Author Topic: Has anyone started a Dave Ramsey-style financial coaching business?  (Read 670 times)

AccountingForLife

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I constantly have people coming to me asking for money advice. I'm an Accountant by day and was thinking about starting something on the side. I've tried Upwork and GreatAt but haven't really gotten much action on there.

I was just curious if anyone has done something similar on the side, and how you began? I feel like it would be hard to get people to pay you for doing a budget or offering any kind of financial advice to them, as that is usually a touchy subject, especially in struggling households.


lexde

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Has anyone started a Dave Ramsey-style financial coaching business?
« Reply #1 on: June 27, 2018, 03:33:49 PM »
Who is your audience? I think you will struggle if you don’t define your niche. Personal finance is just that - personal. So a broad-strokes approach will generally not yield the bigger results you want.

So with any business venture, your first step will involve targeting an audience.
Who do you want to attract?

Financially illiterate people? I.e. Dave Ramsey crowd?
FI/RE-oriented people? I.e. here?
People who want to maximize retirement?
Optimize taxes?
Graduate debt free?
Earn income on the side?
Live on less than $x per year comfortably?
General frugality?

Nail that down first.

Then create free content that you can monetize, like DR. Podcast/blog/webinars.

Find advertisers and sell spots.
Create free content and give freely (while monetizing).
Then create “freemium” products. You have your blog, now write a book. Or teach an online class about the material you have honed and developed. Make a workbook. Something they have to pay money for AND WILL WANT TO. But don’t make their success on your “program/system/whatever” contingent on purchases. Just let that make it easier.
??
Profit.

AccountingForLife

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Re: Has anyone started a Dave Ramsey-style financial coaching business?
« Reply #2 on: June 27, 2018, 06:12:46 PM »
Who is your audience? I think you will struggle if you don’t define your niche. Personal finance is just that - personal. So a broad-strokes approach will generally not yield the bigger results you want.

So with any business venture, your first step will involve targeting an audience.
Who do you want to attract?

Financially illiterate people? I.e. Dave Ramsey crowd?
FI/RE-oriented people? I.e. here?
People who want to maximize retirement?
Optimize taxes?
Graduate debt free?
Earn income on the side?
Live on less than $x per year comfortably?
General frugality?

Nail that down first.

Then create free content that you can monetize, like DR. Podcast/blog/webinars.

Find advertisers and sell spots.
Create free content and give freely (while monetizing).
Then create “freemium” products. You have your blog, now write a book. Or teach an online class about the material you have honed and developed. Make a workbook. Something they have to pay money for AND WILL WANT TO. But don’t make their success on your “program/system/whatever” contingent on purchases. Just let that make it easier.
??
Profit.

Honestly, general frugality. I consider myself amazing at figuring out how to do things using the least amount of money possible.


lexde

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Re: Has anyone started a Dave Ramsey-style financial coaching business?
« Reply #3 on: June 27, 2018, 06:39:39 PM »
Who is your audience? I think you will struggle if you don’t define your niche. Personal finance is just that - personal. So a broad-strokes approach will generally not yield the bigger results you want.

So with any business venture, your first step will involve targeting an audience.
Who do you want to attract?

Financially illiterate people? I.e. Dave Ramsey crowd?
FI/RE-oriented people? I.e. here?
People who want to maximize retirement?
Optimize taxes?
Graduate debt free?
Earn income on the side?
Live on less than $x per year comfortably?
General frugality?

Nail that down first.

Then create free content that you can monetize, like DR. Podcast/blog/webinars.

Find advertisers and sell spots.
Create free content and give freely (while monetizing).
Then create “freemium” products. You have your blog, now write a book. Or teach an online class about the material you have honed and developed. Make a workbook. Something they have to pay money for AND WILL WANT TO. But don’t make their success on your “program/system/whatever” contingent on purchases. Just let that make it easier.
??
Profit.

Honestly, general frugality. I consider myself amazing at figuring out how to do things using the least amount of money possible.
Like what?

CareCPA

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Re: Has anyone started a Dave Ramsey-style financial coaching business?
« Reply #4 on: June 27, 2018, 07:14:08 PM »
I do a small portion of this as part of my practice. I wouldn't call it very profitable - I do it mostly to help my generation get a handle on their general finances.

The difficulty you'll run into is the people who need your help the most won't be able to pay for one-on-one time with you. That's one of the reasons the Dave Ramsey course is popular - you pay a fee for the course, but it's not nearly as expensive as sitting down with someone to go through everything.
Always happy to help with tax or accounting questions - feel free to private message me or check out CareCPA.com

I am a licensed CPA in Pennsylvania. However, any tax advice I give should be considered general information and not used in the avoidance of tax. There is most likely information about your situation that I do not know, and thus you should do your own additional research.

AccountingForLife

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Re: Has anyone started a Dave Ramsey-style financial coaching business?
« Reply #5 on: June 27, 2018, 08:40:44 PM »
Who is your audience? I think you will struggle if you don’t define your niche. Personal finance is just that - personal. So a broad-strokes approach will generally not yield the bigger results you want.

So with any business venture, your first step will involve targeting an audience.
Who do you want to attract?

Financially illiterate people? I.e. Dave Ramsey crowd?
FI/RE-oriented people? I.e. here?
People who want to maximize retirement?
Optimize taxes?
Graduate debt free?
Earn income on the side?
Live on less than $x per year comfortably?
General frugality?

