WW 268: 6 Signs You're Ready to Become a Money Coach - Solo Show

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A Quick Recap from this episode

Today I want to speak to those of you who are considering becoming a money coach. it’s a big (and sometimes scary) step that I think we often forget about once we’ve gotten started. If you’re in this transition phase (both in having a business and in your identity), then I want to share with you the 6 signs that you’re ready to become a money coach. We’re going to have a fun little heart to heart so you can embrace this identity and start building a thriving money coaching business.

So let’s talk about the 6 signs that you’re ready to become a money coach:

1. You have some free time and a desire to spend that free time building a business.

I’m not going to lie to you, you’re going to need some spare time if you’re going to build a business. Even though I can spend 10-20 hours/week to be full-time in my business, it doesn’t usually start that way. Some of it’s going to be fun and experimenting, but some of it will be uncomfortable or feel boring or frustrating, so you have to be prepared to spend that time to start building.

2. You’ve been giving free advice / helping friends and family and you’re ready to have someone be equally committed to you.

Maybe you’ve been helping friends and family or maybe you’re just the go-to person for advice. You may be feeling like you’re not getting an equal investment back in energy and commitment, so it’s time to start treating that coaching/advice more like a business and in a business, you charge for an investment. Having someone pay for that expertise also makes them value it more which means they’re more likely to execute what you’re telling them vs someone who isn’t as invested.

3. You have an idea or an approach to money that works really well and you can see it working really well for others.

Maybe it’s already working well for you, but if you can see your process working for other people as well, then you may be ready to become a coach. I’m using the term “money” generally, and you could specify more if you wanted to (debt reduction, investing, etc.) If you’re process or approach feels somewhat unique and you’re excited about it then it’s definitely something you want to bottle into a method and start teaching. P.S. Check out the book Profit First by Mike Michalowicz.

4. You’re flexible with the fact that the exact steps you use will probably have to be tweaked for others (because personal finance is personal).

You may not even have an idea or an approach but you may know who you want to be helping. Whether you have an approach already or not, everyone is different and personal finance can look so different for everyone, so you have to be open to tweaking and making changes to the process based on the client you’re working with.

5. You’re prepared for rejection from strangers and the occasional client disappointment.

This is the not-so-sexy part of business. There’s a lot of rejection involved. The truth is anything you do that’s new and exciting could also have a lot of rejection. It could be direct rejection from a particular person or indirect rejection if no one wants the program you’ve built right away. It could even come from a client being disappointed with their experience, the process, etc. This gets a little better with experience and time, but you have to be willing to recognize that it’s inevitable and push through that.

6. You have a 90-day patience timeline to see initial traction and a 6 month-1 year patience timeline and willingness to be consistent to see things pick up for true regularity.

Initial traction = growing your audience and also attracting some of your first clients. You need to give it at least 90 days of being patient with yourself but also the willingness to be consistent EVEN when you’re not seeing results yet (because it will pay off!) Once you get that initial traction, you now have to be prepared to be consistent and patient for 6 months to a year before you start to see some consistent income or clients coming through the door. It takes time for the evidence to build up that you can do this as a sustainable endeavor.

That’s it! Those are the 6 signs that you’re ready to become a money coach. If this is something that has been on your mind for a while and you can check any of the boxes above, then it’s time to start that business! Don’t forget to head over to wanderwealthy.com to find tons of resources and podcast episodes that will help you build more sustainably in less time!

Don’t forget that if you’re ready to keep your pricing simple and get some help making more sales, then it’s time for you to grab the Pricing Formula below!