I Want To Quit My Job Part 1 Ep-048


 

I Want To Quit My Job Part 1; Episode 48

Hi there and welcome to this episode of She Coaches Coaches.

Hey, I’m so glad you’re here. Today is the first of two back-to-back episodes about how to quit your job and be a full-time coach.

Before we dive in, I’ve got to tell you we are having a heat wave! Now if you can hear my fan in the background I ‘m sorry but otherwise I’m melting.  For those of you who live in warmer climates you’ll probably laugh when I tell you it’s been 46.1 Celsius, (for those of you in the US that’s 115 degrees Fahrenheit) – but for us here in Vancouver Canada area that is an all-time heat record and it’s lasted a few days too. There has been a traffic jam around the shopping mall because that’s one of the only places many of us have access to air conditioning!

I wanted to do these 2 episodes on this one theme “I’ want to quit my job” and I wanted to do it for a reason. It’s because so many of the coaches I speak with say this to me.  And if they’re saying, that means you’re probably thinking it too.

But I think it’s also part of a growing trend, we’re coming out of the covid pandemic, and many are questioning if they want to stay in their current job, for many they realized there’s more to life than commuting, working long days and then another long commute home only to spend time doing even more work once the kids have gone to bed or on Sunday morning before everyone is up.

 We’ve all had a look at our priorities and looked closely at how we used to live when times were “normal” and question what we want to change. What do you want to get rid of? What do you want to keep? What needs to change?

For those of you who aren’t coaches, this episode will help you too.

Let me tell you how I’m going to organize these back-to-back episodes. 

I’m splitting it into two sections.

Today we’re going to talk about why…why do you want to quit and why do you want to do something different. And then I’ll describe some of the logistics, the organizing, planning and money considerations.

Then in next week’s episode, we’re going to talk more about your thoughts and feelings and how life really changes when you quit your job to become a coach or entrepreneur and what to do about it.

So today is part one. All about practicalities. 

I’m curious though before we get into the practicalities, why do you want to quit your job and coach full time? 

Pause the audio and answer this in detail.

If the answer is “because I hate my boss” I’d recommend you get some coaching on this. Maybe there’s something you can do to improve your satisfaction at work short of quitting to escape. 

Becoming self employed because you hate your job, or your boss may backfire. It takes time, energy, and work to become a full-time coach. 

It’s definitely not all unicorns and daisies, but we’ll talk more about that next week.

Once you understand why you want to quit, you’re ready to begin the process.

Notice I say process – because you don’t just decide and then quit! 

It’s a process, and you will do well to not rush.

If you’re used to organizing or project management, excellent. You’ve got just the skills to make it easier. 

These are the five steps I see:

1 Decide you want to quit your job.

2 Commit to making it happen.

3 Work towards the goal.

4 Making the transition.

5 Your new normal. 

We get impatient and we think “I want to be a full-time coach and quit my job – we want to hop from #1 decide to quit to # 5 your new normal with no transition.

Planning, executing will help make this a much more successful transition. 

When you rush, you’re going to probably end up stressed, tight on cash, feeling anxious and even struggling with feast and famine in your income.

Let’s talk about each of these steps individually. 

1. Decide you want to quit your job.

Everything starts with a decision. Only you can decide that you want to quit and that you’re ready to be self employed.

Before you decide, know what you’re actually deciding.

Yes, you get to coach full time – which is amazing, wonderful, and fulfilling. And I can’t think of anything better.


But you can easily keep working at your day job and coach 3 – 5 people when you’re off on weekends or evenings.

And this hybrid is a wonderful way to start. You’re coaching, becoming an even better coach, helping people and you’re making some extra money too.

Whereas full-time self employment means:

  • -no sick pay
  • -no paid vacation
  • -no paid leave (if you don’t work or your business isn’t generating money you don’t get paid)

So, consider having (or creating) an emergency fund.

  • -no benefits – medical dental and extended health coverage.

 You can choose to buy a benefit package where you pay monthly premiums. But if you haven’t thought of this before, you’re not alone. It’s easy to forget some of these practical aspects.

  • -no additional support. For example, there’s no janitor to clean the toilet, no IT department that fixes your computer etc. – it’s all you. 

Deciding you want to quit also means you will decide on your timeline. You don’t need to tell anyone at work until you are much closer to the day. 

Give yourself plenty of time to fill your calendar with clients so you are leaving your job and walking into a functioning business ready to make as much money as you desire and have the freedom to choose your own hours too. 

2. Commit to making it happen. 

First you decide, then you commit.

Commit means make a plan and then follow through. You’ve decided on a timeline, now what are the steps you need to do to make it happen?

I always recommend starting with a list. Here are some ideas to get you brainstorming your plan…. 

  • How many clients would you like to have before you quit? (5, 10, 20?)
  • How much money do you need saved up for a rainy day?
  • How much do you want to earn?

Do you want to replace your income entirely, create significant sustainable wealth, earn part time and supplement semi /early retirement/stay at home? Do you have a partner and shared income or are you independent?

