How to successfully transit from employment into self-employment? This is one of those questions that some new coaches do not forge a strategy about. What they do is simply to make a decision and cut all ties from one day to the other, going into this self-employment adventure with boosted confidence.
Or just the other way round - some other to-be coaches typically struggle with getting their feet in the door while still being in employment. In that case, they might have difficulties with making the time for both activities parallel and moving forward with their coaching business fast enough.
Transition Coaching
Neither this, nor that solution is not false. Everyone has to pick their own choice of what is the best way for them to transit into self-employment.
However, if you are one of those less risk-tolerant persons, you might be happy to read some hints around this subject:
1. Experience coaching - Before jumping into a full new profession and life, you might want to make sure this is it! I heard coaches say choosing this profession before knowing really what it is about. So I suggest you get a real feel for coaching before you engage into this life-changing adventure. Here are some ways to do it:
Go and gather information - you can start with the International Coach Federation's website for example, to read what exactly coaching is and what is it not. Hire a coach (an ICF member coach or accredited coach if possible) and experience the effect and benefits of coaching from first hand Talk to coaches and find out more about their daily lives, their biggest challenges and their number 1 advice to you
You are still determined to be a coach? Then read on:
2. Acquire coaching skills - There are people who are natural coaches and others, who have been coaches for long before even being able to put a name on what they are doing. So why put in there some extra efforts? Because even experienced coaches can always learn something and if you have been coaching more in an intuitive style, it is high time you get full awareness of the techniques and tools you are using and cement them. So the best is if you go and find a coach training school, best is to look at ICF credentialed schools where you don't have to pass additional exams for credentials with ICF.
3. Plan transition - You have the commitment to be a coach and feel well-equipped with coaching skills? Here is the next step, planning your transition.
Create your long-term and short term vision and business plan. You need the long-term part to see where your business will be on a long-term but you also want to create a short-term vision so that you can operate with this during the transition period. The business plan entails every single aspect of your business - who you are, who your clients are, your services and products, your costs, your income and fees etc. (You can find My Fireproof Coaching Business Plan on my website.) Define your strategies to get there and make a reality check on how it can be combined with your current job. For example you are working Mondays to Fridays, can you accept clients or work on your business on the weekends or in the evenings? Forge strategies for all your business phases - that is one for your transition and one for your full time phase. Define when you will be ready to make the step and quit your job. Have a support team. Working double shift can be extremely tiring. Have supporting and motivating people around you. Also, be clear with your strengths and weaknesses and decide what you want to outsource. Create a financial plan. Plan your transition carefully. Be aware of all operating and one-time costs and know how much funding you dispose of. How long will this be enough? What will be your Plan B in case there will be still no clients on the horizon after this period? Make time for self-care. Sometimes this is the first activity busy two-job to-be entrepreneurs cut off - falsely. You need to do activities that will re-energise you so that you keep up the momentum and will not land in burnout land just three months after getting started.
4. Get started! Far too many people like polishing their strategies until perfection and they decide to start up as soon as their strategy, website, welcome pack etc. is ready. Bad news - it never will get ready. Your business is an ongoing construction process; all you need to do is to create the absolute minimum and get into action. Only action will bring you results and confidence. So get started, analyse your results, draw conclusions and improve your process and tools. If you feel overwhelmed with choosing the best starting point for your actions from the pile or need someone to hold you accountable, a good solution could be to hire a coach.
Start-Up Coaches - 4 Steps To Successful Transition Into Self-Employment