So, you’ve been thinking about quitting your job and starting a business as a coach? Now, that’s wonderful news, there are many out there who need your help, that’s for sure. But, if you’re feeling a little scared or overwhelmed, I totally get it, which is exactly the reason I created this post; to help you navigate the challenges, and plan and prepare well before you quit.
Infact, I promise that by the time you’re done reading, you will feel so much clearer and more confident about the new journey you’re about to go on.
I know that what I am about to share with you will serve as a helpful map for easily navigating and transitioning into your new career as a coach.
You see, if someone had told me this when I was starting out, it would have been music to my ears, and if that’s how you feel too, then let’s dive in!
First, Here’s Some Good News!
ConvertKit recently published a report about the creator economy. They covered many interesting points in it. One which particularly stood out was the fact that the creator economy is booming. But even more importantly, coaches were among the top listed categories of creators in this report.
That’s wonderful news, isn’t it? But what does this mean for you? It means if being a coach has been on your mind, then the time is just right for it.
The thing is, there is so much knowledge available and easily accessible to help you get started as a coach, and a lot of support too. Plus, with the huge advancement in technology, it is even easier to get your hands on some of the best (and necessary) tech, without having to invest huge sums, unlike what we had to do not so long ago.
These are great times to be a coach. The industry is booming, and people are recognising the incredible difference working with a coach can make. Indeed, starting a coaching business is easily one of the quickest routes to entrepreneurship.
But wait, that’s not all. The report also pointed out that among the top earners in the creator economy were service providers. Think freelancers and coaches!
Coaching is a service first business. The other categories within it, like courses and books, are secondary.
So if you’re on the fence, and thinking about starting your coaching business, it will certainly be wise to think in terms of services first, instead of products.
That’s really a pro tip here: Prioritise services over products, and you will quickly gain traction as a coach.
Sideline Products, Prioritise Services You’re Passionate About
This is easily the first step when starting out as a coach. Think about the services you can provide as a coach, the problems you can solve, the transformation you can inspire.
Here’s a quick prompt to give you an idea of what we’re talking about, and how you can define the service you’ll provide.
I help people (with x problem), feel/accomplish/achieve (desired outcome), using my unique coaching programme, that can get you results in X amount of days.
Now that’s not a scientific explanation, but it can serve as a template you can tweak to suit your needs. More importantly, what we’re drawing attention to is that the first thing to focus on when you’re starting out, is the change you can help your clients make, and the impact that change will have on them.
It doesn’t matter if it doesn’t turn out to be exactly the right niche for you. It’s necessary to get started with something and then let the market provide feedback so you can make adjustments.
Essentially, just in case you thought there was a magic bullet, or a secret recipe for success in the coaching business, there’s really none.
It’s all about dedication, hard work, and tenacity, concentrating on the transformation you can instigate, and the lives you can impact.
Which is why it is best that you are passionate about the service you intend to provide, because when you are passionate about it, the passion will carry you forward, especially when things get challenging.
To summarize here, when you go out into the business world, you will hear about many, money making models, like creating an ebook, selling a course or launching a high-ticket programme, all of which have their place in a business, but when you’re just starting out, services should always be your focus and not products.
Here’s why
Coaching allows you to work with your clients one-on-one, helping you to get to know and understand them and their challenges better.
Without this insight, and enough experience working with people, it’s difficult to create a meaningful product that can really help. Plus, when you’re starting out, you won’t have the brand recognition or authority to justify asking someone to take a chance with your new product.
Why make it hard on them and hard on you? The easier route is to encourage direct engagement. Why? Simply because it becomes clear whether or not they will get value from your work.
This is also the reason coaches offer free discovery calls. It’s a great starting point to have that conversation, and see if it would make sense for money to change hands.
Does that seem fair?
In short, services are the clear foundation on which you can build a rock solid coaching business!
Confidence, Feedback, & Next Steps
Guess what happens when you have spoken to a few people, and you get positive feedback early on? You feel confident! And if the feedback isn’t quite so encouraging, you have time to learn more, to grow more, and ultimately, to serve in even more significant ways! (As long as you take note of the feedback, naturally).
You see, starting in this way means you will know whether what you’re doing is helping make a positive difference in someone’s life pretty quickly. Now, compare that to an ebook or a course you may create. It’s hard to get feedback on these assets, because only a small percentage of people who will buy your products will ever leave a review or give you feedback.
But that’s not the case with a coaching call. That’s another reason we encourage going with a service first strategy, instead of beginning with a product first.
It’s a win for you, and a win for your clients.
Plus, it also allows you to optimise your packages and offers in a way which will best suit your clients’ needs, and also help your business be as profitable as it can be.
‘Where The Passion Grows, The Money Flows’
Just one coaching client means you’ll start to see your income grow, steadily and surely. Indeed, the average cost of an hourly coaching session is easily £75-100.
But, even if you offered a steep discount and charged only £30 to begin with, that’s still money on the table.
And the joy of making your first income from your business, that’s an experience in itself, and with the service first model, you can experience that joy pretty quickly.
Now, that was just an overview of what life can look like as a coach.
But there’s some housekeeping to do.
Ready?
Don’t Quit, Pivot
This strategy is not science, it’s not set in stone, and it’s totally up to you whether you want to go with this approach.
But it can be a great strategy for some, so let’s explore it a bit.
The idea is to build your coaching business on the side, while you still continue to have a full-time job. Ouch. I know, that could appear daunting. And in a way, maybe it is, because it’s going to require a higher commitment from you.
Taking additional time out each day to work on building your coaching business, along with your job and other commitments, can get challenging. But if you’re up for it, it can be a smart move.
The key here, though, will be consistency. You need a lot more discipline to stay motivated and enthusiastic about starting a new business while keeping the comfort of a monthly pay check.
However, it’s worth considering; the idea is to gain some traction, getting clients early on, and getting a feel of the whole coaching thing. It’s possible it’s different from what you’ve heard about the craft.
This method will give you a chance to test the waters, and see if this is something you’d like to do full time.
Pivoting gives you the opportunity to build your business gradually, while you still enjoy the perks of a regular income.
Quit and Thrive
This is especially suitable for those who have saved money for their needs and have enough to survive for the next 3-5 years. Yes, even though you can start gaining traction quickly in your coaching business, it’s still going to be a new business, and a business requires an average of 3-5 years to flourish.
So it’s a long-term commitment. In between, you may run into emergency expenses, and other needs, which is why it is best to have a back-up plan! This way, you don’t have to think about going back to a job half-way while you’re building your business.
Remember too that there may be other benefits or perks that you’ve been relying on without realising, so check in with yourself and make sure nothing will come as a surprise.
But, the major benefit with quitting is you own your time completely. Which means you can dedicate yourself fully to your new profession and progress at a faster pace.
The downside could be sacrifices you have to make in terms of your lifestyle, but in truth when you start following your passion, and seeing it change lives, you’ll discover, it doesn’t even matter, because you’ll be finding out soon, that you don’t need too much money to live a great life. And that waking up to do what you love doing is the biggest perk of all!
So both the options are wide open for you. And both are great depending on your situation.
Final Thoughts
It’s a dream for many to quit their job and start a business. And we truly hope that after reading this post, you are feeling inspired to set on the path of realising this dream. Because, at Succeed From The Start, your dream is our dream. We are invested in your success, and nothing would bring us more joy than seeing you create your own thriving coaching business.
If you need more help to start out as a coach, why not book a 30 min free discovery session with us? And we’ll tell you more about how you too can Succeed From The Start, just like other coaches in our community.