If you have a coaching side-hustle that seems to be going well, the thought of turning it into a ‘main-hustle’ may pass through your mind, at some point. At the same time, you may wonder whether this would be a viable option for you, or not.
Well, that’s why we’re here, to clear things up for you! So, κeep reading, to discover how to take your side coaching up a notch.
Do you really want to turn your coaching side-hustle into your day job?
Answering this question — with your hand on your heart — is where you start this journey, dear side-hustler. Mind you, a lukewarm response, like ‘yeah, coaching is alright’ won’t do. You must really want to throw yourself into coaching. You must be excited at the thought of coaching full-time; and, not to mention, passionate — obsessed even — with coaching. Only then should you consider making such a big change in your life. Unless you count down every minute until your next coaching session, it might be best to leave it as a side-hustle.
Be conscious of the reasons why; Do you care more about your coaching side-hustle?
You may have started coaching as a side-hustle to earn some extra cash, and that’s great. Taking it full-time, however, will require a lot more planning to make it work. That’s why it’s important to be conscious of your intention to build your coaching side gig into something more. Ask yourself, “Why do I want to press on with coaching full-time?”. Αnother important question that will help you make up your mind is “Do I care more about my coaching side-hustle than my full-time job?”. If that’s the case, you are, indeed, ready for the big step!
Draft a plan and see if it suits you
After answering all the important questions, creating a draft business plan is the next step in preparing to go full-time with your coaching side job. In your draft, you should outline all your business goals and how you can achieve them. Apart from the goals that concern coaching itself, you should also include here other aspects of your business, like:
- branding,
- marketing,
- social media,
- sales,
- financing, etc.
Understand your clientele
The clients lie at the center of any successful business. So, if you want to become a coach who can really connect with clients, first, you should be able to understand them. Doing some market research to find out who your clients are — also, what problems they face, and what their needs are — is where you start. Then, you should find ways to help them solve their problems and cover their needs.
Set your goals and opt to start small
After understanding your clientele, take time to set goals for your soon-to-be full-time coaching business. Keep these goals as simple and small as possible — but actionable — including both short-term and long-term goals. Write them down, in detail, and review them regularly to track your progress; and, of course, adjust them if necessary.
Run the numbers before you decide
Before turning your coaching side-hustle into a full-time career, you must run the numbers — and, then, again. That’s the only way to make sure your future business will bring enough revenue to — at least — cover your expenses. Knowing and understanding your business numbers will help you prepare the ground for scaling — and making other important business decisions — when the time comes.
Identify your assets and key selling points, and monetize them
Keeping track of your assets — and, key selling points, too — is crucial for your business. Your assets are sources (or resources) of value that are essential for your business operations. As a moonlighter coach, you probably have many intangible assets, such as:
- your knowledge (coming from both your education and coaching experience),
- processes and methods,
- brand value,
- collaborations, etc.
Now that we gave you an idea, can you identify your key assets? You must, if you are to monetize them. What does ’monetize’ mean? In layman’s terms, monetization is making money out of an unexploited (financially) asset by selling or leasing it.
Outsource what you can’t do
When you start your full-time coaching business, you’ll soon realize that you have a lot on your plate. Every single task will fall on you, but you can’t juggle everything on your own. Besides, you’re not professionally qualified to perform some tasks; for example, anything pertaining to accounting, legal, or insurance. Therefore, it would be wise to outsource these tasks; and any other task that you can’t do yourself.
Plan to scale and define your needs
Turning your side-hustle business full-time will be a difficult venture. Be that as it may, if you prepare for scaling early on, you’ll definitely have a head start. Preparing for scaling, though, requires a clear understanding of your business needs.
Once you understand what your business needs to scale, there are several ways to make this happen, including:
- automating certain tasks — Endogusto can greatly help in that direction
- forming strategic partnerships,
- designing new services,
- hiring an assistant coach,
- building a business network,
- creating additional revenue streams, etc.
Keep tabs on finances
Keeping tabs on your finances is a very important task that you should ideally do throughout the month. It may seem like a lot of work — especially at the beginning — but it will help you become more aware of your expenses. It will also enable you to make smarter business moves.
Make the commitment
Once you’ve settled on the idea of becoming a full-time endurance coach — and considered everything we discussed previously — it’s time to roll up your sleeves. The decision has been made, after all; so, now, you have to make the commitment.
Are enough people willing to pay for what you offer through your coaching side-hustle?
