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How to Start a Financial Coaching Business

Start a Financial Coaching Business Women with coffee and books

Today I am a self employed financial coach at Even Steven Money Financial Coaching in Miami, Florida.  I work with people to get out of debt, build emergency funds, add more to their savings accounts, and reach their financial goals.  It’s incredibly rewarding and why I want to share how you can start a financial coaching business.  

My journey to become a successful financial coach has not been an easy one.  It’s something I have been working on and continue to strive to become better every day.  

While I really enjoy helping others reach their financial goals I am only one person.  I know that it’s going to take hundreds and thousands of financial coaches out there to even begin to make a dent in the number of people who need help with money.

Today I want to share with you some of my best tips for how to start a financial coaching business. If you’re considering becoming a financial coach as a new side hustle or are ready to make the full-time leap into being self employed this is going to be immensely helpful.

Step 1: Find Your Why

If you’ve ever watched Simon Sinek’s famous TED Talk, then you know that starting with why is going to be the driving force in your success as a financial coach.

Once you know why you are doing something the hard work, sacrifices, and the uncertainty of your path to financial coaching becomes much more clear.

Simon Sinek talks about your Why through a business perspective but it’s important to know financial coaches need to find their why too. 

Everyone’s why is going to be different.  The reason I started my financial coaching business is I really enjoy personal finance, helping others reach their financial goals, and above all giving back. 

I worked really hard to pay off my debt and put myself in a better financial position and I know that paying it forward to others is my why.  

Step 2: Get Training and Grow Your Knowledge

I have a Finance degree from a 4 year university and have over a decade of banking experience.  I have additional experience tracking my expenses, building an emergency fund, paying off debt, saving, and investing.  What might surprise you is that when I first started out I didn’t have any financial coach training.  

Having my own life experiences of getting out of debt certainly made me believe I knew the path to a better financial life, but what about showing others this same path? 

Over the past year I have been involved in two specific financial coaching training sessions from people that I know, respect, and trust.  Both Kelsa Dickey and Whitney Hansen have different approaches to coaching and you know what? That’s perfect!  

Start a Financial Coaching Business Financial Coach Academy

Financial Coach Academy

Financial Coach Academy is a self paced or live coaching academy.  Kelsa Dickey teaches you the main pillars of coaching in Coaching Skills, Financial Knowledge, and Business Skills.  

Watch this video as it does a great job of explaining the ins and outs of the Financial Coach Academy.  

Training and gaining knowledge is crucial when you are first starting out.  Based on testimonials and what I have seen with my very own eyes I would say the Financial Coach Academy is the A to Z guide to start your financial coach business.

I think my biggest mistake when I first started out was not having a game plan and a guide to walk me through on how to be a financial coach.  That’s why I encourage you to take this training to start off on the right foot.

The Financial Coach Academy live course costs $3,197 if you pay all at once. You also have the option of making five payments of $697. The self-paced course costs $1,797 or four payments of $497.

Kelsa and her husband Michael do a great job of preparing you to become a financial coach. 

They have my seal of approval.

Become a Financial Coach

Start a Financial Coaching Business Become a Financial Coach

Become a Financial Coach is a self paced online tutorial so you can go at your own speed and rewind and watch as many times as you want.  Whitney Hansen teaches you Planning and Preparation, Launch, Systems, Growth and Traffic, and the next steps to take in your financial coaching business.

The number one reason I took this course is that Whitney takes a different approach to becoming a financial coach that others may touch on but she makes her main point.  Honestly I just looked at the material available in the course and realized I need to rewatch her Growth + Traffic segment.  

Become a Financial Coach dives into teaching you modern digital marketing strategies like creating professional videos, Facebook advertising, and even launching a podcast. 

Digital marketing is critical for generating coaching clients and unfortunately, many other courses do not teach that.

I’m a big value person.  The price point that Whitney offers her financial coach course at $397 is an absolute bargain. Become a Financial Coach provides incredible value that I continue to use today.

Start a Financial Coaching Business Enroll Access Course

 

What’s amazing about each of these content filled courses is that they are yours for life.  If you have any questions about the training and content please leave your question in the comment section below and I’ll make sure to get you the right answer.

Step 3: Tell Everyone You Know 

When I first started out one of the hardest things to do is to get clients.  If anyone tells you differently they are probably living in a land full of unicorns.  All jokes aside this is one of the most important pieces to start a financial coaching business.

