Ep #193: Side Gigs, Hobbies, and When to Quit Coaching

How do you know when you should just throw in the towel on your coaching business? It’s time we talked about it, because from coaches who’ve never sign more than a client or two in two years, to coaches who’ve made six figures, there are many coaches feeling worn or frustrated or just not feeling it, and they’re asking… how do you know when to quit?

After this episode, you’re gonna make some identity shifts and revisit your Why from an entirely empowered lens. From how you view your business to how you view yourself, to exploring sunk costs, you’re gonna leave this episode with identity shifts and revisiting your Why from an entirely different lens.  And you’ll walk away feeling empowered in your decision, no matter what it is.

The doors to Free to Paid Coach are officially open! If you’re ready to learn the foundational concepts of confidence that get you from being a free coach to a paid coach who makes six figures and beyond, join us right now!

What You’ll Learn:
  • Why sunk cost fallacy is a sneaky little beast
  • Celebrating your growth regardless of success or failure
  • How to dance through tough decisions in business, particularly when to call it quits
  • Why throwing in the towel isn’t always a sign of failure
 
Listen to the Full Episode:

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Full Episode Transcript:

You are listening to episode 193 of The Confident Coaches Podcast, the one where you decide if it’s time to quit. All right let’s talk about it.

Welcome to The Confident Coaches Podcast, a place for creating the self-confidence you need to do your best work as a life coach. If you want to bring more boldness, more resilience, and more joy to your work, this is the place for you. I’m your host, Amy Latta. Let’s dive in.

Hello my friend. How are you doing out there? I am really, I don’t know if excited is the right word to talk about this topic today as much as a deep knowing that this conversation really needs to be had, and I have not heard anybody talking about this subject the way we are going to talk about it today.

This isn’t necessarily a note taking one, though. There might be some questions that I throw out there to jot down, but for the most part just listen. This episode definitely comes out of like themes from a ton of the coaching that I’ve been doing since the springtime. If you don’t know already, I am offering one-on-one sessions inside Free To Paid Coach.

So, Free To Paid Coach is like a $1,000 payment and you are in forever a group coaching program and the name says it, how to go from Free Coach to Paid Coach. And it is my core confidence concept, right? It’s the what to do to become a paid coach, but it’s that foundational confidence work of how. What to do with all of the rollercoaster emotions that come with doing the work that it’s required.

And having had the program out for a year, I decided to offer one-on-one sessions to touch base with people to a temperature check. How is this program working? How is it not working? What’s missing from this program that you don’t need? What themes are common. And so, anybody who’s ever joined or was a legacy member, Free To Paid Coach, gets these one-on-one sessions as well as anybody who’s joining right now.

So, if you’re listening to this podcast and you’re like, oh my gosh, I didn’t realize Amy was still doing that. Yes, I still am. You get three one-on-one sessions with me in addition to the entirety of the program. It’s ridiculous. It’s so good and it’s been so beneficial because I’m seeing the themes that are emerging and there’s multiple themes, and this episode is about one of them.

And that is, should I quit? Should I quit? How do you know when to quit? How do you know when to throw in the towel? And it’s all variations on this theme of side gigs, hobbies. And how do you know when you should quit? What question should you be asking? Do you have the story that you’re not really a business owner anyway?

I don’t have any paying clients, or I haven’t had any paying clients in months or, you know, I’ve been at this for 18 months to two years and I got ADHD. Should I just quit? So, we need to talk about this because it’s super important and I’m going to handle this conversation in a way that leaves you in an empowered place no matter what you decide.

And I do want to point out the irony is not lost in me that just two episodes ago I dropped a big, like how to approach goals like you’ve never done before. So, I almost want to address this almost like, if you listened to that Goals podcast and you were like, you know what, Amy, fuck you. This episode might be for you.

Oh, hey, Lou’s going to say hi in the background there. You know, if you listened to that and you just weren’t feeling it, you were like I don’t care if it’s a new approach. You know, if you’ve been just kind of like glazed eyes over at the coaching industry right now, if you’re feeling frustrated, unmotivated.

