As a new financial coach, balancing a full-time job while launching your coaching business can be a significant challenge. This balancing act requires a strategic approach to managing your time and setting achievable goals. Here’s a closer look at how to navigate these challenges and set yourself up for success in the financial coaching industry.

The Initial Challenge of Limited Time

When you’re just starting out, especially if you’re still working a full-time job, finding enough time for your coaching business can seem nearly impossible. The key to overcoming this challenge lies in efficient time management and prioritization. In business, your time must be divided among four main areas:

  • Working ON the Business: This includes tasks such as system development, process creation, and other behind-the-scenes work necessary for your business to function smoothly.
  • Marketing and Attracting Clients: Without clients, there is no business. Marketing is crucial for bringing in new clients and growing your business.
  • Serving Clients (Coaching Sessions): Delivering high-quality coaching sessions is where you make a direct impact on your clients’ lives.
  • Personal Learning and Growth: To provide the best service to your clients and stay ahead in the industry, continuous learning and personal development are essential.

Initially, you may find that most of your time is not spent on coaching but rather on setting up the foundations of your business and attracting clients.

Recommended Time Allocation Strategy

For those in the early stages of their coaching business, I suggest a balanced approach to time allocation:

  • 50% Marketing and Client Attraction: Engaging in networking, social media, and other marketing efforts is vital. Resources like podcast episodes on these topics can provide valuable insights and strategies.
  • 25% Working ON the Business: Essential tasks include drafting contracts, setting up scheduling software, and fine-tuning your website.
  • 25% Learning and Growth: Whether it’s participating in the Financial Coach Academy, listening to podcasts, or reading books, continuing education is key to your success.

The Financial Coach Academy® Framework

For Academy enrollees, the curriculum is designed around four segments: Learn, Design, Build, and Finesse. This structure encourages a balanced approach to time management by integrating learning with practical application.

Practical Time Management Tips

Let’s say you have 10 hours per week to dedicate to your business. It’s not the quantity of time but the quality and strategic use of that time that counts. Spending time on client attraction, learning, and business development is more effective than a scattergun approach with more hours.

You have to dedicate time to your business, how much time you dedicate is entirely up to you. But you have to start somewhere. I don’t want to paint a picture that you can work 4 hours per week, launch a business and reach 6 figures in 6 months. But I also don’t want to paint a picture that more time equals better or faster results either.

Whether you have 4 hours per week or 24 hours per week, I want you to focus on the quality of those hours. Four hours per week spent strategically, productively and intentionally is more powerful than the person who spends 24 hours per week dilly-dallying, scrolling Instagram and telling themselves they’re doing market research, tinkering with their website for hours upon hours, or reading yet another book about personal finance but not actually applying anything their learning to designing or building their business.

Doing anything is better than doing nothing. But doing something strategically is better than doing anything.

If you’re not sure where to start or what activities you need to work on to start, client attraction and marketing activities should be half of your work time. Here are some key episodes to listen to:

Avoiding Common Pitfalls

Three main traps can derail your progress:

  • Overconsumption of Information: It’s easy to get caught in a loop of endlessly gathering information without taking action. Implementation is key.
  • Neglecting Coaching Skills: Your ability to achieve results for your clients is your most potent marketing tool. Invest time in honing your coaching skills.
  • Overemphasis on Business Development: Without client interaction, the most polished business setup is moot. Ensure you’re also focusing on client attraction and retention.

Weekly Planning for Success

Each week, ask yourself:

  • What are 1-3 important things I can accomplish this week?
  • What are 1-3 urgent things I need to address?
  • What can I deprioritize or eliminate to focus on my goals?

This approach helps keep your efforts aligned with your objectives, ensuring you’re making the most of the limited time you have.

Embracing Flexibility and Continuous Learning

As your business grows, the way you allocate your time will naturally evolve. Continuous learning, both about business strategies and personal productivity, is essential. The “Think Like a CEO” bonus module in the Academy offers strategies for effective time management tailored to your working style and business needs.

The Importance of Connection and Acknowledging Privilege

Staying connected to your work as a financial coach is crucial. However, it’s important to acknowledge that the ability to dedicate time to a new business is a privilege not everyone has. Recognizing the diverse challenges individuals face is key to fostering an inclusive and supportive coaching community.

Managing your time effectively and setting realistic goals are foundational to building a successful financial coaching business. By focusing on strategic activities, continuously learning, and staying connected to your mission, you can navigate the challenges of balancing a full-time job with your aspirations as a financial coach.