Financial Coaches Network - The Podcast: Build your Financial Coaching Business Joshua Escalante Troesh, Garrett Philbin, Amelie Riendl, and Emily Blain

Josh and Amelie discuss marketing strategies, specifically *quantity* versus *quality* and which strategy is best in what situation!

Top things to think about


There’s no one right answer.
Is your ideal client looking for really in-depth, quality research or lighter, more accessible pieces?
Are you trying to build trust (exposure/quantity) or expertise (quality)?
Repurposing content is not a terrible idea, BUT you need to make sure the path is linear–don’t point people from your newsletter to your Facebook page that then send people to subscribe to your newsletter.
Put content out half as often as you think you can at the beginning.
When thinking about that linear experience, quantity is more important in the early part and quality is more important later.

Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:


Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow

Josh and Emily briefly discuss “what is an HSA?” and then dive into what financial coaches should think about when talking to clients about HSAs, including potential red flag areas.

Top things to think about


You have to have a high deductible health plan (HDHP) to qualify for an HSA.
Feel free to do the math, but anything beyond, “the simple math says it’s worth it/not worth it,” may be best left to a comprehensive financial adviser.
Consider the implications of possibly switching insurance to a HDHP–what does it impact beyond cost?
HSA contributions are not part of the standardized deduction.
If you’re going to use all of the money you contribute to an HSA, you should probably be using a lower deductible plan and contributing to an FSA instead of the high deductible plan and an HSA.
HSAs make the most sense when there is enough free cashflow to pay for medical expenses out of pocket and contribute to the HSA to invest for the future (and this is when you need an investment licensed person to give advice).
Broadly speaking, the same expenses qualify for FSA and HSA reimbursement (but you can’t legally double dip).

Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:


Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow

Short and sweet! Josh and Amelie discuss the new-as-of-2024 Beneficial Ownership Information reporting rules. If you are a sole proprietor OR a partnership, this doesn’t apply. BUT if you have an LLC, you need to make sure you are complying or you’ll face really stiff penalties.

Top things to think about


If your business was formed in 2024, you should be good to go (you have 30 days to do it).
The penalty of not doing this on time is $500. Per. Day!!!
If ownership changes (new owner coming in or owner coming off), you have 30 days to re-file.
If your business was formed before December 31, 2023, then this takes effect in January of 2025.
Ideally, you hire an attorney to handle this for you.

Resources mentioned in this episode:


FinCen BOI site

Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:


Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow 

 With the Memorial Day holiday, we’re pulling out a rerun of one of our most popular episodes! 

Join Josh and Garrett as they discuss the importance of investing in yourself and your coaching business. The most important takeaway is that the #1 thing that limits the growth of businesses is the business owner’s time!

3 key takeaways:


Business finances are different from personal finances!
Starting:

Focus on short-term wins that provide a return on monetary AND time investments.
Examples: minimum viable marketing, processes that allow you to NOT reinvent the wheel with every client, set up systems to prevent you from getting sued, calendar system, access to resources that provide you with support like FCN Launch or the AFCPE


Going full-time:

marketing-related (how to get more people into your pipeline)
sales support (training, tech and systems/CRM, automations for follow-up)
things around reclaiming time (bookkeeping services, automation, VAs)



Resources mentioned in this episode:


FCN Podcast Episode #11: What is Marketing vs. Advertising vs. Sales?
AFCPE
FCN Launch 

Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:


Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow 

Josh and Emily discuss the sometimes-awkward question of “So, what do you do?” How can we answer that question in a way that actually answers the question and doesn’t lead people to assume you do things that you don’t actually do (investments, life insurance etc.)?

Top things to think about:


Think about the context of where you’re having the conversation.
Consider, “I’m a financial coach who…” or “I have a business that…” to avoid sounding sales pitchy.
The more specific your “I help people with…” statement is, the less salesy it sounds.
At a networking event, it’s hard to give any statement that will be beneficial for anything other than just meeting people because literally everyone is there to find out “are you business or can you send me business?”
At an industry convention, consider what differentiates you from all the other coaches/finance people there.

Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:


Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow 

Josh and Amelie continue their discussion about non-profits. Whether you’re starting a new company or transforming an existing business into a non-profit, there are some steps to follow!

Top things to think about:


The basic steps are to form a corporation and then go through the steps of turning that corporation into a non-profit.
501c3 is one option and probably the most likely for most coaches, but there are other options as well.
There are far stricter rules around naming a corporation.
Hiring a lawyer to write your bylaws and articles of incorporation will be much faster and efficient–and will probably save you time and money in the long run.
You’ll need a board of directors and they need to be representative of the “broader community.”
Then you send things off to the IRS, probably get rejected, fix things, then resubmit.

Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:


Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow