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.
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.
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.
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.