Interested in starting your own entrepreneurial journey in finance but unsure what to expect? Then read up on our interview with Frank Modica, Founder of Modica Financial Coaching, located in Needham, MA, USA.

What's your business, and who are your customers?

I wanted to make financial advice available to EVERYONE! I run Modica Financial Coaching, a financial coaching business for people that want to get money questions answered without any sales pressure or intimidation. The world of financial advising has long been for the wealthy only. It can be scary and expensive for most people, and I remove that barrier. I specialize in helping those in the middle and lower income brackets, and I offer only my expertise. I don't sell any investments, so my focus is on helping people and answering their questions.

My typical clients may be preparing for retirement, paying off school loans, wondering how to balance saving and investing, or needing help buying a home or car. It's advice for normal people with everyday financial questions. It's not for billionaires.

Tell us about yourself

I'm obsessed with personal finance. I read every book on the topic and listen to every podcast. It's truly my passion. I worked in corporate roles for 20 years but always had a desire to work with people one-on-one. In the beginning, I wasn't sure how to do that, so I started moving in this direction one step at a time. Despite having a long career in finance, I became a Certified Financial Education Instructor. Then, I slowly built a website and all the infrastructure to run a business. I always take the approach of prioritizing what needs to be done and then chipping away at things one step at a time.

My motivation comes from the enjoyment I get helping clients remove money stress from their lives. Money stress affects our finances, physical and mental health, and relationships. So helping clients with their money makes a big impact on their life. And when you understand how money works, people respect you because it's such a complicated subject that isn't taught in school.

What's your biggest accomplishment as a business owner?

Getting started. Everyone has great ideas and doubts about their abilities. It takes courage and willpower to overcome doubts and put ideas into action. That being said, anyone can do it. You just need to start by taking one step at a time. I hope with time, I'll be able to say that I've had a positive impact on a lot of people. It's very gratifying to help people set a target date for retirement or help a young person get on a path to wealth. You can see a look of relief on their face by the end of the meeting.

What's one of the hardest things that come with being a business owner?

I learned that a lot of time is spent on social media interacting and acquiring clients. That might be fun for some people, but it's one of the hardest parts for me. I'd rather spend my time working with clients or acquiring new knowledge on the latest financial rules and products.

What are the top tips you'd give to anyone looking to start, run and grow a business today?

  1. Start a business built around your passion, not just something profitable.
  2. Figure out what makes you a better option than your competitors and learn how to communicate that.
  3. Take the first step, no matter how small.

Where can people find you and your business?


If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.

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