How to start a financial coaching business with Passion.io

A jam jar full of loose change next to a backboard. The main image for the How to Start your own financial coaching business article

10 minute read

Written by Liam Donoghue, Marketing Executive

How many times have you heard this story? 

Your friend’s a week away from payday and their money has evaporated. They’ve got about $20 in their account and they’ve got no idea where their salaries disappeared too. 

Or, a colleague at work is panicking because their boiler’s exploded and their home insurance won’t cover it. Where are they gonna find the money to replace it. They don’t have an emergency fund or savings to fall back on. 

Situations like this are all too common. It’s no wonder the leading cause of stress in America today is money worries. Stagnating wages and rising inflation mean less and less young people (ahem, millennials) are saving for retirement, or even just saving at all. 

This has led to a generation that often lives hand to mouth and is yo-yoing in and out of debt. 

What a bleak picture we’ve painted! But it doesn’t need to be this way, good personal finance habits aren’t difficult to obtain. 

Often all that is required is a great personal finance coach.

What is a financial coach?

A financial coach pointing to graphs on a laptop

A financial coach is an individual who educates and advises their clients on personal and household budgeting, gives them saving tips, and helps them form good money habits.

They work with their clients to create savings and budgeting plans that let their clients reach their personal financial goals and they hold their clients accountable to these coaching milestones. 

In essence, they are an external voice that offers opinions and strategies to help clients improve their bank balance and reach their life’s ambitions.

Who can be a financial coach?

The great part about financial coaching is that anyone can be a mentor or teacher. A degree in finance or accounting isn’t a prerequisite to being a coach. An official qualification does help build trust with your clients, and will give you the confidence to approach new coaching leads. 

But we think your lived experiences and your own personal triumphs in the sphere of personal finance are far more important. Let’s use an example to highlight this point: 

If you’re a struggling single mother working 2 jobs and trying to keep your head above water financially, who are you more likely to get advice from:

  • A recent graduate in finance and accounting. They’ve just got their first job in a brokerage firm in the city and they’ve decided to do some financial coaching on the weekends as a side hustle. 
  • A single mum solopreneur who overcame a difficult financial situation to raise 2 children and start their own business. 

You’d pick option two right?

What we’re trying to highlight here is that your lived experiences are more valuable to your ability to coach than some letters on a piece of paper. So don’t let qualifications put you off. The most important thing you need to be a successful financial coach is a desire and passion to help people.  

How do you become a financial coach?

a close up of a blackboard with the words coaching 101 written on it

Now that you know anyone can become a financial coach, how do you go about starting your financial coaching business? There isn’t a one size fits all approach to starting your own coaching business, but there is a set of guidelines you can follow. We’ve listed below a few key things you should consider when you’re starting your own financial coaching business.

These tips have been taken from our 30-day Expert Unleashed Challenge (EUC). The EUC is a month-long business accelerator program designed for people using the Passion.io app building software. It will take you from 0 to 5-15 high paying clients in 30 days and you’ll end the challenge with your own branded app. If you’d like to know more check our pricing page. 

Find your niche, who can you help?

To be a successful financial coach you need to focus your efforts on clients you can truly help. This means niching down and looking into your own past, finding the experiences you can draw on, and use them to impart wisdom to others. 

If you were a  28 year old millennial who wanted to get a grip of their finances so they could live a fuller life then this persona is the type of client you need to target. 

If you were a 40 year old man whose kids have left home and you were saving for a big retirement holiday, then this persona is the type of client you need to target. 

Use your own live experiences as a guide and create a ‘dream customer’ avatar to focus your marketing efforts on. 

Provide your clients value via a medium they enjoy

We do things a bit differently at Passion.io. Most people would tell you to define your niche, find your dream customer, then build a program for them and sell it. 

That seems like a logical approach. But what we’ve seen from experience is: coaches will build a program they think their clients want. But they won’t ask their clients what they need.

What do we mean by this?

Once you’ve got some clients how do you provide them with value and give them a good coaching service? 

Some of your coaching will need to be done face to face, whether that’d digitally or in person. But you’ll also need a repository for all your coaching resources, things like; documents, videos, worksheets, and quizzes.

You can use platforms like Udemy and Youtube for this but they have their limitations. We think the best way to serve your coaching clients is via your own mobile app. With your own branded mobile app you are only a click away in your clients pocket. 

They can access your finance coaching at any time and stay up to date with any work or lessons you set them. 

If you’d like to know more about starting your own coaching business using your own branded mobile app check out Passion.io’s drag-and-drop, no-code, app building platform. We’re an app builder designed specifically for coaches, tutors and personal trainers who are looking to monetize their skills online with their own mobile app. You can start building your app today.

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