If you are beating the shit out of yourself if you like, every time you see a post from a coach who says, I signed another client, and you’re like, eh, I signed another client. I see you; I hear you. Like I’m acknowledging you and this is who that episode is for, and. It’s an important episode because I think way more people are thinking and feeling that way than anybody wants to talk about.

Nobody wants to talk about this. Nobody wants to have the quitting conversation. We still only be talking about you know, striving for all the goals, conversation, let’s have this convo, let’s talk about it. So,over the past few months, we’ve been talking about an overall downturn in the coaching market for a solid 18 plus or minus months.

I have talked to a handful of coaches, and I have talked to 2 CEOs and two accountants that work with coaches. So, like between 10 to 15 people, me, Amy Lata has personally confirmed that this is an overall trend. And that’s not even taking in the rumor and the speculation that I myself have not confirmed that I’m hearing second and thirdhand that you know, you know that somebody said that a lot of the big names are not selling their programs like they have in the past.

And this is why we’re seeing so many new offers and really interesting reasons why they’re saying they’re selling them different, or you know, like we’re seeing people who’ve always done the same thing, not doing the same thing. They’re shifting, they’re pivoting. So, I do know some people who, I know a handful of coaches who are talking about this, but I really don’t know a ton and it’s super, like that’s a separate conversation That is super important because we need to normalize what it means to actually be a business owner that.

When you are an individual coach out there, if you’re struggling to sign clients you know, like maybe you had a process that worked two years ago but it’s not working today, or you’ve always struggled, but everyone around you is not only is business as usual, I’m doing better than ever.

You might feel like a piece of crap. And I want to be clear, we’re talking about trends in the industry. I have also had a couple of conversations with people who are making more money this year than they’ve ever made before. That’s also true. Right now, we’re talking about trends. We’re talking about like industry-wide trends.

Even when markets are going down for an industry, there’s always outliers. So, this is not 100% of all coaches are seeing a downturn, but there does seem to be a trend. And it also makes sense that as life coaches, particularly if you follow a cognitive behavioral therapy model of coaching, you know what you think is what you create.

Thoughts become things. The last thing you want to do is articulate a struggle or talk about lower numbers because that whole self-fulfilling prophecy thing. For the longest time, every room I was ever in, we didn’t we don’t talk about things that way because that’s just your perception, right?

Like that is that necessarily fact. And even if it is a fact, it doesn’t serve you to think that way. I want to offer to you that not talking about it isn’t not serving yourself, it’s actually setting yourself up for even more hardship and struggle. Because that’s just toxic positivity when we can’t have honor honest conversations about fewer people signing up because we don’t want anybody to think that we are creating our own today results, especially ourselves.

But you are a business owner. You are running a business in all businesses throughout the history of business. They fluctuate. There’s always natural ups, naturals downs. This is reality and it’s not necessarily a negative thing. I think that right there is such a key point.

It’s not necessarily negative that markets go into downturns. It’s like it’s just how business and all things operate. I think one of the simplest industries that we can look at, that is, is similar to life coaching, would be real estate. You know, markets go, housing, markets go up, housing markets go down.

You don’t make any money as a real estate agent until you close in on the house. So, you’re putting in a ton of time and effort in marketing and selling in your business before you ever get paid. And in a market downturn, it would be ridiculous if real estate agents didn’t talk about the fact that people aren’t buying as many houses right now.

Therefore, what are we going to do about that? Like even in market downturns, even when it’s not a market where a lot of people are buying houses, there are still people buying houses, even though there is a trend downward, again, there’s always people who are still buying houses and real estate agencies were making money.

But those are the times where you want to talk about. Those numbers being down, you want to talk about those things without beating yourself up and to create strategies from it. Yeah, because it’s in that, what are we going to do about it? There are so many things that we can do, and we’ve had a lot of those conversations on the podcast and these past couple of weeks, it’s not necessarily what this specific episode is about.

We did have a really amazing deep dive conversation. It was a Facebook Live that I did inside Frida paid coach, where we talked about here’s the facts of the situation and what do we want to do about, and a lot of the conversation. That the free to pay coach members and I landed on was the freedom to feel more creative, the freedom to try different things.

