Author Topic: Testing and growing a new business  (Read 891 times)

asauer

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Testing and growing a new business
« on: March 06, 2017, 05:26:53 AM »
I've been a budget coach for about 3 years and doing pretty well but this year I'm going to create a core program and get laser focused.  My goal is to take this full-time in another 3 years so I need to put all my energy into the core audience.  Scary! Exciting!  All the emotions!

swick

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Re: Testing and growing a new business
« Reply #1 on: March 06, 2017, 08:16:58 AM »
Nice! I'd be curious to know how this works out for you and what price point you are at (for 1 on 1 services) and if you are planning to create courses, books or otherwise leverage your knowledge?

I know lots of people on the forums have tried to offer personal finance consulting, coaching etc. But it seems like it isn't an area people seem to want to pay enough for to make it worth it over different types of coaching unless it is a very narrow/specialized focus. If it is working for you, that is great!

Kroaler

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Re: Testing and growing a new business
« Reply #2 on: March 06, 2017, 11:47:03 AM »
Im glad its working for you also.   Ive toyed with the idea like so many on this forum, but it seems that the people that would benefit the most arent interested lol.   

swick

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Re: Testing and growing a new business
« Reply #3 on: March 06, 2017, 12:51:26 PM »
Im glad its working for you also.   Ive toyed with the idea like so many on this forum, but it seems that the people that would benefit the most arent interested lol.

I think positioning and specializing is very important. The problem with Personal Finance is those who are motivated will find the info. Unless you are doing something super-specialized. For example, there are services that Lawyers charge ridiculous amounts here for, but it is literally filling out one form for the government and submitting an application fee, which is free to access, but you have to know exactly which form you are looking for on a very obtuse and clunky government website.

I don't do personal finance coaching for profit. I'll occasionally be brought in to teach a financial literacy course for a nonprofit, but most of my business is small business development. Even in that space, there are so many people doing it, it is a rather crowded field, I'm actively moving away from the 1 on 1 coaching model.


asauer

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Re: Testing and growing a new business
« Reply #4 on: March 08, 2017, 06:53:08 AM »
Swick- it helps that I have a very niche market- women who overspend emotionally- you know, those folks that go into Target with two things on the list and come out with $300 worth of stuff in their cart.  It's much easier to market to a super specific audience than a huge one.  Also, I don't sell 1:1 coaching- I sell a 6 step program.  Basically, this is for people who want to do MMM or DR or some other budget program but have some emotional work to do in their relationship with money to get them ready to tackle debt.  I like to think of my program as the pre-req to other courses.  So far, I've mainly done person to person marketing but want to ramp up this year.  I have a 4 year transition plan to go full-time with this.

Nice! I'd be curious to know how this works out for you and what price point you are at (for 1 on 1 services) and if you are planning to create courses, books or otherwise leverage your knowledge?

I know lots of people on the forums have tried to offer personal finance consulting, coaching etc. But it seems like it isn't an area people seem to want to pay enough for to make it worth it over different types of coaching unless it is a very narrow/specialized focus. If it is working for you, that is great!

swick

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Re: Testing and growing a new business
« Reply #5 on: March 08, 2017, 09:33:29 AM »
Swick- it helps that I have a very niche market- women who overspend emotionally- you know, those folks that go into Target with two things on the list and come out with $300 worth of stuff in their cart.  It's much easier to market to a super specific audience than a huge one.  Also, I don't sell 1:1 coaching- I sell a 6 step program.  Basically, this is for people who want to do MMM or DR or some other budget program but have some emotional work to do in their relationship with money to get them ready to tackle debt.  I like to think of my program as the pre-req to other courses.  So far, I've mainly done person to person marketing but want to ramp up this year.  I have a 4 year transition plan to go full-time with this.

Nice! I'd be curious to know how this works out for you and what price point you are at (for 1 on 1 services) and if you are planning to create courses, books or otherwise leverage your knowledge?

I know lots of people on the forums have tried to offer personal finance consulting, coaching etc. But it seems like it isn't an area people seem to want to pay enough for to make it worth it over different types of coaching unless it is a very narrow/specialized focus. If it is working for you, that is great!

Love it! Sounds like you have a very dialed in market and system for helping them. Money problems are usually a symptom and not the issue. This is a target market I'm pretty familiar with, I've done a lot of program development in the self-help realm. so if you ever want to noodle around ideas, hit me up!