One of the best things you can do is simply share with people that you are a financial coach. 

“What if I don’t have any clients, should I still tell people I am a financial coach?”

Oh my word this is literally the best time to tell people what you are doing!  Financial coaching is a relatively new term and it will give you an opportunity to share what a financial coach does and why you are a financial coach today.

The real story is that most likely one of your friends, family, or organizations you are already part of will become your first client.  In fact my first client was actually my Mom and Dad.  Crazy right?!

It’s all about relationships. Connections with local organizations, insurance brokers, real estate agents, other people working in financial services, and definitely your family and friends.  

It all starts with telling people that you are a financial coach.  You see how I didn’t say offering your services as a financial coach.  Big difference.  

Sometimes it’s hard but don’t be afraid to tell them you are a financial coach and your reason why.  

Remember if you don’t tell people that you are a financial coach, how are they going to know?

art supplies building blocks

Step 4: Build Your Business

Once you’ve identified your why and have some training under your belt, it’s time to make your coaching business legit! And the good news is, you won’t need much to get started.

Create your business name.

Choose a name that lets people know who you are and what you do. Creativity is good, but don’t get so creative you confuse people or aren’t clear about what services you provide. 

I chose Even Steven Money because I have been blogging for a few years before this, but everything that I do and say has the term money or financial coach in the title.  My name is Steven Donovan and I am a financial coach at Even Steven Money or for example my Google Business page is Even Steven Money Financial Coaching, pretty clear right?  

It’s important not to get complicated.  What about “Insert Name Financial Coaching”?

Start a website

Let me start by saying you don’t necessarily need a website when starting out, especially if you are only helping friends and family.  However we live in an age where you almost NEED to be on the internet.  My advice is to not let creating a website be the reason you don’t start a financial coaching business.

I personally rely heavily on my website, content, and my story for bringing in clients so for me a website was a crucial step in starting a financial coaching business.  

Don’t let building a website be an obstacle.  I’ve provided a resource page with what I used to get started with my website.  Buying a domain, hosting service, theme builder, and much more.  

Just sign up with your name and email and I’ll provide this free resource to help you start your financial coaching business.

Space to work, equipment, and resources

The great thing about financial coaching is that your meetings can take place anywhere!  

Plus it’s just as easy to coach at libraries, coffee shops, co-work spaces, and so much more.  Most people are busy and would rather jump on a virtual call than drive across town. Remember while you might be talking with local businesses and customers it’s just as likely that one your clients are from all over the country.

Equipment and resources can certainly mean a lot of things, but my guess is that you have many of them already.  Laptop, phone, pen, paper, access to the internet. Pretty much everything after that is a luxury.  

Remember you don’t need a stand up desk to start your coaching business, start simple but above all start!

Digital marketing

Don’t let the term scare you, it’s simply getting yourself online and more of it.

Digital marketing is setting up a Google business page, social media, starting a podcast or YouTube channel, Google and Facebook ads, and much more. 

My advice when you first start out is to just pick one. If Instagram is your jam, then only post content there don’t spread yourself thin.  Also this is one of the reasons I recommend Become a Financial Coach as she goes over these in depth.

Really the goal is to put yourself on the internet so people can find and hire you as a financial coach.  Simple is going to be better especially when starting out.  

How to Start a Financial Coaching Business Resource Guide

If you want to help people with their money and don’t know where to start, I have a resources page for you.  Anything from buying your domain name to taking financial coach training. Sign up for your free resource by sharing your name and email address.  

If you have any questions please ask them, I want to help. I’m here on the website and everywhere on social media as Even Steven Money!

  • Justin says:

    Back to the roots. I love this post! I know we’ve talked about financial coaching businesses in the past but I’ve really been re-thinking mine the last few weeks. This is a great inspiration and I hope you business is finding new heights, Steven! Thanks!

    • Like any business the hardest part is just getting it off the ground and letting people know you are out there ready to help. If you need anything let me know. Cheers my friend!

  • Stella says:

    I’m looking to start coaching for free. What kind of legal protection do you recommend? Thanks!

    • With financial coaching it’s important to discuss any legal requirements with a legal professional and also consider having liability insurance for your business.

      As far as helping friends and family on an unpaid basis it’s important to be clear that you are not a licensed professional and simply there to provide guidance and be helpful.

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