Because what was working in 2020 isn’t necessarily what was work isn’t necessarily working today. That doesn’t have to be a problem. I want to offer you that. It’s actually a sign of a maturing natural in industry, a sustained industry that’s going to have market fluctuations up and down. And I think, what is the most important part of this part of the conversation?

You know, before we get into whether or not you should quit, let’s talk about what’s going on here is that in the late 20 teens and 2020 and 2021, we had this, you know, and particularly around Covid, we had a huge influx of coaches into the marketplace. You know, so many people were home. Lots of people found that they needed more mental health services.

Demand went up. You had all kinds of people who were getting breaks from their job or leaving their job, changes in their work situation, and so many people were sold on the idea like, life coach coaching is booming in 2020. There are so many people looking for help. And we also need to be honest about the fact of how so many coaches were sold on this, that anyone can make six figures as a life coach.

Sign up for this five-figure certification, then sign up for this five-figure business training. And if the first round doesn’t work, then sign up again and sign up again and sign up again, and I’ll show you how to do it every step of the way. I’ve said it repeatedly on the podcast, but I really want to reiterate it, of taking my responsibility in the replication of some of these messages.

You know, I was already an established coach at the time, and I definitely benefited from all of those coaching coaches coming into the marketplace. And now, what we have is an industry that told anybody and everybody that they could become a life coach, and that this was the land of milk and honey. And now in 2023, what we have is more life coaches than ever before.

But we also have, the marketplace now has more options than ever before. Like there are apps, there are online mental health services. We have way more coaches, employers are providing, you know, onsite mental health care and more employee benefits. There’s so much more awareness of our mental health because of Covid and it’s not just life coaches who entered that marketplace, like the marketplace is full of options.

Even if more people are aware of their need for mental health, they have more choices. This is like supply and demand, right? And there are life coaches who used exploitative business tactics that actually de depleted the very resources of our industry. And that is the people, so many of the biggest names in the industry really used a lot of exploitative tactics.

And I even, not only was I, you know, parroting the belief that the sky was a limit, but I bought into it myself, investing at ever higher levels and levels thinking that you know, thinking that whatever I was searching for was on the other side of yet another investment.

And so many of us, even those of us who were replicating those messages were also following falling forward ourselves. And here’s the thing, thinking otherwise, you know, thinking that the sky wasn’t the limit was like, just like this negative vibe and we can’t have that. But markets seek equilibrium three years later.

You know, as I said, we now have thousands of coaches, many of whom are in debt. You know, they’re waiting on high ticket clients to justify the high-ticket programs that they invested in. Even while all of those clients actually have way more options, I think the solution is right in front of us, and this is the transition into whether or not we quit.

Even with course corrections markets do like to climb, you can create a thriving coaching business that is regenerative and not exploitive. That’s not extractive. You know, you can, there’s no doubt that coaching helps people achieve new dreams, that it’s important and we can create. You know, we can build and nurture relationships that are based on, I’m here when you’re ready.

Not if you don’t buy into your dream. You’re totally messing out. We can talk about solid business strategy and messaging and knowing why people should hire you, knowing and loving what you sell without attaching our value and worth to walking across the stage or earning a certain income. Level, like letting go of that self-imposed pressure that you must create X dollars to validate your existence, right?

So even with that in mind, even with these conversations, I still know that there are some of you that like that all sounds great, Amy, but can we answer the question of should I quit or not?

So that’s where we are. I think the short answer is probably not that obviously there’s a way more nuanced answer than that, right? And the reason I say probably not is because the biggest shift that is required of you right now could possibly be just an identity shift. This is where the side gig conversation and the hobby conversation are going to come into play first.

A lot of people quit their job or put their job on hold to go all in on their coaching business. That’s even a requirement of some business programs that you have to be a full-time coach and you cannot be working a full-time business, you know, in, in order to be in that coaching program and. There is also a belief system that’s been perpetuated in our industry that if you are not currently making money as a coach, and actually I think this is just like an online marketing belief system that I am here to absolutely dismantle, is that if you’re not making money, then you have a hobby and you don’t have a business.

