We’re going to talk about five great ways on how to leave your day job and create a rewarding life coach career for yourself.
So how do you actually go on to have a lifestyle of your dreams? How do you create a lifestyle where you sleep and get up when you want, 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 by 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 that we've been doing this is that most successful coaches out there have chosen one of these five different ways to kiss their day job goodbye and go on to be either a part-time or a full-time life coach.
Either way, they're out there making a difference and changing people's lives for the better.
Let's go through each one of these ways on how you can transition to a life coach career and find out which one resonates with you.
Each one of these approaches has to be matched up against what we call your Risk Tolerance Profile.
Risk Tolerance Profile
Every human being out there has a Risk Tolerance Profile. What it 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 strategies:
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 life coach, a business coach or a career coach. They dream 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 their 9-5 job which they don’t really love, and they look out the window and daydream about being a life coach, a business coach, a career coach or any other type of coach.
While you might think that this might be a complete waste of time, the fact is, it isn't.
This is because inside your mind, when you imagine yourself coaching, if you think about it all the time, if you feel the feelings and really engage with those feelings, your mind will be convinced that you’re actually a coach, and it will start to take actions in accordance with that belief.
The mind cannot tell the difference between what is real and what is imagined.
So the more you imagine yourself being a life coach, a business coach or a career coach, the more it will become a reality.
2. Part-Time Lover
The second method that people did to have a life coach career is what we call the “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 and have a chat with 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 regular job, and during Thursdays and Fridays, 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, 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?
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 and mentoring practice or studying a life coaching course.
If you happen to get Thursday and Friday off available at your job, or Mondays and Tuesdays, you actually end up getting four days straight a week with nothing but dedicated focus.
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.
The Stepping Stone is where you've realised that if you want to be a great coach, there are certain skill sets that you need to know.
For example, you need to know how to manage multiple accounts, how to manage different people's lives, how to make sales, how to do marketing, how to learn the skills of effective communication and so on.
So, you might realise that one of the things that you want to get better at is communicating over the telephone. Therefore, you might start looking for part-time jobs in call centres which is great for learning that skill.
You’re building up a specific skill that is essential to the overall development of a highly successful coaching and mentoring business.
4. All Or Nothing
The All Or Nothing strategy is pretty much something that I actually did. I did it because my risk tolerance profile is quite high.
The All Or Nothing simply looks like this: You basically go into work and 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. I worked mine out to about $35,000 a year. That is the absolute minimum of my living expenses.
What I actually did before I quit my job was 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.
When I went to call up Westpac and ask for a personal loan, they actually approved the loan without me even explaining what I wanted to spend the money on because of my income.
They actually gave me a pre-approval over the telephone. I didn't even know that it was possible to just ring up and ask for $44,000! It was the maximum they let me get pre-approved over the phone.
Two weeks later, I had $44,000 sitting in my bank account, which I felt 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. I managed to spend all of the $44,000 in about three months.
I just didn't know what to do with such a windfall of money! I had a 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. I wasn't in a good position at all.
However, what I did work out was that the All Or Nothing approach was the best method for me to succeed. It allowed me to really get in there and make my life coach career happen.
5. Safety First
Another great way to transition into a life coach career is the “Safety First” approach.
This is where you get to keep your day job then work on your business outside office hours. This means that you work on the weekends, you work in the evenings, you work whenever you can fit it around your day job.
You combine a little bit of the Part-Time Lover, a little bit of the All Or Nothing, a little bit of The Dreamer, a little bit of this, a little bit of that. So you keep your day job, but you start working the evenings and on weekends, and just make it happen.
Life Coach Career Bonus Webinar Recording
If you'd like to find out more, we have a webinar recording made by Cham that you can check out here - "5 Ways To Quit Your Job & Do What You Love".
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