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

Josh and Amelie discuss the idea of setting your business up as a non-profit. When might this be the most advantageous thing to do?

Top things to think about:


Non-profits are corporations who have filed for exempt status (typically 501c3, but maybe not!).
You have to have a board of directors in a non-profit.
Think about what your goals are, and then determine if those align better with a for-profit model or a non-profit model.
Consider how much money your clientele make–do they make enough to pay you for your services? If not, can you create a non-profit where someone else can pay?

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 things that waste business owners’ time. We also call ourselves out for OUR biggest time-wasters!

Top things to think about:


Marketing is a huge waste of time.
Operations are a huge waste of time.
Multi-tasking is a huge waste of time.
Communications are a huge waste of time.
Innovation is a huge waste of time.

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 is joined by special guest Professor Trelawney–or rather, Amelie–to discuss a seemingly-boring topic that has led to surprisingly wonderful client responses…financial ratios! Debt-to-income,

Top things to think about:


Without ratios…numbers are relatively meaningless.
Early on, we should focus on helping clients set up for long-term success–retirement savings to get company match, pay down debt that will hard ability to buy a house (credit cards and high interest car loans), and put money aside for short- to mid-term loans.
Liquidity ratio is a great one–it’s also known as “how many months does your emergency fund last?”
Ratios matter a lot…within a client’s life and context.

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 difference between “them” and “us”—household name financial advice givers versus individual financial coaches.

Top things to think about:


Gurus give general advice (even to individuals) with a purpose of entertaining/reaching an audience.
Individual coaches give specific advice with a purpose of helping that individual client.
Gurus are fundamentally entertainment, so they can say basically whatever they want.
Don’t model your communication or advice after gurus.

Episodes mentioned:


Episode #75 - What is my liability when answering questions in Facebook Groups?

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 talk about free sales calls. Should you coach during your sales call? What is the point of a sales call anyway?

Top things to think about:


If you see the primary goal of the sales call as “a way to show my value,” you run the risk of coming across as pushy.
You cannot gather enough data in the first 5 minutes of a sales call to provide valuable coaching.
Have a script for your sales call–and know what the big picture piece is that you want to communicate.
Instead of spending your time talking in your sales call, ask good questions so the prospect is the primary person talking.

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 business goals today! How do you set goals, how do you decide if they’re good goals, and how do you stick to them?

Top things to think about:


SMART goals started in the business world.
A and R often have different words associated with them depending on whether you’re talking about business goals or personal finance goals.
Focusing on one big goal can help clarify smaller SMART goals.
Don’t set goals based on how important they are.

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