And so, what I am seeing is the aftereffects of that and all of this one-on-one coaching that I’ve been experiencing is the after effect of that as coaches who’ve quit their job and or gone all in right when there’s been a decline over the past 18 months. And they think they’re the ones that fucked up and they think it’s just them that I must not be taking this seriously.

I must not be all in. I must not actually have a business if I’m not making the money. And this, you know, maybe this is just a side gig kind of thing. There are also people who you know, have worked full-time this entire time, or they’ve gone back to work or are working part-time and they’re seeing their coaching business as just a side gig, a side hustle.

And this mentality is killing so much belief in yourself. So, let’s set a couple, let’s set a couple of things straight. Let’s, we’re going to start with the side gig idea. If you are working a quote unquote regular job, and you are also working on your coaching business, you have to stop talking about having a side gig or a side hustle.

Your coaching business is not a side gig or a side hustle. It is your coaching business, and you are that business’s owner. How do I know that you’re the business’s owner? Because you have a coaching business. Okay? If you’re working a quote unquote regular job and also working a coaching business, you’ve simply set yourself up as having multiple stream the potential for multiple streams of income.

Oh, hey, what are you doing? Oh, I work this job. I also own my own business. Like we hear this all the time. I own my own business. I also work for so and so. Doing such and such. That is an entirely different mentality and identity shift than, oh, I have this job and I do this little coaching thing on the side, as if your coaching business is like the redheaded stepchild of your life.

Like that proverbial stepchild, right? Stop talking about your business that way and stop talking about the business owner of that business that way. The side gig, side hustle language that permeated the 20 teens has got to be eliminated. In the 2020s, you do not have a side gig or side hustle. You are simply doing multiple things.

You can work for someone else and also be an entrepreneur. Tons of people do this. Lots of people have more than one business. Lots of people will work. You know, they’ve got one business over here, they’re working for someone else over here, and maybe they’re running another business with a partner.

And those are all three separate things, and you can do all of them at the same time if you want to. Now, of course, your full job, your quote unquote regular job that where you’re employed by someone else may have boundaries on when you can and can’t work on your coaching business. Perfect, and you know what time you have to work on your coaching business.

You know, I think about somebody who’s like a full-time student who also has a job or who also starts a business of their own while they’re in college full-time. They are both of those things at once. Obviously, their class times dictate when they can and can’t work on their business, but they still get to work on their business.

So first and foremost, stop talking about your coaching business ever as a side hustle or a side gig, even if you are doing other things. And that leads the other thing we absolutely must stop doing right here today on this podcast. We’re deciding right now that my coaching clients have heard me say a gazillion times, so they know what’s coming.

And that is if you are actively working in a coaching business. You have a business. I know I kind of mentioned this already, but I’m like doubling down on this point right here. You are a business owner. You are an entrepreneur, period. This idea that if you’re not making money in your business and you don’t have a business, it’s just a hobby.

Seriously fuck that. Does that mean that a real estate agent who hasn’t booked a listing in three to six months, isn’t a real estate agent. No. We would literally never say that we would view that person as a real estate agent who just doesn’t have any clients right now. Like I own a coaching business, I just don’t have any clients right now.

You still have a coaching business. It’s so simple. It’s oh, hey Amy, how’s your real estate business going? Loving my real estate business. I don’t actually have any clients or houses on the market right now, so I’ve got a lot of openings, lots of avail. Do you know anybody? I’ve got lots of availability right now.

Do you know anybody? Like, that is a conversation you could have with your uncle at dinner on the weekend, and there’s no shame in that. People are. Always in various stages of business and they have a business, even if they don’t have any current paying clients right now,

Do we want to remedy that? Absolutely. And also quit saying you don’t have a coaching business.

There’s so much shame wrapped up in that. There’s so much shame wrapped up that if I do not have current incoming clients who are paying me money, And I don’t, I’m not a business owner. Listen, like you’re talking to somebody who runs a program called Free To Paid Coach. Can you imagine if right out of the gate in Free To Paid Coach?

I told all those people, listen, you don’t really have a business until you become a paid coach. No out of the gate that would cut your legs off of the knees. That would completely disrupt your foundation. I would never say that to a client who is actively working on building a business from the ground up, from scratch, from nothing.

