Introduction
In the bustling world of today, where career aspirations often clash with the demands of daily life, the concept of juggling a full-time job with the pursuit of a coaching business may seem like an insurmountable challenge. However, with the right strategies and unwavering determination, transforming your passion for coaching into a thriving venture while maintaining your primary employment is not an impossible feat.
According to a 2017 study by Harvard Business School, the key to achieving work-life balance is to focus on the quality of your time rather than the quantity.
Morris, T., & Gilbert, T. (2017). Work-life balance in the 21st century. Harvard Business Review, 95(1), 112-119.
This means that instead of trying to squeeze more hours into the day to make room for your side hustle, you’re better off making the most out of the time you do have.
The journey to starting your own coaching business can be daunting, especially when you’re trying to balance a full-time job and all of the responsibilities that come with it. It can feel like there aren’t enough hours in the day to get it all done, and that can be discouraging. But don’t worry; we’re here to help. At The SPEAKup Challenge, we know that time is precious. So we’ve gathered some research and advice to help you make the most of your time and get your coaching business up and running—without giving up your day job.
A recent study by the International Coach Federation (ICF) found that the average coach earns $65,000 per year (International Coach Federation. (2023). ICF Global Coaching Survey). This demonstrates that there is a significant financial opportunity for those who are willing to put in the time and effort to build a successful coaching business.
1. Embrace the Power of Planning: A Roadmap to Success
Navigating the path to coaching success requires a structured approach, a roadmap that guides your actions and ensures you stay on track. Begin by crafting a clear and concise business plan, outlining your coaching niche, target audience, service offerings, and financial projections. This plan will serve as your compass, providing direction and focus amidst the whirlwind of daily commitments.
A study by the National Bureau of Economic Research found that businesses with a written plan are twice as likely to succeed as those without a plan.
Shane, S. A. (2009). A Bayesian approach to estimating the causal impact of business plans on business success. Journal of Business Venturing, 24(4), 393-413.
This highlights the importance of having a clear roadmap for your coaching business.
2. Leverage the Power of Online Coaching: Expanding Your Reach
Traditional in-person coaching sessions can be time-consuming, making them challenging to fit into a packed schedule. Consider offering online coaching sessions, eliminating the constraints of geography and allowing you to connect with clients worldwide. This flexibility will significantly expand your reach and broaden your clientele.
3. Embrace Small Wins: Celebrating Milestones
Acknowledge and celebrate your achievements, no matter how small they may seem. These milestones serve as motivators, fueling your determination to continue pursuing your coaching aspirations.
I vividly recall a pivotal moment in my own coaching journey when I experienced the power of celebrating small wins. As a budding coach, I was eager to attract new clients and establish a strong reputation in my niche. However, the initial stages were challenging, and I often found myself feeling discouraged by the slow pace of progress.
One day, I decided to adopt a more positive mindset and focus on celebrating my small achievements. Instead of dwelling on the lack of client bookings, I started recognising and appreciating every step forward, no matter how insignificant it might seem.
I celebrated scheduling a single consultation call, having one person attend one of my events, or even simply completing a well-structured free coaching session. These small wins, though seemingly minor, gradually accumulated and transformed my perception of my progress.
As I embraced the power of celebrating small victories, I noticed a significant shift in my motivation and determination. The daily challenges no longer seemed insurmountable, and I found myself approaching my coaching endeavors with renewed enthusiasm and confidence.
4. Harness the Strength of Technology: Your Digital Allies
In today’s tech-driven world, a plethora of tools and applications stand ready to streamline your coaching endeavors. Utilise productivity apps to organise your tasks, scheduling tools to manage appointments, and social media platforms to connect with potential clients. Embrace technology as your ally, allowing it to enhance your efficiency and amplify your reach.
A recent study by the Pew Research Center found that 72% of Americans use social media, making it a powerful tool for connecting with potential clients. By utilizing social media effectively, you can significantly increase your reach and attract new clients to your coaching business. (Pew Research Center. (2023). Social media use in 2023.)
5. Seek Support and Guidance: A Community of Peers
Connect with fellow coaches and entrepreneurs, forming a supportive network where you can share experiences, exchange ideas, and draw inspiration. This community will serve as a valuable resource, providing encouragement and guidance as you navigate the path to success.
We love our community at The SPEAKup Challenge and the members become a huge support system for each other. When you have lots of people in a similar situation on the journey with you, you’re no longer alone!
6. Cultivate Patience and Resilience: The Road to Success is a Marathon
Building a successful coaching business takes time, dedication, and unwavering resilience. Embrace patience as your ally, understanding that progress may be gradual but will undoubtedly accumulate over time.
Remember, the journey of transforming your passion into a thriving coaching business is not a race but a marathon. By embracing these strategies and cultivating a growth mindset, you can effectively manage your time, maximize your productivity, and gradually build a coaching empire that complements your full-time career.
If you’re ready to overcome your limiting beliefs and become a successful coach, I encourage you to attend one of our 1-Day Coaching Diplomas to start your coaching journey. It’ll help you to develop a plan to achieve your goals and build a successful coaching business. You can also find our beginners guide to becoming a coach here.
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