October 1, 2018
One of the things that many coaches, like myself, wrestle with is our wiring to be risk-averse. Risk-taking isn’t something we do or even dream about.
And it’s something that many coaches think disqualifies them when it comes to starting their own coaching practices.
However, in the book, Originals: How Non-Conformists Move the World, Adam Grant says that successful entrepreneurs aren’t really extreme risk-takers like we think they are but rather people who carefully hedge their bets.
You might be surprised at some household names/brands that were started by people who didn’t quit working their full-time jobs while they built their businesses. Have you heard of these people?
You might know Daymond John from the hit TV show Shark Tank or maybe you know him from his mult-million dollar clothing brand FUBU. But when Daymond started his business, he was working a full-time job at Red Lobster.
Phil Knight worked full-time as a CPA while selling shoes which turned into a global multi-billion dollar brand.
The world’s youngest self-made female billionaire is Sara Blakely. She sold fax machines for the first 2 years as her business was growing.
I actually encourage coaches to stay in their existing jobs while they start their own coaching practice for a few different reasons:
I’m sure there are businesses where you need to put an extra 20 hours a week in on top of your full-time job. With coaching, you really just need to be productive with the time that you do have.
As a part-time coach, I never worked more than a few hours a week, and if I did get a contract to coaching for an entire day, I simply took a vacation day from work. I could justify the vacation day because a full day of coaching meant that I’d make more money in a single day than I would in 2 weeks at my full-time job.
Since I went full-time, I haven’t worked a full 8 hour day.
Master your schedule and you’ll have more than enough to make money right now while you’re part-time.
The other upside of coaching is that there is very little overhead which means that you’re instantly profitable once you get a client. With most businesses, it takes months or even years to make a profit.
When I first started out as a coach, it amazed me that when I coached someone right before I went into work at my full-time job that I’d make more money in that 1 hour that I was going to make in the rest of my full workday.
There’s really no reason to stress yourself out by quitting your full-time job. You should enjoy the luxury of having your bills paid while you dream about and dial in your business.
You won’t feel the need to rush. It won’t be necessary to cut corners or do things half-way.
Even if you feel your job is taking away your best time or it’s draining you, learn to shift your perspective to an empowered one which is: I’m leveraging this job to fund my dream life.
Just that simple perspective change will allow you to what you need to do while your start your coaching practice.
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98% of the students of Life Coach Training Institute work full-time jobs while they’re breaking into coaching.