Where they are a service provider and what they are selling is their expertise and their knowledge to someone else. It’s one of the hardest things that you can do. Never in a million years would I say. Never in a million years would I say, you don’t actually have a business until you become paid. Like what a completely asshole thing to say.

No, stop it right now. So, 100% foster and nurture and actively work on your identity that this belief that you are a business owner of a coaching business. I own my own business. Whether or not you also have a job. With a regular paycheck outside of that is irrelevant. So back to that question, I’ve been working this business for 18 months to two years.

I’m not making any money, or I’ve never made money, or I’ve made money, but it’s been months. Should I quit Now, there’s a really good chance that the first two things. Might have helped a lot of you come to that answer. Just changing how you talk about yourself and how you talk about your business will help you decide whether or not it’s actually something that you want to quit.

Because if you just needed to hear that, like my coaching business is a business, whether I’m making money in it or not at this exact moment, and it’s never a side hustle and it’s never a side gig, that might be the answer to your question of whether or not you quit or not. You know that you view yourself as a business owner, and that if you choose to also get a job where somebody pays you, your coaching business is not regulated to some sidekick.

So, if you’re not making money from your coaching business right now and you’ve depleted your savings, or you can see it coming, I would be a complete asshole if I were to tell you, you’re just not believing hard enough, or, you know, you could put that energy into finding a job, or you could put that energy into creating a client this week.

Fuck for anybody I ever said that to. I’m sorry. Like for real. I realized that I was just, you know, replicating coaching that was running along party lines and all of that kind of thing. But I do apologize for real, because it’s crap. It’s stolen crap because I think you can probably do both.

Like every single one of us is highly employable. It’s a job seeker’s market right now in 2023. I don’t know what it’s going to be like in a couple years, but right now it certainly is. You know, find out if any of the other coaches are hiring. Go work 10 or 20 hours a week, get any number of local businesses who would love to have you.

Right now, most of whom I know are paying at least 15 to $20 an hour. Now that may not be a level of income that’s necessary to your specific experience, your specific financial situation, you know, I could certainly, like right now, probably go out and find a job with all of my skills that would easily pay me $50,000 a year.

But, you know, $50,000 in suburban St. Louis is an entirely different animal than $50,000 in New York City. So, you don’t necessarily have to quit your coaching business if you’re looking at your finances and saying, okay, I, I actually do need to go get a job that’s going to pay me a paycheck next week.

Because also, here’s the thing, it costs money to run a coaching business. And I’ve completely changed my Mastermind. It’s no longer called Path to 100K Mastermind. It’s now a Mastermind that’s focused on profitability and being non exploitative and being regenerative and keeping your expenses as low as possible because even if you sign a client this week, you may not be in the black.

Even if you signed 10 clients this week, you may not be in the black depending on how much you’ve invested already. So, this idea of where you can put that energy and just go sign a client this week completely disregards the fact of how much money you’ve already put into your coaching business, right?

I don’t know what that number is for you of how much income you need to pay your bills and signing one client this week probably isn’t going to necessarily meet that, and that, again, this doesn’t have to be a negative thing. We’re talking just about like dollars and cents and the fact that this person over here might have to make a very different choice than this person over here and nobody is making a bad choice or a bad decision.

So, if you need to go secure a job that’s going to pay you a regular paycheck while you are also working your coaching business, that’s not a side gig or a side hustle, but it is an actual separate entity that is a business that you run. There’s no shame in that.

You don’t necessarily have to quit your coaching business to go do that. You get to decide. This is also a conversation I’ve had with so many clients. You get to decide what the definition of all in on my business means, and it’s quite possible that being all in on your business includes going to get a job so you can keep running your business.

That is also all in on, I’m so dedicated to my business that I’m not going to demand that it pay for the electric bill because. It’s not able to do that right now, and that’s okay. I love my business so much, so I’m going to go over here. I’m going to alleviate some of that pressure. Here’s the thing, even as I’m saying these words, I can hear a lot of that old programming in my mind of the pressure is coming from your thoughts.