If people are already lining up to pay for your services — but you’ve been turning them down because of your day job — that’s a clear sign that you should seriously consider taking your coaching side-hustle to the next level. But, if you don’t, you need to do some market research, to see if your services have true potential.
Build your coaching side-hustle into a near-full-time job before you take the leap
At the end of the day, this is probably the most practical step you can take, to see if your plan of becoming a full-time coach will be crowned with success. However, try to do this gradually; you don’t want to burn yourself out before you even start! Also, you don’t want to be dead on your feet in your day job either; your boss won’t like it. 😬
Weigh your coaching side-hustle income against your expenses
That’s a no-brainer, right? If your side gig is bringing in enough money to cover your expenses (or, at least, most of them), then turning it into a full-time job might prove to be lucrative, down the line. In any case, as aforementioned, it’s good to see where you stand financially with your coaching side-hustle, before you make such an important decision.
Find ways to work smart; balance the two jobs
Most part-timers find it difficult to switch between their jobs; not only mentally but, often, physically, too. This is quite natural because they work at least 12 hours a day, probably non-stop; that’s a lot. If this goes on for a long time, it can quickly lead to burnout.
Therefore, find ways to work smart, in order to deal with the stress of your overloaded daily program. Build your processes in such a way that it saves you time and effort. Using automation tools, along with an online coaching platform like Endogusto, can make a real difference in your routine.
Create a network of people that are better at this than you
Networking is essential for any business owner, let alone a part-timer, who’s about to launch a full-time career. That said, try to align yourself with the right people, who can guide you along your coaching journey. To put it another way, search for coaches who have gone through what you’re going through right now; or who are new to this, like you, but have learned the ropes. But, where can you find people who are willing to become your mentors and help you grow as a coach and business owner? Well, attending events and conferences is a great place to start. 😉
Treat it as a business; create a business savings account
No matter your business goals, creating a business savings account is paramount. Apart from the fact that it’s a necessary professional move, it will also:
- Allow your clients to easily pay you for your services; especially if you plan to take your business online.
- Help you avoid paying interest, whenever you make a purchase for your business.
- Enable you to scale your business, when you’re ready.
Are you happy with turning your coaching side-hustle into your day job?
As you’ve probably gathered, this is the evaluation phase of your full-time coaching, so far. Because, at some point, you’ll need to check with yourself if things are working out for you. And the first question you should ask is if you’re happy with the choice you’ve made.
Is it working well for you today?
Basically, you want to be sure that this new reality is working well for you now, before getting deeper into the process. If it is, indeed, working well, that’s awesome! Keep going, dear coach. 💪
Is it still going to be working for you 10 years from now?
The next question you should ask, is, of course, whether turning your coaching side-hustle into a full-time job is future proof or not. Yes, it’s working well for you today, but is it still going to be working for you 10 years from now? When answering this question, be as realistic as possible, because this is the point where you can exit with minimum loss; that is, if you suspect that full-time coaching has an expiration date for you.
Maximize your capacity and scale your business
As previously mentioned, finding ways to maximize your capacity to scale your coaching business can give you a vital head start. When in the process of expanding, however, don’t make hasty decisions; instead, be patient and consider every detail, while having your business needs and goals in mind.
Perform a reality check and reprioritize, eliminating distractions
Staying focused on your goals — while having so much to do every day — can be daunting. Hence, doing a reality check every once in a while will help you see the bigger picture and eliminate distractions. What can also help you with eliminating distractions is reprioritizing your tasks. All these will enable you to become more productive and efficient.
Hire assistant coaches
There will come a time in your full-time coaching career when you’ll feel that nothing is moving forward; not even you. Essentially, this means that you’ve reached a plateau. Remember, when you see this coming, you need to start searching for an assistant. Investing in a talented coach — who will lift some weight off your shoulders — will allow you to ‘get back to form’. Not to mention, it will help you focus on expanding your business, as well.
TL;DR
Going from running a coaching side-hustle project to launching a full-time business is a big jump. But, if you’re ready for this transition in your life, it’s time to start taking risks. However, if you want to do this right, you should be able to answer honestly as to whether you prefer your side gig to your day job. Consider all the pros and cons, and — before you take the leap — make sure to run the numbers. You don’t want to end up with your back against the wall.
At the end of the day, if you’re passionate about your side-hustle — and, if it brings in some decent income — going from part-time to full-time, might as well be the best decision you’ll make.
So, are you ready to take the leap? If you are, Endogusto is here to back you up on your journey, dear coach. Start with a free registration, and see what Endogusto can do for you, and your athletes!