Putting Money in Coaches’ Pockets | Part 4
Key #4: Ask…should you quit Coaching?
Yes, you read that right. What does quitting coaching have to do with putting money in your pocket? Read on for a twist in your mental viewpoint that may help alleviate a great deal of stress and strain for you as a practice-building coach.
First…you can’t coach well if you’re under financial pressure.
It is VERY simple, you just CAN’T.
It’s like trying to thread a needle on too little sleep. Your hand WILL shake and you will make a mess. Just stop.
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Bravo! Reminds me of when Cheryl Richardson was a keynote speaker at the 2005 ICF conference in San Jose. One of her main messages to coaches was to get our financial houses in order.
Great point! During my 15+ years as a consultant I had a yearly “ritual” for 10 of those. Each year I would work the winter ski season at our local resort. It was a fabulous way to work in a low-stress environment. Free skiing and a daily dose of 9-to-5 working was always a wake-up call for me. I ended each season renewed about my consulting path plus with a greater appreciation of my clients’ work pressures. My coaching and consulting was very hands-on and real life. You owe it to your clients and to your career to take time for working experiences. During my 15+ years in the consulting field, I have worked in food service as a server and a sous chef. I have handled a lift ticket sales window, spending 10 hours or more straight on my feet with a smile on my face. These experiences help me see what consulting and coaching mean to me. How can I teach what I cannot put into practice? There are plenty of consultants out there who have great techniques but in real life…they don’t cut the mustard! Thanks for reminding me of real life!
I am not convinced that a ‘real’ coach can quit coaching. I do agree that one must apply the coaching approach to a variety of life experiences in order to be a good coach. That would require stepping away from a ‘coaching only’ state.
I loved opening up my email to read the 4th Key to Putting Money in Coaches Pockets! I have long wrestled with the notion of “quitting marketing and the business world” so that I can only coach…however that would NOT be in integrity from a financial point of view. AND my marketing world is a place where I essentially get PAID handsomely to learn. The money I earn goes towards what I value: my home with my husband, savings for a family, travel and experience, AND of course building my coaching practice. I am learning to take my time as I transition from the marketing world into the full-time coaching world. I have a 3 year plan in place and am planting seeds now to ensure that I can harvest them in time.
Thanks, Andrea, for this wisdom and this forum.
Ciao!
Marnee
Wow! What a relief. I’ve been doing it right all along. I bring the coaching mentality into everything I do (probably not always, but I work at it). I also was feeling like I was a quitter because I was in a space where I need income, reliable, stable, consistent income. And you have just affirmed it. You can’t “coach” when you feel at the mercy of the bills. But I will continue to coach, I always do, my clients and even those people I bump into rely on that ability I have. So I will focus now on building skills and my own financial security. I may even “give away” my services to help build proteges and confidence, not to mention a larger body of knowledge and well-honed skills.
Thanks, when you put out the questions, the universe does provide answers.
shalom, susanna
I am trying to build a coaching practice while working as a counselor part time. I recently applied to do an apprenship in a playhouse/theater, so that I can gain experience and be able to understand first hand how theaters operate and learn how I could coach people who work in them. Apprenships involve learning specific skills, while getting paid, so I will still be creating income. This is a great way to network for clients in the future or for a much needed day job in a creative arts field. How can anyone coach a stage hand if they don’t know what the job is like or coach an actor if they have never seen a play or tried to remember all those lines? Some jobs we can imagine and some we should go do, so for me I want to see first hand the behind the curtain actions. I am a writer and an artist, so I already know first hand what that is like.
Terri S.
I totally don’t agree with getting a job to have a sabbatical from coaching. It is hard enough to build a business while not working a day job, let alone trying to build one while still working.
As a working writer, I take two “me” breaks a year – at six monthly intervals. I find these rejuvenate me so much, and let me work solid for the next six months and the next sabbatical.
5 years ago I quit coaching to take a full-time job. As a result I am now building my multi streams of income GoalModel coaching business with a solid financial foundation and strategic business development plan. Working full-time in a high stress professional job with a second job as a full-time single parent made completing my Coach U training and writing my book on The GoalModel Method a challenge.One pearl of wisdom I’d like to share with readers, A good enough job is good enough and part-time is even better.
I currently work a graveyard shift and am starting my coaching business. It is definitely a good way to begin without having a lot of cash reserves so that I am not feeling “needy”. I am able to take my time and do it right, allowing the freedom to be selective with my clients. I know that the business will develop as long as I stay true to who I am and not try to be all things to all people.
I love this post. I recently took on a high paying job in a Swiss bank although I still wanted to start my coaching business. However I was thinking that it was foolish to deny a regular income stream (and a good one at that) while my coaching business is still getting off the ground. It’s good to know that I’m on the right track and yup, I totally agree that there are so many opportunities to coach on the job. I’m definitely looking forward to that, and looking forward to adding coaching experience from the working world to my repertoire.
I think this article is brilliant and will take the pressure off many coaches. Thank you, Andrea.
