WW 215: Is Money Coaching Oversaturated? How To Deal. - Solo Show

Is money coaching oversaturated? Are there too many money coaches already? What’s the point? It’s possible that money coaching has oversaturated your mind. These are the thoughts and questions that we’re going to dig into during this week’s episode, so that you can feel confident in your own coaching offers and stop worrying about competition, oversaturation, and the imposter syndrome that comes with that. Loving this episode? Take a screenshot and share it on Instagram! Tag me so I can send you some love (@Tess_Wicks)

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Resources FROM THIS EPISODE

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A Quick Recap from this episode

Is money coaching oversaturated? Are there too many money coaches already? What’s the point?

Seeing money coaches everywhere? Following you on social media, commenting on your posts, just seeing them when you’re minding your own business not even thinking about money coaching?

It’s possible that money coaching has oversaturated your mind. That’s how the brain works!

Think back to when you first started your social media account or even started to think about being a coach… you entered this space because you saw so many people who needed help and no one to help them.

You might have even thought that you invented the idea of money coaching.

Some of you might have never even realized that this was a business until you stumbled on this podcast.

Whatever it is, your world was not chalk full of money coaches when you first began.

And again, there’s a reason for that.

And it’s good news! Your brain is doing its job!

Here’s the deal: When you start to tell yourself who you are, and it’s a bit different than who you’ve been, your brain starts to search for clues and proof, evidence if you will, to justify that yes, you are indeed that person.

This is how brainwashing works - we brainwash ourselves every day, and in this case, you’re brainwashing yourself for something good - to be a money coach and thus, task your brain to go out and come up with proof that money coaches are a thing and you belong to that tribe!

I know it’s crazy, and it’s sort of a blessing and a curse, but it is good news at the end of the day.

But how do you deal?

That’s what we’re going to get further into in this week’s episode…because it can be hard when you’re all of a sudden bombarded by *competition* and feel like you can’t stand out from the crowd.

Let’s look at the numbers.

There are 200 million people in the U.S. over the age of 21. (source)

The average student loan debt amount for borrowers in America is $38,000. (source)

Average income of a college graduate in the U.S. is $45,000. (source)

The average consumer debt in America is $92,000 - $5,000 of that being from credit cards and $16,000 in personal loans. (source)

Over 20% of Americans have nothing saved for retirement while 10% have just $5,000.

A quick glance at the averages and median savings by 10 year age groups shows us that a majority of Americans are far off a target retirement savings need of $1million to 1.5 million. (source)

All this data to show that there is a dire need for money coaches and there are literally hundreds of millions of people, of which a majority need your help. So if we have a lot of money coaches? That’s a good thing, but we also don’t actually have a lot of money coaches. That’s a trick your brain is playing on you.

In 2019, there were also 380,000 personal financial advisors in America. (source)

Consider other industries…

Bloggers, restaurants, hair salons.

These businesses are everywhere, there are literally 10 hair salons on the main street of my hometown. And somehow, they all have their customers.

They don’t even differentiate themselves that well, but if just one of them did, they’d be crushing it.

You have to find your angle, your edge, and your unique value proposition.

Enter: Your Niche.

You don’t have to appeal to everyone, in fact, you shouldn’t, by niching, you allow yourself to stand out in a saturated market or even carve out your own corner of the market where you’re the only one or one of the very few.

Stop looking, consuming, and comparing.

Your time is far better spent on your ideal clients over your competition.

Even partnerships are better done when it’s strategic and complementary, not when you’re collaborating with your competition.

Spend far less time creating and taking action, than consuming and looking at what everyone else is doing. It’s detrimental to your mental and emotional health, but also your business. When we compare, we limit ourselves to the confines of what everyone else is doing rather than charging what is appropriate for our personal needs and business, creating what is appropriate for our ideal clients, and utilizing our own creative abilities to be unique in the space.

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 Online Coach’s Pricing Workbook below!