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Want to start a financial coaching business. Do I have enough knowledge?

I have been thinking of starting a financial coaching business. Sometimes I feel like I do not know enough to give someone the proper help. Maybe I am just being hard on myself. I am sure I know more than I think I do. I have no counselor type training or anything. I guess my only experience is hard knocks and all the stupid things I have done.

The hardest thing for me to do is get started. I wrote a blog for almost 3 months throughout the summer but stopped for a few months. Now I have been writing on my blog again.

There are certain aspects of financial coaching that I would be more interested in than others. I am more interested in helping people dump their debt and get out of debt. I am not as much interested in things that would come after that investing, college planning, ect.

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You don't have to answer this question in this forum, but I've heard something said to the effect of "Don't take financial advice from a poor man." If you're not well on the road to "success" in that arena, I wonder how many potential clients would be interested in signing up.

 

On a more positive note, Dave Ramsey has an "endorsed local provider" program you should look into, to see what his requirements are and if you think you could be a fit for that.

 

It's great to want to help people get out of debt, but perhaps the best advice you could give would be, "Dude, get on the Dave Ramsey plan!" (In other words, if you were not going to partner with Dave Ramsey, how would you position yourself to compete against him?)

I dont know what the "Dont take financial advice from a poor man" quote came from??  I never said anything to the fact about being broke.  I am out of debt.  I just said I didnt have any formal financial training but it doesn't mean I'm totally uneducated about money.  I have paid off $65,000 in debt.

 

Thanks for the advice!!

That's awesome! I wasn't speaking about you in particular, just in general. Sorry that I miscommunicated.

Thanks, I didnt take it personally.  I guess I should of added more information to my original post.

I am in the process of starting a financial coaching business. Read, read and then read. Also consider attending Dave Ramsey's financial counselor training. As far as the 'endorsed local providers', you will not be listed on his site. You are pretty much on your own to generate your own clients. The training is well worth the cost.

Not being listed on Dave's site is pretty much a blessing right now.  The referrals aren't that great since they changed how they do it.  Our closing rate went way downhill since they changed it last year.

 

The best clients for us are leads we generate on our own, primarily using these three methods: http://www.coachradio.tv/i-need-clients-now

 

The most successful financial coaches I've trained haven't taken Dave's training or live in big markets for his shows.

 

I'm not saying the class isn't beneficial.  I've sent my team to it; it's incredible.  Too many people rely on it for nearly 100% of their marketing though, and that's not what it's designed for.

Thanks for the advice Justin.  I knew you would give me some advice that would make me feel better.  I know I should buy Become a Coach.  I knew I should of bought it when it was on sale.  Hopefully soon

Drop me an email with your address, Ryan.  I'll send you on.

 

justin@lukascoaching.com

Ryan, I didn't know you had paid off $65,000! Could that be you story, of how you managed to pay that much off? Build a testimony from that and run with it bro.

I am writing my debt story at this very moment Archie.  I should be posted to my blog today or tomorrow.  I am going to post it into a 48days blog also.

Very cool Ryan. By far, I'm not the expert at this, but I DO feel strongly that you are already well on your way to what you are passionate about. Keep digging Ryan, you are about to hit gold!

Absolutely, Ryan!  I address that in Become a Coach, obviously.

 

A good coach doesn't necessarily have special training or certifications.  They do have experience going through a situation or helping others, while being successful at it.  Of course, the training and certifications can help give you confidence so don't overlook that.

 

Get out there and do it!  I coached people for a long time before I realized I could actually make money at it.  Now it supports my family 100%.

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