How do you actually go on to have a lifestyle of your dreams, to sleep when you want to get up, earn what you want to earn, travel when you want to travel, do what you want to do, live your dreams the way you want to live your dreams all while making a difference in the world, changing people's lives in undoubtedly the most fulfilling occupation on planet Earth?
How do you make that transition? What is the actual process behind the whole thing?
What we've found over all the years we've been doing this (we've been running this company now for just over eight and a half years & I've been coaching for over 11 and a half years). During that time, I've found that most successful coaches out there have chosen one of five different ways to kiss their day job goodbye, and go on to be either a part time or a full time coach.
Either way, they're out there making a difference and changing people's lives.
Let's go through each one of these and find out which one resonates with you, because each one of these has to be met or matched up against what we call your Risk Tolerance Profile:
Risk Tolerance Profile
Every human being out there has a Risk Tolerance Profile. What a Risk Tolerance Profile allows you to do is work out exactly how much risk you can handle at any given time before the stress of that risk becomes too much and causes what we call distress inside the system.
Let's have a look at what your Risk Tolerance Profile is going to allow you to do out of these five things:
1. The Dreamer
The first one you can actually do is become what we call “The Dreamer.”
The Dreamer is the person who dreams of being a coach, dreams of going out there and changing people's lives. They're in the phase where they don't want to leave their job in any way, shape, or form.
So what they do is, they go to work Monday to Friday, 9 to 5, in a job that they really don't love, and they look out the window and daydream about being a coach.
You may think that this may be a complete waste of time, but the fact is, it isn't. Because inside your mind, if you imagine yourself coaching, if you think about it all the time, if you feel the feelings and really engage with that - the cool thing about your mind is it cannot tell the difference between what is real and what is imagined. So the more you imagine being a coach, eventually the mind will be convinced that you're actually a coach, and it'll start to take actions in accordance with that belief.
So The Dreamer is the first one. That where you just work your job 9 to 5, Monday to Friday, but every day you allocate a little bit of time for daydreaming, daydreaming about what it feels like to change people's lives, daydreaming about getting on the telephone or meeting people face to face or traveling around the world and actually having an impact.
2. Part-Time Lover
The second one that people look at is what we call a “Part-Time Lover.”
A Part-Time Lover is somebody who actually goes out and goes part-time in their job. What does that mean? It means you go up and have a chat to your boss, and say, "What I would like to do is work part-time." The Part-Time Lover is somebody who might work Monday to Wednesday in their job, and Thursday, Friday they work on their coaching business.
My business partner Cham Tang actually took that option when we first started Authentic Education. He was working full-time for another events company at the time, and we actually had come to an agreement where he went and spoke with his boss and asked for a couple of days off a week.
The beautiful thing about being a Part-Time Lover is it allows you to have a lot of structure. What I mean by that is when you're working Monday to Wednesday in your job, and you've got two consecutive days off each week to dedicate to your coaching career, chances are you're going to start to build up some significant momentum.
So Part-Time Lover is something that you might like to do. What does it mean, though?
It means you're going to have slightly less income coming through in the early stages, but you'll have far more structure to dedicate to your coaching practice.
If you happen to have Thursday and Friday available, or you might get Mondays and Tuesdays off in your job, the beautiful thing about that is you actually end up getting four days straight, which means you do have to work over weekends if you want to, but you get four days a week with nothing but dedicated focus.
The craziest thing, I think, would be to take off Tuesday and Wednesday, because it just doesn't allow for as much momentum as you would like, because the more consecutive days you can do in a row, the faster you're going to grow your coaching business.
3. Stepping Stone
The next one is what we call the “Stepping Stone”, or getting a Stepping Stone career.
A Stepping Stone is where you've realised, "Look, if I want to be a great coach, there are certain things I need to know. Like I need to know how to manage multiple accounts. I need to know how to manage different people's lives. I need to know how to make sales. I need to know how to do marketing. I need to learn the skills of communication on the telephone and so on."
