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As someone who has been there , I invite you to consider some questions that you must honestly answer before you will know that you are ready to jump . As an entrepreneur myself , running my own consulting and coaching practice for the last 30 years , I still often take the time to go back and revisit these soul-searching questions .
How willing are you to live on accounts receivable ?
Read “ uncertain ,” “ irregular ” and “ unpredictable ” into that question . You can mitigate this uncertainty by establishing monthly fees payable in advance , clients on retainer , comprehensive programs and other streams of income , such as products , webinars , etc . When you first become an entrepreneur , I highly recommend that you have a healthy savings account or line of credit on which to fall back . I also suggest that you carefully determine how many clients you would need and at what fee in order to meet your monthly financial obligations . Know what your risk level is as well as your budget !
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What is your marketing plan ?
One of the challenges that any entrepreneur faces is where the customers are going to come from . To whom will your marketing be directed ? The reality of coaching is that some clients will drop off . How are you going to cope with that ? What ’ s the plan to mitigate attrition and keep your practice growing ? I hate losing clients , but sometimes that ’ s just going to happen . As an entrepreneur , it is vital that you be prepared to lose a client or two and that you have a plan to build your practice back up .
How prepared are you to work alone ?
Being a full-time coach can be very isolating . No matter how delightful your home office is , coaching clients from it day after day can wear on you . Minimize the effects by grooming and dressing before you “ go to work ,” booking face – to-face appointments through your week , and engaging in outside learning , conference and classroom activities that enhance your coaching skills .
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What are all your possibilities and options for taking the financial leap ?
Is your day job compatible with the coaching services you can offer your clients ? Do you have the option of working part time ? I took the leap from employee to consultant many years ago . When I became a coach , I planned to transition from consulting to coaching right away but found the demand for consulting was too steady and predictable to give up completely . Gradually , coaching became the larger part of my business but consulting is still part of what I offer my clients . What are you doing now that you can add coaching to that would enable you to serve your clients ’ needs ?
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Becoming a coach-entrepreneur has so many rewards and benefits . The work is extremely fulfilling , and you can take pride in being your own boss and managing your own affairs . You can decide how many hours per day you want to work . Sometimes just working in slippers is enough reward ! It takes hard work , risk and determination , but the payoff is immense . If you leap too soon , it won ’ t be fun . Be sure that you have considered all aspects of your financial needs , as well as a strategy for dealing some of the unexpected challenges . I can tell you from experience that once you have made that big step , you won ’ t look back ! |
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Coaching World 9 |