Elevate Your Future through Financial Readiness

Loving what we do is fundamental to a fulfilling life. And although the desire to transition from corporate to coach can be strong for some, being astute and realistic about personal finances and how it will feel when the secure monthly paycheck is no more, requires flexibility and planning.

The journey from financial preparedness to success is a deeply personal one with uncertainties along the way. Forecasting how successful a new business will be initially is one of them - which is why many aspiring coach entrepreneurs seek guidance from a financial advisor at this stage. Important decisions such as choosing your tax status for a new business should not be underestimated - navigating details like this correctly will set you up for success when launching a coaching business.

Undoubtedly, collaborating with experts along your journey leads to smart planning - increasing the likelihood of a profitable first year for your coaching business. The key is to build a financial framework that offers a range of options, one with flexibility, keeping you focused on your goals while being adaptive enough to meet unseen challenges that arise, head-on.

But, before the planning - there must be exploration. You may find it possible to start building a coaching business alongside your current role, and if so, you will gain invaluable insight by doing this and maintain the security of employment. This won’t be an option for everyone looking to transition from corporate to coach, but thankfully exploration takes many forms. Leaning into resources by listening to podcasts, devouring books, and showing up for networking will guide you to uncover where opportunities lie. From there, you’re in the best position to intercept them and market yourself, an essential business skill for building and sustaining financial success as a coach entrepreneur.

Even still, transitioning from steady employment into entrepreneurship requires adjustment - a new rhythm and a changed perspective on income generation. Consistency of income only materialises as the client list grows and work becomes retained. Similarly, accepting a new lead time is important. As an executive coach solopreneur, you move through exploring options with a potential client, to managing the onboarding process, doing the actual coaching work, at times all before getting paid. There’s a lot of upfront investment and if you’re a company of one, every stage of the process will fall on your shoulders. Within this, there are key lessons to learn. Managing pricing structures effectively and identifying appropriate deposit schedules will help to maintain cash flow and secure long-term coaching business success.

Understanding your pricing structure is central to financial readiness, as is the capacity to sustain a variable income. The unpredictability of monthly earnings requires careful planning and collaboration, especially for executive coaching entrepreneurs with dependants. Strengthening your support system and taking time in the decision-making process are essential steps in navigating the challenges of entrepreneurship. The urge to go it alone is often fierce and can sometimes lead to quick decision-making - but the entrepreneurs that find themselves in the best position are those who collaborate with their partners to make sound, mutually-beneficial decisions.

And adjusting to a variable income often entails financial sacrifices. Trimming unnecessary expenses while retaining essential ones helps to build confidence and reassures entrepreneurs that business goals can be achieved without having to compromise their lifestyle. Nothing good comes without sacrifice, but it is also important to enjoy the journey, not only the destination, when building a coaching business. By embracing flexibility, meticulous planning, and seeking support when needed, you will navigate the challenges and uncertainties of entrepreneurship with confidence.

If you are still exploring entrepreneurship, the Elissa Kelly risk quiz serves as an initial step in understanding the four pillars of readiness. Alternatively, for those ready to take the leap, the structured Corporate to Coach program offers a roadmap for realizing your dreams.

Let's embark on this journey of strategizing success, together.