Do You Want To Quit Your Job And Coach Full Time?

Let me tell you a story. Years ago, when I was doing my coach training there was a woman who declared midway through one of our classes. “That’s it. I’ve quit my job, I want to be a full-time coach.” I heard her and thought “WOW! I want to do that too….but how can I when I have so many responsibilities?”. It was at that moment that the possibility of being completely self-employed planted itself in the back of my mind. And the desire kept growing and urging me to make it real.

Fast forward about 18 months and I did indeed quit my day job.  Which is one of the reasons I’m happily writing to you today 😊

Along the way, I’ve met many people who want to make the shift from employee to entrepreneur and finances are always one of the biggest stumbling blocks. Today let’s talk a little about how much you need to earn to be fully self-employed.

Let me start by saying, I’m not an accountant or a financial professional. So, this discussion is high level and I highly recommend that you speak with a qualified financial professional and take their advice.  However, there are some considerations you may not have thought of before.

First, think about your current salary. Many of my clients are mid-career, they are successful and they are earning good (sometimes great) money. They think they have to replace all of their income in order to be able to quit their day job.  Surprisingly, this may not be entirely true.

Did you know that some of your monthly costs may go up and many may go down when you become fully self-employed?

Here are five examples to get you thinking: 

1. Most people commute to work. Perhaps they spend between 45 – 90 minutes a day driving. If you work from home you could save a lot of money on gas and wear and tear on your vehicle.
2. Another example, how often do you eat lunch out? If it’s every day, the costs can easily mount. If you are self-employed you may find you only eat out half as much which can lead to a substantial savings.
3. What about your wardrobe? How would your wardrobe needs change if you didn’t go downtown to work every day?
4. Another consideration is childcare. If you’re self-employed you still need to take advantage of childcare to get work done, but perhaps there is a reduced need there too.
5. Finally, how often do you go shopping or out for dinner because you had a bad day at work? When you’re working in your own mission-driven business the additional money spent to soothe your stress can drop dramatically.

It makes you think, doesn’t it?

What are some of your biggest questions about quitting your nine to five job? If you’re feeling overwhelmed, schedule a complimentary Clarity Session with me HERE