How to Start a Financial Coaching Business: 6 Practical Steps
Want to find out how to start a financial coaching business? You’re in the right place. This page offers six practical steps toward starting your own entrepreneurial endeavor as a successful, competent financial coach.
For those passionate about helping others improve their financial situation, starting a financial coaching business can be a rewarding outlet for your desires. Most people need and want financial guidance, as a financial coach you can support them down their path to financial wellness.
While education is the first piece, hands-on experience is equally important. Getting some coaching practice under the guidance of a mentor or supervisor should coincide with your educational training. Book knowledge is great; but being able to put what you learn into action is vital.
You’ll learn that each client you coach will be different, with unique emotional relationships with money, ingrained habits, and personal financial situations. This individuality can make coaching a challenge. You can only meet that challenge by working with many different people to hone your skills.
The first coaching you do should be under the supervision of someone with substantial experience in the field. The supervisor should monitor your work and recommendations until you’ve gained enough experience to demonstrate your own competency.
You are seeking to learn how to start a financial coaching business, but you also could start out by working for a company. After you’ve gained valuable experience, you could transition into your own venture.
Identifying a clear path early in the process of starting a financial coaching business helps you prepare for next steps. Whether you start your own business now or work for someone else first, it’s important to begin documenting your clients’ results and developing case studies (while being sure to follow confidentiality guidelines and protect clients’ information). Proving your programs impact is important for those seeking to become a financial coach.
Documented results and case studies demonstrate to others that you’re a distinguished financial coaching provider. That fact holds true whether you’re talking to individual clients, organizational clients, or potential employers.
Financial coaches assume responsibility to move clients toward their goals. Your job is to help them stay focused after a financial setback. It’s also up to you to keep pushing them forward when they’re motivated.
You may feel frustrated when you’re unable to help every client. But when you do help someone, the feeling is deeply rewarding. You’ll have clients who progress from sleepless nights worrying over money, to the excitement of learning they’re on track toward their retirement goals. Committing yourself completely to your clients will help more of them reach a better financial situation. Celebrate their successes and let their progress motivate you to continue improving your skills.