If you have been thinking about starting a coaching business, it will be a wise to consider doing this one thing first.
The one thing is to pick a career transition strategy. And the strategy involves making a decision between pivoting and leaping.
Both are viable options, and we have outlined the benefits and challenges for each one of them so you can make an informed decision.
So let’s get started!
Strategy #1: “Pivoting” into a New Coaching Business
Pivoting can mean different things to different people. For some people pivoting could be essential because they have bills to pay, and there’s no other means to be able to do that except for through their jobs. For others it could mean, not being sure whether they really want to be a coach, and are just contemplating the idea, and getting their feet wet.
Pivoting as a career transition strategy can be a great one, especially, when you want to test things out, and take it slow.
But it might not be a strategy for everyone. So let’s look at some of the benefits and drawbacks of pivoting.
Benefits
#1. You get to continue doing your job and make money, while you gradually build your coaching business. This means not having to part ways with a paycheck, nor will you have to sacrifice much on your existing lifestyle.
#2. You have money to pay for the basic business expenses, and tools that are required to start a coaching business. Including attending programmes that teach you more about how to build a successful coaching business.
#3. You still get paid vacation days, health insurance, and weekends off.
Challenges
#1. Time management becomes critical: When you have a job and you’re spending 8 to 10 hours a day on it, it can be hard to find adequate time to build your business. You’ll need to be a time management ninja to make this work. Else, all it will remain is a dream. It calls for being committed to your goal of starting a new business, and working a little on it each day.
#2. Shifting your mindset: Building and running your own business is certainly much more different than doing a job. Even though it can appear like both require the same amount of effort, in a job you get paid for your efforts, all the time. In a business, you put in a lot of effort, and have nothing to show for to begin with. So if you compare this with a job, starting a business won’t appeal much to you. Which is why it is necessary to want to start a coaching business for the right reasons. Else, pivoting can be really difficult.
#3. Spending more than you earn: You will find this one to be the core issue. A comfortable job could mean, buying stuff you can’t afford today, with the promise of being able to pay for it tomorrow. There’s no judgement here, but this can easily keep you stuck to your job, for longer periods of time, delaying the possibility of a pivot to another time.
Our Advice for a Successful Pivot
Pivoting into a new coaching business can be a great strategy if you time it. Give yourself 6 months or a year to pivot. If you make the pivot indefinite, there’s a good chance it won’t happen.
As soon as you’re making enough money to cover your living expenses and some more, send in that resignation letter.
That’s what a successful pivot looks like; it’s time bound, it’s planned, and it doesn’t aim at having a flourishing coaching business as a qualifier to quit your job, but only aims at having a business that makes enough to make a living.
The flourishing part comes in later, when you go at it full time.
Strategy #2: “Leap” into a New Coaching Business
This can be another great strategy when you’re thinking about starting your own coaching business. But again, it requires taking some fundamental aspects into consideration before you take the leap.
It beings with the first question, which is, do I have enough money saved to be able to pay the bills for the next 6 to 12 months? Which includes being able to pay fo your own health insurance, and also additional funds for unexpected expenses.
This is really the primary question to ask, when thinking about leaping as a strategy.
Starting a business is a new terrain, you have to learn how to navigate the path and how to be able to keep moving forward to until you earn your first few clients and start making money.
Also, the fact that you will need money to pay for startup business expenses, like having a website, digital tools that help with the marketing, and also money to be able to pay for training that will further help you build your business.
Once you have that taken care of, you’re off to a great start.
Benefits of leaping into a new coaching business
#1. You get to send that resignation letter: Woohoo! It’s a dream for many people to quit their job and start their own business, and you get to do that, to take the first step. Goosebumps.
#2. You get all that time, all for you: 8 hours every day available to you to work on YOUR business. Do you like the sound of it? You get to choose when you work, you get to choose when you want to just go out for a walk, or get some extra time with your little one whenever you want. Dream of a life like that? Yeah, leaping can afford that.
#3. Zoning in on your gifts: You’ve been wanting to share your gifts with the world, you’ve been wanting to help that woman overcome the situation you overcame, help that man, get the ideal job, that you know exactly how you can help him get. Put yourself out there, in a whole new way, showing up in the world, with the gifts you bring to it. Your LinkedIn profile now reads something alone the lines of; Career Coach for Women, Parenting Coach for Working Women, Fitness Coach for CEO’s. You get the jist. Guess you dreamt of being able to do that. Now you get to do that!
Challenges of Leaping into a new coaching business
#1. No money to begin with: The job got you a paycheck, your business will probably bring in nothing for a while. And you’ll have to learn to live with not seeing money coming in for a month or several months.
#2. No Boss!: The boss always gave you a task list, and now you’re the boss, and you have to figure out the task list. You have to find out what steps you must take, to reach your goal of getting paid as a coach. You’ll need discipline and focus. But again, that’s a given, if leaping is your chosen strategy.
#3. No colleagues: Which means you will be working alone, and spending more time behind the screen, without interacting much with anyone, unless you plan on commenting on random posts on social media all day. (Not recommended.) Or joining a coaching business community. (Totally recommended.)
#4. Time management: More flexibility with time also means, you could end up spending more time on non business related activities. In a job you spend committed 7 hours at the workstation. It will be best for you to create a working schedule where you dedicate a certain amount of time each day, towards building your own business. (Maybe cancel that Netflix subscription?)
Our Advice for a Successful Leap
As you can already see, leaping can be a great and promising strategy when thinking about starting a coaching business. Provided you are disciplined, and stay organised.
A successful leap is one where you have a set amount of hours dedicated for work each day, you have a simple marketing strategy that you focus on, and you put yourself out there, so people can learn more about you, and your work, so as to be able to find your first client, in the first 3 months of the leap.
Grit, vision, and fun, are the ingredients that make for a successful leap.
If you follow this, you could be laughing yourself on your way to a successful coaching business.
Conclusion
When you are thinking about starting a coaching business, it is essential to pick your strategy; to pivot or to leap. And then stick with the plan to give yourself the best chance of having a successful coaching business. And no matter which strategy you choose, you can benefit from a community like Succeed From The Start, that has the people, the know-how and the tools, that can help you build a flourishing coaching business.