Key Decisions and Skills to Develop on Your Way to 6-Figures as a Financial Coach
Becoming a 6-figure financial coach doesn’t happen overnight. Here we’re going to continue our exploration of the financial coaching success path. If you missed episode 14, I recommend pausing here and catching up, as this discussion builds on those foundations. We’re diving into the critical decisions and skills needed as you progress through the first three phases on your way to a six-figure income.
Phase 1 – Thinking About Becoming a Coach: You’re in the exploratory stage, possibly helping friends and family with their finances in a casual way. At this point, you might not fully identify as a financial coach, and you’re likely still progressing in your own financial journey.
Phase 2 – Ready to Become a Coach: This can be the scariest phase. You’re deciding whether to pursue coaching part-time or full-time. Questions about how to charge, feeling salesy, and taking money from family or friends might be overwhelming. It’s a time of immense learning and preparation, requiring a significant investment of time and/or money.
Phase 3 – Coaching but Not Consistently: Perhaps the hardest phase, where you have a few clients but are spending more time building the business and attracting clients than actual coaching. This stage can involve a lot of trial and error, self-doubt, and feelings of being a fraud.
Moving Through the Phases
As you navigate these phases, here are some key actions and mindsets to help you progress:
Phase 1: Engage with financial coaching communities for support and learning. Start identifying as a financial coach, and consider resources like the “Financial Coaching Playbook” to deepen your knowledge.
Phase 2: It’s time to take bold steps. Investing in programs like the Financial Coach Academy can provide the tools and resources you need. Embrace the identity of being a financial coach and prepare for a mix of anticipation, fear, and excitement.
Phase 3: Focus on client attraction and building your business efficiently. If you’re struggling, resources like the Client Creator Challenge can be invaluable. Remember, this phase is about taking focused and bold actions.
Skills and Mindsets for Growth
Start Telling People: Be vocal about your role as a financial coach. The more you talk about it, the more real it becomes.
Set Boundaries: Establish limits around your time and energy. This helps in creating a professional and sustainable coaching practice.
Invest in Yourself: Believe in yourself as a financial coach and invest accordingly. Your growth as a coach requires both time and financial commitment.
Focus on Key Areas: Pay attention to the client journey, your marketing strategies, and your selling techniques. Each of these areas is crucial for your growth.
What Does Growth Look Like?
Growth can be messy, involving constant refining and adjusting. It’s about finding your voice and becoming bold and unapologetic in your pursuit of coaching.
Identifying Your Current Phase
Your task after this episode is to identify where you are on this journey. Understanding your current phase helps you focus on the right actions and decisions to progress to the next level.
Embracing the Journey
Remember, this path is not meant to discourage but to prepare and empower you. By recognizing and acknowledging these phases, you can navigate them more effectively. Whether you choose our programs or others, understanding what you need at each stage is crucial for making the right investments in your growth.
Join me in this exciting journey of growth and transformation as a financial coach. Here’s to your success and the impactful change you’ll bring to your clients’ lives!