Entrepreneur-to-be Jitters

coach09coach09 Posts: 1subscriber
edited July 2008 in New Member Welcome
Hi All - I`m a new member as of today to startupnation.com!  What a great site.  I have an issue that is probably common to most entrepreneurs so I`m hoping you may have a wealth of advice for me!  I am contemplating starting a career/life coaching business in the near future...possibly within the next year.  My entire career has been in corporate positions and I have become accustomed to working the 40+ hour workweek and living my life to someone else`s agenda and am at the point of needing a significant change in my life.  I have been thinking about the true passion I have for the career counseling/coaching profession for some time and having just completed a fantastic coaching program myself I am totally inspired to make the change!  The "problem" is that I`ve grown accustomed also to receiving my steady paychecks and having as much financial stability as any job can provide these days (especially given an economy like the one we`re in).  How do all of you entrepreneurs deal with the financial income inconsistency and the great unknown of it all?  What recommendations do you have?  How do you supplement (if you do) your income to maintain some level of consistency?  Any input you can provide would be greatly appreciated.
 
Thanks!
 
Deb

Comments

  • SiteFlipAcademySiteFlipAcademy Posts: 0subscriber
    Hello Deb and welcome to SuN!
    We are glad to have you in the community. I hope Craig`s advice will enlighten you, and if you want more information just browse the forum and you`ll find your answers. Wishing you good luck in your business.
  • coach09coach09 Posts: 1subscriber
    Hi Craig - thank you for taking the time to respond to my post!  Your opening sentence almost made my heart stop!  What a kidder!
     
    I hear exactly what you`re saying and at this time I do not have a year`s living expenses put aside - thanks for that benchmark though.  I wasn`t sure how much I should plan and although I don`t know if we can manage a full year it`s something to strive for.  I think like most adults looking to make a career change, there are numerous factors that go into whether or not starting over makes sense.  Unlike when I graduated from high school and was heading off to college, I now have a mortgage, a family, bills and obligations to consider and although my heart is saying "go for it! It`s what you want!" my head is saying "Whoa....what happens if the mortgage can`t be paid or we have difficulty making ends meet because of this decision".  The thing is that I am a naturally risk averse person (which is SO different than most entrepreneurs or so I believe it is...)- as a whole I typically err on the side of caution.  However, my dream career calls for the opposite and so this is a stretch for me and one that I know I need support on.  Have you ever found yourself in a similar situation and if so, how did you go about conquering these fears and going forward with your dream? 
     
    Although I don`t expect to make as much as someone who has been practicing for year`s, I do know that a slight cutback in pay from where I am currently can be accomodated and will be fine.  However, I think I`ve watched too many movies  and picture a possible extreme where I`m not even making the basics and have to live on Kraft Mac and Cheese!  My plan is to continue with my full-time job for the first year and in that second year walk away from my current job or cut back significantly and work part-time or on a contractual basis within my current profression while I get the business up and running.  I also know that a start up business of this nature take a minimal amount financially to start up - it`s more blood, sweat and tears and overall time commitment with a heavy emphasis on marketing and networking.  So I`m not as concerned about the initial capital outlay as much as I am about bringing in revenue to continue to build and grow my network.  Are there any other sites/organizations that you would recommend for soon-to-be entrepreneurs?
     
    Thanks!
     
    Deb
  • coach09coach09 Posts: 1subscriber
    Thank you for your welcome!  I will definitely browse the forums and continue on with my research!
     
    Deb
  • besthealthbesthealth Posts: 4subscriber
    Welcome Deb! SuN is a great resource and you will find that a lot of entrepreneurs have had various ways in breaking off on their own. I personally know some who have used their savings to start off on their own, others have used their severance package, some have started while they maintained their 9-5, and others like myself just did it. I decided to go for it knowing that all I had was my dream and my passion. It really depends on you and your ability to follow your guide (some refer to as a gut instinct). It appears that your personality is one that although you want to do it - you are not certain if it`s worth the risk. As mentioned before in other posts, do your research - see what may work for you. If you are still uncertain - check out your local SCORE counselor or your local SBA and other related offices - to speak one on one with someone who may also offer you support and mentoring. I wish you great success!
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