In this video, I want to give you five tips to turn your hobby into a full time coaching
or consulting business.
Before we get started, I want to tell you about our brand new online masterclass.
If new coaching or consulting clients is what you want right now, this is the class for
you.
In this class, I'll show you the system that generates clients on demand for our clients
and how to get all the coaching or consulting clients you want right now.
I'm going to show you the simple marketing system we use to attract a consistent lead
of clients and cash flow for our business.
Simply go to coachingbusinesstraining.com sign up.
It's completely free and I can't wait to see you in the class.
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All about helping you go from passion to profits in your coaching business.
Let me ask you a few questions.
Do you feel like you've been working on your business for way too long and it's more of
a hobby or a side hustle?
Maybe you even have a full time job and that takes up the majority of your time and maybe
your business seems more like a dream and you're not quite sure what your purpose is.
You know, if that's the case, then you're not alone.
There are a lot of people out there who want to do work on their terms.
They're dreaming about having a coaching or consulting business, but they're not quite
sure how to go from a hobby to a full time business.
And if that's you, today I want to tell you about five steps, the five most important
things you need to consider and know about to go from hobby to full time coach or consultant.
Step number one is your profit check.
This step might be your most important step of all because that proves out your niche
and your selected target market.
Before you go into business full time, you want to do a considerable amount of market
research that includes qualitative interviews, quantitative surveys, really determining what
that need is in the market and how you can satisfy that need by coming up with products
and services for your target market.
You also want to look at the financial situation or the financial resources your target market
actually has and make sure the people you want to work with have the money to pay you.
It's also important for you to look at your competition and not just to see how you can
be different, but to see if people are actually making a profit in your chosen niche and if
you are able to find competition and people who are successfully working as coaches or
consultants in the market you're interested in, that's actually a good sign because that
means that people are buying services and selling services and there's money to be made.
The second step is to ensure you have sufficient financial resources.
Financial resources can be a problem for many people.
It's when you depend on a job and you can't leave that job because then you don't have
the income you need to sustain yourself.
It's when you don't have enough savings to live off off for a while until your business
becomes profitable.
So you're thinking, how can I invest in my business?
How can I support myself while I grow my business until I begin to make money and until I begin
to be profitable in my coaching or consulting business.
So in the beginning of your business, you want to look at financial resources including
credit, including loans, including borrowing money from friends and family, savings, investment
accounts, retirement funds, or other ways for you to invest in your business and help
yourself grow your business and buy yourself some time until you eventually become profitable
and you're fully sustaining yourself with your business.
Most of our clients, I would say 99% of our clients are investing in their business through
credit or personal savings.
Some of them are able to use income from their jobs or their careers, or they're borrowing
money from friends and family.
But regardless, you need to be able to invest in yourself and have money to support yourself
for a while until your business really takes off and you're able to reap the rewards later
on.
Step number three is to have a very clear vision.
One of the key things that's holding many people back from going full time in their
business is what I call fogginess.
It's fogginess of vision.
It's when you don't really know what you want and what your life is supposed to look like,
soefore you will have the commitment and the guts and the courage to say, I am going to
go into business full time, you need to have a clear vision and a goal in mind so that
you can build towards that.
So ask yourself, what do I want to build for myself?
How do I want to live?
Do I want to travel?
Do I want to work from home?
Do I want to serve people in a certain way?
What's the impact I'm going to make?
How much money would I like to earn?
All of these things are extremely important so that you can build this vision, this mind
map for yourself that you'll be working towards as you go from hobby to full time coach or
consultant.
Step number four is supporting yourself.
What do I mean by supporting yourself?
Well, it's about all the different ways you need to be supported as you go from hobby
to full time business owner.
Think about your children.
For example, maybe you're a mom or your dad and your children might be small and they
need you.
How can you get support to get some of that time back to make sure your children aren't
neglected when you work on your business, when you take time for your business, when
you go from a hobby to a full time business.
In the beginning when my boys were little, I hired a nanny, I had a babysitter come over.
I had my family help me and watch them once in a while and those are all important things
because you don't want to neglect your children, your relationships, and your family as you
go full time in business.
Also think about things like cleaning, things like cooking, who will make dinner, who will
clean the house.
Those things might seem like they're luxuries or they're not important, but they truly are.
As you go from hobby to full time business, you may have less time to dedicate to cleaning
your house, to making dinner, but you don't want those things to suffer, right?
When I went from part time to go full time in my business, I remember hiring two types
of support staff.
We hired a chef to make delicious dinners and delicious meals for our family.
We also hired a cleaning team to make sure our house was cleaned and tidy and neat at
least once a week.
So think about those little things that take your time and how you can outsource them to
people who would love to take them off your plate.
The next thing you want to look at is your personal support from friends and family,
because you will go through some things that are that are tough, right?
You will be working long hours some days, you'll be facing challenges.
You might be doubting yourself and having a really strong support system in your personal
life is really important as you go full time in your business.
And lastly, don't forget to hire a mentor or a coach.
In the beginning of my careers many, many years ago, I thought I could do it all myself.
I thought, I will not hire anybody.
I will try to make money before I hire a coach or a consultant to help me, and that was one
of the biggest mistakes I've made because I had to work for over a year and a half without
making any money because I was experimenting, I was making mistakes, I was doubting myself
and I was unable to go from hobby to full time until I hired a coach.
So do yourself a favor.
Get the support you need.
There are things you simply don't know.
Hire the experts.
Find somebody that really understands where you want to go.
Hire somebody you feel really cares about you, and then let them guide you to success.
Step number five is making a plan.
I can't tell you how many business owners do not have a plan and you should have at
least a 12 month plan for your business.
In this plan, you need to think about your target market and who you're serving.
You need to detail your offerings, your programs and services.
You need to include a financial projection, a budget, and also think about how much you
want to sell and how you're going to market your services and sell them to your ideal
clients.
So you talk about your ideal client, your programs and services, your marketing plan,
your financials, and also the sales plan at a minimum in your 12 month plan.
I also have something really special for you today.
It's our sample business plan for coaches and consultants.
In this plan, I'll walk you through everything you need to plan for and think about as you
build out your full time business plan for your coaching or consulting business.
We'll talk about your ideal client, your offerings, your prices, your marketing plan, how to sell
your services, and so much more.
So go ahead, click on the link in the description below and download your plan right now.
As always, I would love to hear from you.
If you are stuck in a hobby situation where you're not sure how to bring your business
full time, let me know below in the comments.
Let's talk about your biggest challenges and let me help you get closer to your goals.
As always, stay focused on your goals and your dreams because you are meant to go out
there and make a difference and bring your passions to the world.
If this episode served you, give me a like, share it with your friends.
Don't forget to subscribe to our channel and then come back next week.
Thank you so much for watching and I'll see you soon.
Take care.
Do you want to know the simple marketing system our clients are using to grow their coaching
or consulting business and enroll consistent clients?
Then join me for a free one hour training where I reveal to you how to create a predictable
stream of clients in just three simple steps.
To register right now, go to coachingbusinesstraining.com.
Let me ask you a couple of questions.
Do you feel like you're running your hobby?
You're running your hobby?
Do you feel like you've been working on your business for a while, but it's more of a hobby
or a side hustle?
All you need to do is click on the link in the description right now, download your plan
and get started filling it out and get started and get to do, what the hell are we doing?
Download the friggin plan and fill it out!