Nail that down first.

Then create free content that you can monetize, like DR. Podcast/blog/webinars.

Find advertisers and sell spots.
Create free content and give freely (while monetizing).
Then create “freemium” products. You have your blog, now write a book. Or teach an online class about the material you have honed and developed. Make a workbook. Something they have to pay money for AND WILL WANT TO. But don’t make their success on your “program/system/whatever” contingent on purchases. Just let that make it easier.
??
Profit.

Honestly, general frugality. I consider myself amazing at figuring out how to do things using the least amount of money possible.
Like what?

Commuting to work.

lexde

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Re: Has anyone started a Dave Ramsey-style financial coaching business?
« Reply #6 on: June 27, 2018, 08:46:27 PM »
Who is your audience? I think you will struggle if you don’t define your niche. Personal finance is just that - personal. So a broad-strokes approach will generally not yield the bigger results you want.

So with any business venture, your first step will involve targeting an audience.
Who do you want to attract?

Financially illiterate people? I.e. Dave Ramsey crowd?
FI/RE-oriented people? I.e. here?
People who want to maximize retirement?
Optimize taxes?
Graduate debt free?
Earn income on the side?
Live on less than $x per year comfortably?
General frugality?

Nail that down first.

Then create free content that you can monetize, like DR. Podcast/blog/webinars.

Find advertisers and sell spots.
Create free content and give freely (while monetizing).
Then create “freemium” products. You have your blog, now write a book. Or teach an online class about the material you have honed and developed. Make a workbook. Something they have to pay money for AND WILL WANT TO. But don’t make their success on your “program/system/whatever” contingent on purchases. Just let that make it easier.
??
Profit.

Honestly, general frugality. I consider myself amazing at figuring out how to do things using the least amount of money possible.
Like what?

Commuting to work.
Make a blog post on each of the things. And monetize it! :-) Build a following and go from there.

AccountingForLife

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Re: Has anyone started a Dave Ramsey-style financial coaching business?
« Reply #7 on: June 27, 2018, 08:50:16 PM »
Who is your audience? I think you will struggle if you don’t define your niche. Personal finance is just that - personal. So a broad-strokes approach will generally not yield the bigger results you want.

So with any business venture, your first step will involve targeting an audience.
Who do you want to attract?

Financially illiterate people? I.e. Dave Ramsey crowd?
FI/RE-oriented people? I.e. here?
People who want to maximize retirement?
Optimize taxes?
Graduate debt free?
Earn income on the side?
Live on less than $x per year comfortably?
General frugality?

Nail that down first.

Then create free content that you can monetize, like DR. Podcast/blog/webinars.

Find advertisers and sell spots.
Create free content and give freely (while monetizing).
Then create “freemium” products. You have your blog, now write a book. Or teach an online class about the material you have honed and developed. Make a workbook. Something they have to pay money for AND WILL WANT TO. But don’t make their success on your “program/system/whatever” contingent on purchases. Just let that make it easier.
??
Profit.

Honestly, general frugality. I consider myself amazing at figuring out how to do things using the least amount of money possible.
Like what?

Commuting to work.
Make a blog post on each of the things. And monetize it! :-) Build a following and go from there.

Now there's an idea.

Malkynn

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Re: Has anyone started a Dave Ramsey-style financial coaching business?
« Reply #8 on: June 27, 2018, 09:09:24 PM »
Who is your audience? I think you will struggle if you don’t define your niche. Personal finance is just that - personal. So a broad-strokes approach will generally not yield the bigger results you want.

So with any business venture, your first step will involve targeting an audience.
Who do you want to attract?

Financially illiterate people? I.e. Dave Ramsey crowd?
FI/RE-oriented people? I.e. here?
People who want to maximize retirement?
Optimize taxes?
Graduate debt free?
Earn income on the side?
Live on less than $x per year comfortably?
General frugality?

Nail that down first.

Then create free content that you can monetize, like DR. Podcast/blog/webinars.

Find advertisers and sell spots.
Create free content and give freely (while monetizing).
Then create “freemium” products. You have your blog, now write a book. Or teach an online class about the material you have honed and developed. Make a workbook. Something they have to pay money for AND WILL WANT TO. But don’t make their success on your “program/system/whatever” contingent on purchases. Just let that make it easier.
??
Profit.

Honestly, general frugality. I consider myself amazing at figuring out how to do things using the least amount of money possible.
Like what?

Commuting to work.
Make a blog post on each of the things. And monetize it! :-) Build a following and go from there.

Now there's an idea.

As much as frugality blogging is an incredibly competitive space, I think it’s a better space for generic frugality than one on one coaching.

You have to bring a lot of direct value to someone in order to justify billing them enough to make it worthwhile, and most people motivated enough to actively seek out generalized frugality advice are more likely seek it out online than through costly one on one coaching.

Not that it can’t be done, it will just require a creative and very well thought out approach in order to successfully brand and network yourself.

bwall

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Re: Has anyone started a Dave Ramsey-style financial coaching business?
« Reply #9 on: June 28, 2018, 12:11:45 PM »
The general frugality demographic is by definition the least likely to pay for the services.

The financial illiterate crowd is in most need of help and by definition the most likely to pay.

Is your primary goal to help people or to make money?