BEFORE YOU GO SOLO
There are a number questions about you and your business that you should answer before you take that leap into the unknown.
Why do you want to be a self-employed coach? Are you moving away from something or towards a long cherished goal?
Whatever your reasons for wanting to go solo give very careful consideration to how serious you are about it. Is it a way of escaping an unhappy job or something to do between redundancy and finding a ‘real job’. Do you see an independent coaching consultancy as an interim step or a new career?
Do you have enough money or the means of making enough to finance your business and sustain your lifestyle while growing your business?
It’s great if you land a big contract to start your new business but you should begin looking around for the next assignment well before work on the first one is completed. My first deal was a sizeable piece of work that gave me an income while I worked at expanding my client base. Even though the original client continued to ask for more I was concerned about relying on them too much. My concerns were confirmed when their US parent went bust and the UK operation was put into administration. Fortunately I had two other small pieces of work that gave me some income but I had to draw on savings when this lean period extended over almost four months.
Are your significant others supportive of your entrepreneurial ambitions? Will they lend a hand when necessary?
The support of the important people in your lives is crucial when you go solo. You need their encouragement when things go wrong or when you experience self-doubt. You need their help when tasks threaten to overwhelm you. My husband and daughters have typed, stuffed envelopes, put together workbooks, and acted as the telesales team whenever necessary – I would not have achieved half as much as I have without their willing hearts and hands.
There are a number questions about you and your business that you should answer before you take that leap into the unknown.
Why do you want to be a self-employed coach? Are you moving away from something or towards a long cherished goal?
Whatever your reasons for wanting to go solo give very careful consideration to how serious you are about it. Is it a way of escaping an unhappy job or something to do between redundancy and finding a ‘real job’. Do you see an independent coaching consultancy as an interim step or a new career?
Do you have enough money or the means of making enough to finance your business and sustain your lifestyle while growing your business?
It’s great if you land a big contract to start your new business but you should begin looking around for the next assignment well before work on the first one is completed. My first deal was a sizeable piece of work that gave me an income while I worked at expanding my client base. Even though the original client continued to ask for more I was concerned about relying on them too much. My concerns were confirmed when their US parent went bust and the UK operation was put into administration. Fortunately I had two other small pieces of work that gave me some income but I had to draw on savings when this lean period extended over almost four months.
Are your significant others supportive of your entrepreneurial ambitions? Will they lend a hand when necessary?
The support of the important people in your lives is crucial when you go solo. You need their encouragement when things go wrong or when you experience self-doubt. You need their help when tasks threaten to overwhelm you. My husband and daughters have typed, stuffed envelopes, put together workbooks, and acted as the telesales team whenever necessary – I would not have achieved half as much as I have without their willing hearts and hands.
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