THE PART-TIME/ FULL-TIME CONUNDRUM

The Situation:

“I have been undergoing coach training for a couple
of years now, intending to eventually become a full-time coach. However, now I’m torn. I do have a full-time job and I’m reluctant to give up my regular paycheck, yet I know that to really build my coaching practice I will need to focus my efforts. Is it feasible to become a coach part-time and hold onto my job? When do you know you’re ready to leave a paycheck and become a full-time coach?”

The coaching profession can be highly rewarding, both personally and financially — especially for those passionate about helping others achieve their goals. It’s a booming industry, with its worth in the US alone estimated to be more than $2 billion, according to the International Coaching Federation.

This surge demonstrates the immense potential and demand for various coaching services, such as life coaching, executive coaching, and an array of specialized coaching. If you have the right skills and attributes to become a coach, there is a lot of scope for success in this profession.

However, establishing oneself in this industry is challenging. Becoming a certified coach involves considerable investments of time, effort, and money. Building a robust network of clients, creating a reputation for excellent service, and upholding high ethical standards are all part of the journey. You learn to articulate your value, and marketing and networking events become your consistent go-to’s.

The transition can be incredibly daunting for those used to receiving a steady paycheck. This leap of faith often requires significant guts, confidence and financial reserves. While it’s possible to begin coaching part-time, this approach also requires sacrifices. After all, time is a finite resource, and coaching will inevitably compete with other responsibilities in life. Remember, you have to give up to go up. Do you have time to build a practice? Consider the current demands of your life. Are you in a relationship? Have children? Other personal responsibilities?

Planning is critical when considering such a career change. Define a timeline for the transition, whether to part-time or full-time coaching and meticulously plan your financial reserves. Building a profitable coaching business often takes longer than anticipated, so factor this into your budgeting.

Having switched to full-time coaching in 2003, I’ve experienced these challenges firsthand. While working in an executive position, I got certified but gathered the financial reserves to make the switch and set a year timeline to quit and begin coaching. I’ve never looked back. It is a leap, but mostly, it’s work.
By deciding on your focus, knowing there will be moments of self-doubt and many nos, you then begin to get clients! Despite the hurdles, I’ve achieved goals I never thought possible and experienced the rewarding world of entrepreneurship.

Whichever route you choose, whether part-time or full-time, create a plan, execute it, build your financial reserves, and make a difference in the world as a coach!