The next resource up for discussion is finances. Specifically, how are you going to financially support yourself until your new life coaching business is established?
The standard reference for how long it takes to establish a new small business is “three to five years.” Recently, I ran this by an accountant who said, “it’s more like five years.”
Of course, some new coaches have hit the fast track and have more quickly established their businesses. You can find marketing for coach training programs, products and services that promises a career where you make lots of money fast. You can attend coaching industry tele-seminars and hear leaders tell you it’s possible as a new coach to make a six-figure income in less than a year. This is certainly not the norm.
It’s true that a life coaching business doesn’t cost a lot to start and maintain – when compared to other small businesses. The biggest initial costs are your coach training, your own mentor coaching, and your initial investments in technology (i.e. computer, phone lines, etc.).
So you need some money to invest in your business and you need a way to support yourself while you are creating the business. Perhaps you keep your current job to support yourself while you move into the new business. Or maybe you have a fully-supportive spouse who wants to provide the income while you establish your business.
The point is that if you’re starting a coaching business today with no other source of income or no financial resources to draw upon, you are very possibly setting yourself up for failure. Trying to market yourself as a coach when you are desperate – really desperate for business – is not likely to result in attracting the clients (i.e. the income) that you need.
If you believe that your calling from God includes risking your basic financial stability as you journey toward a thriving coaching business, then go for it. Otherwise, take a look at your finances. At least consider with God (ask for direction) what risks to take and which to avoid. Look at the cold, hard numbers, and make a financial plan that increases freedom – not recklessness – for your journey.
Contact Linda Dallaire at linda@lifestoriescoaching.com or 763.780.8508.