What You Need to Know Before You Quit Your Job and Start a Business as a Coach

So you’ve been thinking about quitting your job and starting a business as a coach? Now, that’s wonderful news. And if you’re feeling a little scared or overwhelmed, I totally get it. However, that is exactly the reason I created this post; to help you navigate the challenges, and plan and prepare well before you quit.

I promise that by the time you’re done reading, you will feel so much more clear and 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.

If someone would have told this to me when I was starting out, it would be 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 stood out was the fact that the creator economy was booming. But more importantly, coaches were among the top listed categories of creators in this report.

Wonderful news! What does this mean for you? It means if being a coach has been on your mind, then the times are just right for it.

There is so much knowledge available and easily accessible to help you get started as a coach, and with advancement in technology, it is even easier to get your hands on some of the best tech, without having to invest huge sums, unlike what we used to do before.

These are great times to be a coach. And 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 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 gain quick 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 aid.

Here’s a quick prompt to give you an idea of what we’re talking about.

I help people (with x problem), feel/accomplish (desired outcome), using my unique coaching programme, that can get you results in X amount of days.

Now that’s no science, but serves as a template you can tweak to suit your needs. More importantly, what we’re drawing attention to is focusing on a niche when you’re starting out.

It doesn’t matter if it doesn’t turn out to be 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.

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.

When you go out into the business world, you will hear about many, money making models, like creating an ebook or a course or launching a membership, these all have their place in a business, but when you’re just starting out, services should be your focus and not products.

Here’s why

Coaching allows you to work with your clients one-on-one and helps you 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. So it becomes clear whether or not they can get value from your work.

That’s 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.

Fair and square?

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!

You know 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 that 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 a product first strategy.

It’s a winner for you, and a winner for your clients.

Plus, it also allows you to optimise your packages and offers to best suit your clients’ needs, and also help your business be as profitable as it can be.

It’s About Money, Honey

Just one coaching client means you’re seeing money rolling in. Again, the average cost of an hourly coaching session is easily £75-100.

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.

With the service first model, you get to 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 it can appear daunting. And in a way, it can be. 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 having the comfort of a monthly paycheck.

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 will give you a chance to test 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 enjoy the perks of a paycheck.

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 a 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 good chunk of money saved , so you don’t have to think about going back to a job half-way while you’re building your business.

Also, when you quit your job, you also no longer get the benefits like health insurance. Depending on where you live, it is likely you will have to pay for your own health insurance. This can become an additional expense that you have to consider.

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 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 in itself.

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.