Finally, do your math – make sure the number of clients multiplied by your coaching rate actually creates the revenue you want. For example, 20 clients at $100 per hour for 11 months working of the year is the equivalent of $96,000 and that’s before you pay any business expenses or taxes. Is that enough? Is that more than enough? How does it fit your life?

  • What resources do you already have? (maybe you’ve already got all the equipment and a home office ready to go)
  • Who’s there for you, supports you when you need a cheerleader? (both friends, peers, family)
  • What supplies do you need? (a computer, headset, mic)
  • What do you need to learn?
  • What will you no longer need? (maybe your commuting costs will be less)
  • What do you need to do? (what are all the steps you can think of?)
  • What other changes might you need to make in your life. (Maybe you don’t need as much childcare?)
  • Make a business budget – how much will your business cost to run?
  • Make and review your personal budget. How much do you need each month to pay your bills, taxes, etc.?
  • When will you work? What days of the week, hours do you imagine will be best for you and your lifestyle?
  • Where will you save time? (no commute)
  • Where will you work? Do you want a separate office in a co-working space? Or do you want to spend time in a sunny climate living/working/enjoying life from an Airbnb?

Once you’ve created your list, add dates to each item. 

And by dates, I mean, how long will it take, when do you need to have it done by?

What must be done before you can give notice to your work?

When do you need to have the 5 clients? When do you need to have a home office set up?

As new ideas pop into your head, add them to your list.  In some cases, you may be making your best guess…and you don’t really know. That’s ok, capture everything and do your best…you can always adjust as time goes on.

This step of planning and the next of actually making the goal a reality takes time, effort, energy, commitment and motivation.  Let me tell you it’s worth it…It will make your new time as an entrepreneur so much more success-filled and less stressful!

3. Work towards the goal.

Ok you’ve got your list of items to accomplish – now go do them.  Keep an eye on where you might be falling behind or where things are moving faster than expected. Notice the items you keep postponing or procrastinating about.

Having your own coach and doing self coaching will be a huge help. You’ve never done this before,

Did you discover some things are really not that important?  And you don’t need to worry about them. Great, your transition just got easier. 

The most important thing is booking clients, creating money, serving your clients and self care.  Learning how to create demand, create an offer that your clients want.  If you’re not sure how exactly to do that, this is exactly what I work on with my clients. 

Be honest with yourself, how many clients do you need to make the income you desire. Of course, some things will work themselves out, but having income is very important. 

If you are short on clients and your income is tight, suddenly being your own boss can become a whole lot more stressful. 

4. Making the transition. 

Your list is just about done…. now it’s time for you to give your notice at work and tell them you’re leaving! 

Now that you’re this far down the path is there an option to phase out slowly (that you would like) or are you better to make a clean break?

If you would really prefer a slower transition, that’s perfect. Better to know now than after you’re done at your job. Create a proposal and show some options to your company, make sure it’s well thought out, with an exit plan and clearly showing how it benefits them (and of course is good for you) 

If it’s time for a clean break, write your resignation letter and submit it.

Only you will know which option is best for you. 

You may find this step takes a dose of courage. It’s a time you’ve been dreaming of and working towards…. but still, it’s a big change.

You're almost there 

5. Your new normal.

Ok here you are! You reached your goal, you decided, committed, planned, implemented. You’ve done it all and the transition is complete. 

Now it’s time to create a new normal.

A wonderful way to transition from day job to full time coach is to have a celebration vacation scheduled. Take some time off before you jump fully into your new life. 

What does this new normal look like for you? Well, you would have made some decisions, and had some ideas back when you were creating your plan.

It is a completely different life being a coach and as I’ve said I think it one of the best career choices I ever made.

Now, you may find there’s times when you feel adrift…that’s normal, you don’t have the schedule some else made for you, it’s your turn to make your own schedule. You may also find you feel alone – intentionally create new friendships and partnerships that fit with your new life.

Don’t become so consumed with being a full-time coach that you forget all the other things you love to do and have them go through the wayside.

For this last step, as you create your new normal there are 4 things to do and 1 thing not to do.

Do – set and achieve goals. Keep building and growing and enjoying this new business you’ve created.

Do - Create and nurture new friendships and partnerships.

Do - Create a new schedule that suits you and your life.

Do – Work with a coach. Coaches are human and coaching makes our lives so much better. Coaching will help you decide what you want next and support you to get there and have more fun along the way.

And now the don’t - Don’t become so obsessed with your coaching business that you forget about all the other parts of your life.

I’ve covered a lot of ground today in this episode the practical approach to quitting your job to become a coach.   

There are five steps in the process – they are.

1 Decide you want to quit your job.

2 Commit to making it happen.

3 Work towards the goal.

4 Making the transition.

5 Your new normal.

And we’ve touched on all of them. 

Hey, I so appreciate that you’re here and that you’re part of my community.

Now, if you want more help in becoming a coach, creating your first clients, making that leap and quitting your day job or you just need some help managing your mind, overcoming overwhelm, self doubt and procrastination,

That’s exactly what I help my clients with. Check out the link in the episode notes to find out how to apply to work with me.

Alright, that’s it for today. I’m so appreciative that you spent this time with me.

I’ll be back to talk with you next week.

 

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