How to Start a Financial Education Business: 6 Clear Steps to Follow

Interested in how to start a financial education business? You’re in the right place. Below you will find six clear, practical steps toward starting your own entrepreneurial endeavor as a successful, competent financial education instructor. If you’re looking for a financial education business opportunity, make sure to check out what the NFEC has to offer.

For those passionate about helping others improve their financial situation, starting a financial education business can be a rewarding fulfillment of your desires. Most people need and want financial guidance. As a financial education instructor, you will be in a position to support people down their path to financial success.

Step 1: Financial Educator Training & Certification

For any entrepreneurial venture, getting appropriate education is the first step. This phase is especially important for people who want to learn how to start a financial education business.

Learning how to become a financial education instructor takes more than just knowledge about how to manage personal finances. You also need an understanding of behavioral psychology, effective teaching methodologies, knowledge of regulations and best practices for financial educator teaching methods. You will learn all these topics by taking an NFEC financial education instructor certification program.

When you complete professional development training and become certified, you demonstrate that you are a capable financial education practitioner. You also show that you have met criteria defined by industry standards, assuring clients of your competence and professionalism.

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Step 2: Get Initial Experience Teaching Personal Finance

While education is the first piece, hands-on experience is equally important. Getting some financial education practice under the guidance of a mentor or supervisor should coincide with your educational training. Classroom theory is great; but being able to put what you learn into action is vital to your cause.

In the field, you’ll learn that each client is different, each with unique emotional relationships with money, ingrained habits, and personal financial situations. This individuality can make teaching personal finance a challenge. You can only meet that challenge by working with many different people to hone your teaching and guidance skills.

Your first financial presentations should be supervised by someone with substantial experience in the field. The supervisor should monitor your work and recommendations until you’ve gained enough experience to demonstrate a sufficient level of competency for independence.

Step 3: Learn Systems, Processes, & Resources

The foundation of how to start a financial education business is built through education, experience, and measuring results. The next step is to put processes, systems, and resources in place to manage your students with confidence and efficiency.

Start with quality financial literacy curriuclum.  Add systems that help you manage client relationships and communications in a timely, effective manner. Find a software package that enables you to organize your client’s complete financial picture – bank balances, investments, insurance, credit reports, etc. – in one place.

So many financial educators fail to provide clients with a physical financial plan. Give clients clear direction by with a personalized, formal financial plan and report. You can use the same system to provide ongoing reports, so they can track their progress. This is a financial education business opportunity and businesses run on systems.

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Step 4: How to Start a Financial Education Business

If you’re wondering how to start a financial education business, remember that you can also start out by working for an existing financial education 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 education business helps you prepare for the next steps as they approach. Whether you start your own business right away 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). It is important for financial education instructors to prove your program’s impact from the start.

Documented results and case studies demonstrate that you’re a distinguished financial education provider. That fact holds true whether you’re talking to individual clients, organizational clients, or potential employers.

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Step 5: Financial Education Business Opportunity Includes Marketing

Developing a clear business plan is crucial for aspiring entrepreneurs wanting to know how to start a financial education business. Many financial education instructors consider business planning only as an afterthought. Your business model should be in place early on. The most successful financial educators leverage proven models to grow their businesses. One of the first steps is having a high-quality online presence.

Your online presence serves as your storefront. Demonstrate your expertise by setting up a professional website, contributing to articles and blog posts, garnering media attention, and creating an online acquisition funnel. You can accomplish this by following simple steps and setting up automated systems to communicate with potential and existing clients. This is a complete financial education business opportunity.

Your marketing strategy will vary, depending on your target audience (e.g. individuals, corporate clients, community groups). Today’s technology offers methods to connect with clients in their local areas, available for free or at low cost. Events, speaking opportunities, PPC, referrals, and NFEC promotions are a few examples.

Step 6: Commitment to Excellent Service & Results

When you’re considering how to start a financial education business, keep your idea of excellence in mind.

Financial education instructors assume responsibility to move clients toward their goals. As an educator, one part of 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 go from sleepless nights worrying over money, to the confidence of learning they’re on track to reach their retirement goals. Committing yourself to your clients completely, will help more of them reach a better financial situation. Celebrate their successes and let their progress motivate you to continue improving your skills.