No, sometimes the pressure is coming from the fact that everything costs more in 2023 than it did in 2020. And if you have yet to create a coaching business that is bringing in the revenue that you need to create the income that you need, that might be something that you need to do. I didn’t even include this in the introduction because I think this part is really true too.

A lot of the people that I’ve had this conversation with aren’t people who haven’t been signing any clients. They’re people who’ve been signing lots of clients. They just thought they’d be further along by now. They just thought that the number of clients that they’re signing isn’t necessarily creating what they need to live off of yet, but they have that idea that going out and getting a job means they’re not all in on their business.

So that’s why that’s really important too. This isn’t just a conversation for people who are like, wow I like legitimately haven’t sold anything in six months. What should I do? Should I quit? This? Might also be somebody who’s I actually sold a shit done of coaching. It’s just a lot harder than I thought it was going to be and or, it’s not quite what I need it to be given all of the investment that I’ve done.

So that’s a, that’s part of this conversation also. And so, if finding outside employment that helps cover that while you also are all in on your business, that’s completely viable. It’s completely viable. You know, it’s also possible after hearing that, you know, I am a business owner. If I’m working on my coaching business and I’m all in on my identity as an entrepreneur.

If you have the financial means to not have to go get a job, maybe that’s the only shift that you really need. There’s also a conversation to be had here about creating multiple strains of income. We’ve already, you know, I’ve already mentioned that, you know, side products or side offers that may or may not be complimentary to the coaching services that you offer.

Now these things still need to be marketed, right? They aren’t necessarily easier to sell than coaching services. And we could probably do like a training or a podcast episode just on this idea of creating multiple streams of income what those possibilities are, what some of the options are. But you have the ability to create a couple different options.

You also get to decide whether or not that means, you know, I’m all in my coaching business or not. I think that conversation around multiple streams of income, I think you’re going to hear a lot more about that if you haven’t already. And it may or may not be multiple coaching offers it again, it might be something that’s tangential to or maybe an additional business that is you can get off the ground.

And or full-time or part-time employment where a regular paycheck is coming in, all of that can be possible at the same time. And this is, this, the, that’s important for people who, whether or not you’ve signed a client this year or actually you are continuing to sign clients, you’re just starting to kind of feel that world weariness of all of this.

You’re starting to feel frustrated. You thought this would be easier, you’ve, you were sold on the idea that it was going to be a hell of a lot easier, and here you are two, three years down the line. So, it’s really important to see that all of those options are available to everyone, no matter your specific financial situation or the specific numbers in your coaching business, right?

This isn’t just for the poor guy on his luck who’s spent every last dime and is out of all of their money and they haven’t sold anything in 18 months. This conversation is applicable to so many different people in so many different situations. And this is this idea of, you know, side hustle, side gig.

I am my business’ owner all of the time. And for sure that conversation about multiple streams of income does definitely deserve more expansion and more conversation about, because we would want to go into not only what those other possibilities are we still have to talk about marketing those other possibilities.

You still have to talk about getting that job, you know, sharpening your resume. I don’t even know how people get jobs in 2023. It’s been so long since I’ve had an actual job, like resumes and all of that. But you also weren’t going to need to talk about, you know, your beliefs about your time and. Where your coaching business fits in, especially if you are a mom with a family, or you are, you know, a person with any kind of fam familial obligations, not just, you know, moms and kids.

But if you want to work, you know, six to eight hours a day, five days a week, it’s very conceivable that you could be doing more than one thing that generates income. That is the point of that. So lastly, let’s get to that question. That is, when do you decide to just walk away from coaching? So, I think this also. Is worth talking about the sunk cost fallacy.

There are my accounting classes coming back from college, and sunk cost fallacy is this idea that you can’t pull out because you’ve put too much money in. I’ve spent too much time and too much money to quit now. Well, like maybe, I don’t know. There is I have it, it’s not exactly the same thing, but I have the perfect example to illustrate what sunk cost fallacy is.

And that is this one car that we had a couple of years ago. My husband had this Cadillac that he absolutely loved, and it was an older Cadillac and it kept breaking down for various reasons, and we kept paying to repair it and get it fixed. And then it’d be one more thing. Repair it to get fixed.

