WW 166: 5 Myths That Are Keeping You Stuck From Building Your Coaching Business - Solo Show

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A Quick Recap from this episode

My main goal is to help people create financial literacy, and I believe I can do that best by empowering and educating more financial coaches to work with even more clients. Whether you’re a new coach or just a frustrated one, I want to see your coaching business thrive and reach as many new clients as you can, so this episode is all about breaking down the 5 myths that I believe are keeping you from growing.

Myth 1. You need to be certified to take your coaching business seriously.

A lot of people subscribe to this because the financial industry is pretty heavily regulated, but the coaching industry is not. It’s more flexible and you have more freedom being a financial coach than being, for example, a financial planner. There’s no legal or industry-level requirement for you to be a financial coach. Having a certification is great because it’s a wonderful marketing tool for you to put on your website, and it may help you gain more knowledge that you didn’t have before, but it isn’t a requirement and isn’t absolutely necessary to get started as a coach.

Myth 2. You need to be an expert.

We all fall victim to this. You feel like if you didn’t have student loan debt you can’t speak to someone about getting out of student loan debt. Here’s the thing, you shouldn’t speak to everyone anyway. There’s pressure to solve everyone’s money problems, but you need to focus in on certain money problems that you solve and certain people that you work with. What’s your zone of genius and how can you go deep into that? Remember the riches are in the niches, and you don’t have to be an expert to have a zone of genius that you want to stay in.

Myth 3. You need to have a big following to make this a sustainable business.

I’ve found that the opposite seems to occur. When I see financial influencers that have these massive followings, they don’t do any better than financial coaches starting from scratch. So many people are focused on working on their finances, and if you know anyone at all then you have the potential for clients that want to work with you. The truth is most of us don’t have perfect financial examples, so there’s a high percentage of the population that has this need and sees the value that you can work with. Also, often people with big followings go for the “easy sell” which gives you the opportunity to go deep and offer that depth to your clients.

Myth 4: You need to have a blog, podcast, etc. to be known as an expert.

You don’t have to have some beast platform that you’re constantly creating content for to become an expert in your field. If you want to have something, that’s fine, but make sure that it’s something you genuinely just love creating content for, because if you’re trying to create tons of content for multiple platforms, it often won’t get you very far. It takes time to build an audience so it pays off to focus on one platform and not burn yourself out and waste your time trying to be everywhere.

Bonus Myth: You have to have a website to start your coaching business.

I’ve met so many people that wait to have their website done and perfect before they start making their offer. At the end of the day, your website isn’t important at all. I’m showing a PDF to people currently interested in working with me. That’s it. You can establish yourself as an expert by guesting on other podcasts, growing on social media, etc. and do just fine. A website is great, but you don’t need to put a massive amount of effort into it and you definitely don’t have to have it to get started.

Myth 5: No one will hire me because I wouldn’t pay for a money coach.

I’ve definitely struggled with this one. You keep thinking if I wouldn’t hire someone for this, why would anyone hire me for it? Especially if you figured out your techniques and strategies on your own, it’s hard to imagine someone wanting to pay you to show them, but the truth is that so many people don’t have the time or energy to devote to researching on their own. Just because you can do it for yourself doesn’t mean your client will or wants to. They may see the value in paying you to collapse their timeline and teach them what you know.

So there you have it. Don’t let these 5 myths be the things that stop you from getting started today and successfully growing your coaching business.