Aim To Become A
Now that you've learned a little more about what it's like to be a full-time coach, you're ready to move into the transition strategies we talked about earlier.
This might sound simplistic or basic but so many new coaches miss this...
When you're just starting out and you're thinking of transitioning into full-time coaching, there's just one goal you must hold in your heart and in your mind...
To become the BEST coach you can possibly be.
Your job is NOT to compare yourself to other coaches who have more experience than you do and who might be further into their careers than you are...
Your job is to discover yourself as a coach.
Your job is to learn about your strengths and your weaknesses...
Your job is to focus all of your free time and energy to hit your highest potential as a coach.
The great news is there are many ways to do this.
Read books like The Book of Coaching which is all about becoming a great coach.
Enroll in credible courses like the powerful coaching programs at Evercoach, taught by some of the best coaches in the world.
Attend weekend coaching seminars or events where you'll have the chance to connect with other coaches and maybe even rub shoulders with leaders in the industry.
Read more Coaching Guides like this one on different topics from methodologies to techniques to business growth strategies to deepend your knowledge and skills.
If money is an issue and there isn't much room in your budget, go ahead and look for free articles and blog posts around coaching and starting a coaching business.
Think of yourself as a magnet for knowledge and information on coaching and set the intention to study, read, learn or experience at least ONE thing that has to do with coaching, every single day.
Another powerful way to boost your coaching skills - and this will definitely accelerate your learning curve - coach, coach, and coach some more.
You're probably already doing this in your work as a coach after hours and on weekends, but don't restrict yourself to your side hustle.
Think of the whole world as your practice platform.
When friends or family come to you for advice, ask for permission to put on your coaching hat.
If you watch a movie and you see a character facing a difficult problem or challenge, ask yourself, "What would I say to this person as a coach?"
In other words, live and breathe coaching.
Aim to understanding a wide range of coaching methodologies, practices and principles, and get yourself to the point where you know you can create results for your clients; not just once or twice, but again and again.
Here's a list of credible and proven coaching resources you can work with to improve your skills and master the art of coaching.
These books, courses and communities will suit any budget.
Pick one (or two) of these resources right now and explore more as soon as you're done reading this Ultimate Guide.
Learn To Solve The
So many (coaching) dreams die every day because passionate coaches all around the world don't understand how to bring in the income they want and need to make a living as a full-time coach.
The story usually goes like this...
This is not something you want to do no matter how much you love coaching.
When you're stuck in a job you hate, it's easy to think,
Big mistake. Huge.
Here's what happens when you are forced to coach for hours and hours every day of the week just to make ends meet:
- You'll feel so drained and exhausted that you can't bring your A game to your coaching sessions
- You'll start to work with clients that are not a good fit for you just to hit your monthly income goals
- You'll begin to resent your clients and your work as a coach
- You'll lose your passion for the work that you love
This is just some of what you're likely to experience when you don't plan out your finances in advance, as you transition into full-time coaching.
So, what should you do instead?
Take stock before you submit that resignation letter to your boss. Get clear idea on these numbers:
- How much you need to pay your bills each month
- How much you need to live your dream life.
Knowing the first number will help you move into full-time coaching while the second will help you take things to the next level.
The following is a 3-step plan you can use to take charge of your income goals and your future as a full-time coach.
Do the Math
First of all, you need to calculate your MVI -- Minimum Viable Income.
This is the minimum amount you need to live on and it should include basics like rent, bills and food. If you're responsible for a partner, your kids or other family members, don't forget to include related expenses.
if you don't already have spreadsheets and a monthly budget, go ahead and start to track the amount of money that's going in and out of your household for a month or two so you can accurately track spending patterns.
Whatever you do, don't rush this step and definitely don't skip it. It's way better to take your time now and know what you're dealing with than ignore this and get hit by bills you that you can't pay, when you become a full-time coach.
As you continue working on your side hustle, think about how you can increase the number of coaching clients you have without sacrificing your health or your quality of life.
Start by coming up with the maximum number of hours that you can coach -- after work and on weekends -- in a sustainable, sane way.
The idea is to get as much coaching experience as you can under your belt, so can raise your prices and hit your MVI (see Step #1) in your side hustle.
Another big plus point to boosting prices...
When your numbers go up, you can comfortably reduce your coaching hours and the number of clients you see without having a negative impact on your monthly income.
Create a Cycle
All coaches - even world-class names - need to review and re-evaluate their coaching methodologies, practice and overall business model, every few months.
For new coaches and those transitioning into a full-time gig, commit to doing this at least every 2 to 3 months.
So, what are you supposed to evaluate in this cycle? Mainly your income.
The idea is to watch for income patterns and changes. You can do this by asking yourself these key questions:
#1 Are there any big dips or rises in my income?
#2 Does my income go up or down in an unpredictable way?
#3 Is my income at the same level - or slightly higher - than my MVI for 3 months or more?
You know you're ready to become a full-time coach when you can answer "YES!" to question #3.
Start taking charge of your coaching finances today. Begin by tracking your current expenses especially your basic living expenses. If you like spreadsheets, go ahead and create one so you can keep track easily. This is so you can discover your MVI and the level of income you need to go for in your full-time coaching business.
When you're done with that activity, look at today's date. Then highlight the date, that's exactly 3 months and then 6 months out from today, in your calendar.
Make a promise to yourself that you'll evaluate your side hustle coaching business based on the targeted questions in Step 3 of this chapter.