Becoming a life coach is no easy job. Becoming an entrepreneur is tough as well. Becoming an entrepreneur in the realm of coaching? Now that has its own set of challenges. But also, it has its own set of advantages. Many people wonder can you make money in life coaching and the answer is yes, whether as a full time coach, a side-hustle or by using coaching skills in your current role or finding a new one. But there's more to it in terms of being your own boss as coach. Success in this field comes in a variety of ways. It requires a lot of balance. It demands a lot of time. But at the end of the day, it’s all about what can coaching do for you as well as for your clients -- understanding the pros and cons and knowing how to balance it all.
Pro: Flexibility has your name on it
YES to flexibility! And this is perhaps the most favorite advantage of those who are their own bosses. You have the flexibility to choose your own schedule, set your own financial goals and adjust them as you need or want, basically flexibility in everything. If you’re wondering what are the benefits of being a coach, this one tops the list. You can set your own schedule, work while on a road trip, work late at night or early in the morning -- there’s many options and flexibility looks different for everyone.
Pro: You get to do things as you dream it
Another advantage is that you can do things as you dream it. You are your own boss so of course, you can do whatever the heck you want to do. You can pivot your business however you want. You get to decide which clients to work with, and how you’ll do it. You get to make decisions about scheduling, timing, and every detail of your own business. It’s interesting putting theories into practice, and it’s all part of the great experiment of being your own boss.
Pro: You don’t have to consult or answer to anyone
A lot of people wonder why do we need coaching, and part of the answer to that is so we can have someone to consult and help us co-create the future that we desire. Now if you are your own boss, most definitely you will need someone to consult and ask advice from. The only difference is, you are still the final say. You don't have to explain or answer to anyone. If you’ve made a decision, you can follow through and push through to make things happen. No need to layout your plan and make a case and convince someone. And doesn’t this sound great?
Con: You have to keep hustling
Hustling is good. But too much hustling? It can be tiring. When building your coaching business, unfortunately you have to hustle hard, making connections, putting out content and meeting people where they’re at in life. You can expect to work more than anyone else because this is your business. If you hired someone to help you out, you really cannot expect that someone to work and hustle as hard as you since your business is yours!
Con: It can feel like you’re walking on a tightrope called uncertainty
Building a coaching business can be full of uncertainty. It’s hard to build a business from the ground up, hard to determine your niche and it requires a lot of resiliency, grit and consistency. There’s no such thing as an overnight success. While your path will become more clear as time goes on, there’ll be a lot of uncertainty in the initial stages and you should be ready to weather that storm.
Con: It can be financially stressful
When starting any business, it can be very financially stressful if you’re expecting to make a lot of money right away. Even if you have a huge cash pool or savings, if you’re planning on going at it full time you’ll need to budget carefully, plan for emergencies and so on. We recommend starting slowly and easing into it. Many of our coaches have worked a fulltime or parttime job as they built up their coaching clientele.
Balancing tip #1: Breathe. Acknowledge the good and the bad.
As coaches, we should be better at this skill! It’s healthy to keep reminding yourself the only way to be able to successfully become a good boss to yourself is when you acknowledge the good and the bad of it. And you allow yourself to breathe. Trust that you can do this, and that there will be high points and low points, but that you’ll keep going.
Balancing tip #2: Step away when needed
Stepping away is another pro tip we want to highlight. Building a business is hard, and stepping away is a lot harder than you might think. Because we often feel like we should always ‘be there.’ But come to think of it, how can you be there and be present for your business and your clients when you feel terrible and haven’t taken a break or taken care of yourself? What can coaching do for you or for your clients then? You can most definitely build the business of your dreams, but in order to get there, you need to learn when to pause and step away and give time to yourself to recharge.
Balancing tip #3: Ask help when you know you need to.
Let’s be honest, being your own boss as a coach is not easy. It’s fun and challenging and exciting, sure, but it has its tough, difficult days. So if you feel like you need to delegate some tasks, ask for help, hire a VA, get a friend on the phone for advice. Find a coaching community where you can be yourself and lean on the support of others. Allowing yourself to be humble enough to acknowledge you cannot do it all is, believe it or not, one of the best things you can do to yourself as a coach and an entrepreneur. Live authentically and connect with people who can come alongside and cheer you on as you build your business!
Ready to join a community that will push you to do your best, and be there when the going gets tough? If you're ready to learn more about how to become a life coach, take a look at The Catalyst Life Coaching Intensive. Unlock the power of your story and maka bigger impact on the world around you, as a coach. Vibrant community. Evidence-based life coach training. Lifetime support.