chances are they don’t feel 100% confident with their money skills (which is why they’re working with you!). This is important to remember because, as coaches, we have a responsibility to take our client’s thoughts and feelings into account as we work through the coaching process. 

I hope you enjoy this essential information (truly, you need to know this!) and improve your skills! 

When you decided to become a financial coach, you were probably just like me - thinking you’d sit down with a client, explain the ins and outs of money - and they’d immediately “get it.” In one session, they’d see the vision, change their habits, and I’d be there to support them as they had an incredible transformation. 

But, as I’m sure you’ve discovered, actually coaching someone through a real financial transformation is nothing like what I’d imagined - instead of teaching (which is essentially what I thought I’d be doing), I had to learn how to be a coach. Not an instructor, not a lecturer, not…like the “well-known” financial gurus (who aren’t coaches, BTW). 

Because here’s the truth: Coaching is helping a person as they become the person who creates a certain outcome for themselves. YOU, as the coach, are likely already that person - you’ve developed the skill set, the knowledge, the understanding, and the awareness to make that decision, but coaching isn’t about YOU, it’s about the client. 

Get ready to dive in, because this refresher is one we all need from time-to-time. 

You’ve been working HARD to grow your business: you’re consistently generating 6-figures in revenue. You’ve got a full (or nearly full) client roster. Financial Coaching is most likely your primary (or only) source of income. You’ve been putting systems and processes into place to make sure that pricing, naming, and marketing are consistent. You’re doing good…but you want to keep growing. 

And, if you want to level up, you’ve likely realized that the strategies and practices that got you to where you are, are not the same strategies that you need to reach your new, upleveled goals. 

You need to create leverage and figure out how to scale - but how? A group program? A course? Hire associate coaches? Find a business partner? Get paid to speak? Host in-person or destination events? 

The choices can be overwhelming, and often, we’re simply too close to see what needs to happen for our next steps.

As you grow your business, you’ll likely have a goal that is tied (loosely or directly) to that illusive “6-figure year.” While this is a great goal to have, there are a lot of coaches out there who make achieving that “6-figure” dream far harder than necessary. They focus their attention on things that feel productive (like trying to be everywhere on social media, taking yet another course (you know, just in case!), or jumping from task to task, but never really finishing anything. 

This is a recipe for disappointment and will slow down your business growth (I promise). Instead, if you want to achieve that 6-figure revenue, you need to focus your attention toward the activities that actually showcase your knowledge and help your future clients identify that you are the solution they’ve been looking for.

Remember when I said that I was naive when I started my financial coaching career? My naivety was far more than just thinking that things would just simply “work” because I wanted them to - I dug in and learned how to run a business, how to package (and SELL!) financial coaching, how to deliver incredible, eye-popping results for my clients (while still having fun with them). I’ve created more than 100 concepts around money – concepts that were brand new - they didn’t exist before me. 

If you’d told me when I started that I’d have mentored over 500 financial coaches through our programs and events, or that I’d have helped 1,000 clients (and counting) completely change their financial future (without crazy, restrictive tactics), I’m not sure I’d have believed you.

When you start your business, you often go in with rose-colored glasses. You have an unshakeable positive outlook…oftentimes because you just don’t know any better. And then things get real. Usually really fast. And what you thought your journey would look like feels like a long time ago. If you’ve felt this, you’re not alone - when I first started my business, I was incredibly naive - I imagined having consistent, predictable, steady growth year after year. 

I thought I’d simply create a product, offer it to my (obviously) thousands of raving fans, sell out immediately, lather, rinse, repeat. If only I’d realized how truly messy this whole business building journey can be (and still is). Looking back, the things I thought I wanted rapidly fell away, and I realized that what I actually wanted from my business was something entirely different.

Now that you’re a niching expert – you’re ready to put your head knowledge into real practice - this is where the “rubber meets the road” so to speak. As a financial coach, it’s important to niche - and not run away from the idea. It’s common to avoid creating a real niche for yourself because you’re afraid of someone “missing out” or “not getting help.” 

Over the years, I’ve worked hard to niche down, realized it was either too far or not far enough, pivoted, and adjusted - and that’s normal. Here’s a secret – just because you niche, it does not mean that you can’t help people outside of your niche – it just means you won’t be marketing directly to them. Niching is a way to make sure that your marketing and your programming are clear, easily understood, and consistent. But if your Aunt Betty recommends you to her bestie (who is NOT in your niche), that’s okay. 

Last we introduced the idea of “niching” your audience - your clients - so that you can better communicate with them and serve them. …but for some, just the thought of niching down to a “singular” ideal client is terrifying. Maybe you’re worried about limiting your prospects or potential. Or maybe you are afraid of saying “no” to someone who doesn’t match with the niche that you’ve chosen.

Or maybe you just want to help everyone. There are a whole host of reasons that may decide to make an appearance when you choose a niche - but not a single one is worth stopping your progress. And the best part? When you niche, if you find that it’s not working (or you’re not loving it), you can always pivot or shift to a different focus.

You’ve likely heard someone, somewhere talk about “niching” down…but you may not truly understand exactly what that is, or how to do it. And that’s exactly what we’re going to cover today. Your “niche” is just a fancy way to describe who you serve – and how they fit into the world. For example, here at FCA, our niche is financial coaches and people who want to become a successful financial coach. 

“Niching” allows you to speak more directly to your intended audience – to stand out from the noise and actually get people to pay attention to your content and your message. But niching isn’t just posting something that says “calling all doctors” - it’s also about the words and images you use, as well as your established expertise. 

There are a LOT of potential niches – so don’t worry, you’ll find one that you love (probably in this episode!).