Many new entrepreneurs have fear about taking the next step in their business and a lot of the time this shows up as imposter syndrome. Wikipedia defines imposter syndrome as:
“a psychological pattern in which an individual doubts their skills, talents or accomplishments and has a persistent internalized fear of being exposed as a “fraud”.”
Financial coaching is a relatively new career path and many financial coaches have no formalized education in finances, feel like their credibility will be questioned. But having a degree in finance does not make a financial coach.
Most financial coaches have actually learned good financial practices in the real world and have coached themselves out of bad financial situations. This is amazing on the job experience and definitely makes you a credible expert. This experience is the basis for building your “Why Story”.
Why use a Why Story?
When a financial coach talks to their prospective clients they typically think they need to sell them on their “process”. This is absolutely not true. Not only do you need to sell your results, but you also need to tell your why story to your prospects. Having a well crafted “Why Story” allows your clients to see that you understand and empathize with their situation and know that you have the skills to tackle their problem, because you have been there.
Your Why story is an important aspect of launching your financial coaching business. It serves multiple purposes, which we’ll discuss in this video, but it also presents many challenges for coaches. In the following video, watch Kelsa coach a brand new financial coach on the key details of their journey, what to include, what not to include, and tips for crafting it into a compelling story.