So you might realise that one of the things you want to get better at is communicating on the telephone. So what you decide to do is look through the newspaper, and look for part-time jobs in call centres.
A Stepping Stone job where inside that call centre, you'll develop the skill of communication via the telephone.
You develop the skill of communicating with a variety of different people, and in doing that, you'll actually build up a skill that is essential to the overall development of a highly successful coaching business. So, a Stepping Stone is one of the ways of doing it.
4. All Or Nothing
The next way you can actually do it is what we call the “All Or Nothing”.
The All Or Nothing is pretty much something that I actually did. The All Or Nothing is the thing that I did because my risk tolerance profile is quite high. The All Or Nothing simply looks like this: You basically go into work, and you say: "Hey, just want to let you know, don't really like working here, haven't really loved it. It's been a great part of my life. It's been a very enjoyable experience for me. But I have to tell you, this is not my passion. This is not what I love doing. This is not what I was born to do, so I'd like to resign. Thank you very much."
When you resign from your career, that is an All Or Nothing move. The All Or Nothing move means you have no other options. You have to make it work. You burnt all of your bridges. Now the All Or Nothing move does require a little bit of cashflow saved away. What you might want to do is put away a little bit of savings, and you work out what your minimum living expenses are.
Now I knew that when I did the All Or Nothing maneuver, I could live off about $35,000 a year. That is the absolute minimum of my living expenses. So what I actually did before I quit my job, I took out a loan, a personal loan for $44,000 from Westpac Bank. And I remember it to this day. I called them up, I was working recruitment at the time, and I was on a salary of $120,000 a year with on-target earnings of $200,000. So I'd been working in recruitment, earning a pretty good income.
So when I went to call up Westpac and ask for a personal loan, because of my income, they actually, wait for this, they approved the loan without me even explaining what I wanted to spend the money on.
They actually gave me a pre-approval over the telephone. I didn't even know that was possible. I could just ring up and ask for $44,000, which was the maximum they let me get pre-approved over the phone, and just give me the money.
So two weeks later, I had $44,000 sitting in my bank account, and I felt that that was enough to burn all of my bridges, quit my job, and go for it.
The bad thing is, back 11 and a half years ago, I was terrible at managing finances. I was terrible at managing my money. And I managed to spend all of the $44,000 in about three months, because I just didn't know what to do with such a windfall of money, terrible wealth imprint, and I spent all the money.
I was pretty much back to square one within three months at zero, and going backwards. Plus I had a massive debt, $137,000 worth of debt. So I wasn't in a good position at all. But what I did work out was that for me, that was the best way for me to succeed. That was the All Or Nothing approach that I took that allowed me to really get in there and make it happen.
This is one of the things that you can actually do where you allow yourself to go through the process of quitting everything and just going for it. There are kind of the different ways you can actually operate within and have an understanding of what it is that you want to do moving forward.
5. Safety First
There is one other way that people operate off. It's not the All Or Nothing, it's not The Dreamer, it's not the Stepping Stone one, it's not the Part-Time Lover.
This one is “Safety First” - basically where you allow yourself to get the hours into play that you can fit. So you work on the weekends, you work in the evenings, you work whenever you can fit it around what you're doing.
You keep your full-time career, but you begin working on your occupation, like moonlighting.
So you keep your full-time job, everything stays the same, but you combine a little bit of the Part-Time Lover, a little bit of All Or Nothing, a little bit of The Dreamer, a little bit of this, little bit of that. You combine it all together, so you keep your day job, but you start working the evenings and on weekends.
And as you start to build up enough of an income to replace your actual minimum living expenses, slowly you can look at choosing one or the other options, like the Part-Time Lover, like the All Or Nothing, like the Stepping Stone, and so on.
One of the last ways you can do it is keep your job exactly as it is, but work every single spare hour you have, in the evenings, in the mornings, on the weekends, and just make it happen.
Bonus Webinar Recording
If you'd like to find out more, we have a webinar recording made by Cham called "5 Ways To Quit Your Job & Do What You Love." You can check it out here.
Read more about: Coaching