I am a depth psychotherapist as well as a life and voice coach, and author. Each sustains the other; I find that I have much to say in my writings (3 books in the last 2 years, plus 2 blogs), and am nourished by all these activities. My clients and patients benefit from everything I know, including the challenge of developing multiple streams of coaching income. Perhaps it’s simply important/wonderful to have multiple streams of income as we coach! And your point is so well taken…that we can “coach” and come from an empowering mindset, wherever we are and in any job/vocation.
Thanks, and blessings,
Nicki
I am currently looking for part-time work to pay the bills while I grow my business. But something surprising is happening, the places that I am interviewing at want to hire me to do workshops, training and programs through my business rather than hire me for the positions I am applying for. I am now going to target even more organizations that may also want to contract me for my services. I am happy about this and hope that this will generate enough income so I can pay my bills and continue to grow my online business as well.
Thank you for this message!
In March this year, my corporate IT contract concluded. I opted to not pursue another job and focus on my business.
Although many great things have transpired and many more are in the process of becoming, the consistent cash flow I need is not there.
I have not considered quitting the profession as I know it is my calling and where my passion is.
I do, however, need to be in a positive cash flow situation to be in the good energy / happy space.
I am deeply grateful to my friend Sarah for recommending this book and to you, Andrea, for giving us this gift.
I was becoming frustrated at the thought of ‘having’ to do something I really don’t want to do just to pay bills.
This message reframed the situation for me and put me back in the positive space.
I confess, I did consider going back to a job as a form of failing and was not in a good space about it.
Your insights have shifted my perception and coached me to see that it is not failing, it is simply taking advantage of an opportunity to move my coaching forward.
Thank you!
Mark Semple CCC
Thank you for this Andrea – a breath of honesty and fresh air. Creating a profitable full time coaching practice is a challenge – I have finally reached the liberating realisation that coaching is a skill that I use rather than who I am and that there are endless possibilities and opportunities in which to use it. I have moved away from saying that ‘I am a coach’ to saying that ‘I coach’ this frees me to embrace fantastic ideas and platforms for helping people to live authentically and congruently and create brilliant lives for themselves. Suddenly I have so many ideas that I didn’t have before!
I fully agree that we must have integrity with money and we are only taking full responsibility for our lives if we do what we need to do to pay the bills and enjoy our lives fully.
Thanks for initiating this discussion!
Jane
Andrea, this post turned on a big bright light for me and my passion to be a coach. I have been assuming that I need to start a coaching business from scratch to be successful. I have been concerned about how to make this happen. I have no reason to be concerned anymore. I don’t have to put myself in a difficult financial situation to do what I love.
Cheers,
Solly
http://www.betweenyourears.ca
I am glad for this key. I am right now looking to get a full time job as it is very tight financilly and I was feeling like a failure because of this. This key openend my eyes to a new way of looking at the situation. Thanks so much
Hi Andrea: I really needed to hear this message. It seems as though my coaching business goes through cycles, however each time there is a low cycle I always have the opportunity to work. I do government work and it is easy and effortless, I meet great people, travel and can coach from whereever I am.
After reading your article I feel that this is truly a blessing for me. I was feeling like I was a failure and not really a great business woman….but this has given me a different perspective….thank you.
You are right on Andrea! Along with my coaching business I am working part-time as an academic advisor at a community college. It is absolutely true that you can bring coaching to whatever you’re doing. I know the students appreciate the extra interest I take and the questions I ask that help them probe more deeply into their career and academic goals. AND it adds some stability to the ups and downs of a coaching business. Thanks for all your wisdom and insights!
RoseAnn I am so happy for you. Bravo!
I love this post. I’ve been coaching for about 8 years, however most of the time, coaching has been a second job. For the last year, I worked at the Mayo clinic as a Wellness coach. This was great experience, because it allowed me to practice and hone my skills. I gained confidence and a steady paycheck, however, my own self-directed coaching business took a back seat. I found that it was time to resurrect and re-create my own passion with clients of my own choosing. This means that my full time job will once again be teaching HS Language Arts, a job that I enjoy and that pays the bills and my second joy will once again be my very own self-designed and directed coaching business. It feels good this way, in a way that it did not before. I like not having to depend on coaching to meet all my financial needs just now. It keeps me free and able to be honest with myself about the value of what I do and around the kind of clients I best serve. I finally know that I am good at what I do, that my clients know that, and my fees are more than fair. All this I’ve learned by trying it so many different ways. My long term goal is to teach for another 5 to 10 years, and while reducing my teaching hours, to increase my coaching time. I want more balance in my life. I’m going to enjoy the ride!
I’m a certified coach. I never quit my day job and am very responsible financially. But … i don’t have time and energy to coach.
So true, Andrea! I am deliberately creating a portfolio of services (and eventually products) to spread the risk for the time being. Coaching on its own won’t make me a living right now but I use a coaching style in everything I do – including the kids and wife who usually spot it coming! It’s a mindset thing.
Great point, and interesting comments.
My coaching business is going well and this has been an excellent year. Now I’m working on Andrea’s other four points!