It’d be one more thing. He wouldn’t just, I kept going, I think it’s time to just get rid of the car. And his mentality was like, but I’ve put so much money into it. But also, it kept not working. And at some point, you’re just losing money as opposed to just selling it for whatever it is. You can sell it and then walk away.

And that’s the prime example of a cost sunk cost fallacy. And are you doing this with your business? I honestly don’t know. So, I would definitely be aware if your mind says We can’t quit because we’ve spent too much money. That is actually like a business owner, somebody who has started. Left multiple businesses knows that there may be a time where you just, you have to, they call it cut your losses.

It’s not the highest vibe, language of ever, but there is this idea of it doesn’t make any more sense to keep pouring money into this thing, particularly if you’re not feeling it anymore. And that’s where we’re going to go next. Is your heart still in it? Do you still want this? If we take everything else away, you can decide whether or not you actually still want this coaching business.

This is what owning a business is. Markets go up and down. Sometimes you’re not selling, sometimes you are. You’re always having to be creative in figuring out your messaging and your marketing and your selling. You’re having to pivot. You’re having to try new things. You can, you know, you can absolutely take a break and come back, but at the end of the day, is this what you really want to do?

I think it’s a great exercise to answer the question why? Why is this what you really want to do? Why is owning a business what you really want to do? Rather than just investing more and more, let’s think about whether or not you even really do you really want to do this? And it might go one of two ways, right?

For those of you who are like, I do really want to do this. I really actually, at the end of the day, I really want to have a business that is my own. And know your reasons why. Having a business that is all your own is important, as well as why the coaching aspect is important. Why is that something that you have to do, or you really want to do?

Know your answers to those questions. And if it’s yeah, I actually really do want to do that, then the next best step is let’s change this. Thinking that you must be missing something. So again, like the sunk costs fallacy, we don’t necessarily have to keep putting money in. It does cost money to run a business, but you, it’s very possible right now that you have almost all, if not all, the pieces that you need.

No, and particularly if you are in any kind of program, that’s lifetime access, like free to paid coach, or you don’t have to keep paying for coaching, get your ass coached as often as humanly possible. If there are people that can coach you, utilize those resources. You don’t have to continuously invest more and more to start turning your business around right now or to just change that.

You don’t even need to turn your business around. It’s just really, I can’t not do this. This is really important to me. Maybe I’m going to take a month off and let my brain refresh and I’m going to come back roaring and ready to go, but I already have all the pieces that I want.

Because for some of you, maybe you’re just not feeling it. Lately, I’m not really feeling my people. I know I don’t want to get a job. I don’t really feel like I’m on fire anymore. Great. Go step away. What would light your soul on fire? What would you be super excited to talk about all of the time? What do you want to work on?

Six to eight hours a day, five days a week? Make sure your business is meeting that. What if it’s just you want to know what, I don’t really want to do the marketing and be in charge of the business part. I just want to coach. Okay. Maybe that’s where you’re like, okay, I’m all in on the coaching part, but I don’t know that I’m all in on the business part.

Legitimate. Totally legitimate. This is where I would suggest, okay, who’s hiring coaches? Start asking around, maybe you’re not all in on the business part. Do you know you’re all in on the coaching part because it’s both right. So, if you’re just not feeling it, maybe you need to step away. Maybe you’re running a business that’s not reflective of you, and I’ve done so many podcast episodes on that, and so that’s your work.

Maybe it’s, you know what? I’m all in on the coaching, not all in the business. I didn’t actually know that business was going to go up and down. I didn’t actually know that. That’s like how markets have always run. Or even if you knew that intellectually, the experience of it might be something entirely different.

I don’t actually love marketing. I don’t actually love selling. I don’t really want to coach myself to that place anymore. Then how can you use your coaching skills elsewhere? How can you utilize them working for someone else or something that is not running your own coaching business, or maybe you’re in that I’m not really loving my business and I’ve got bills to pay.

I really do love the coaching. I know I probably could love the business. Maybe that’s where you go get a job that’s paying the bills. And you can burn down what you’ve built and decide to rebuild from scratch. You’re not building all over again. You’re not starting over because you’re in a new place than ever you were before.

You’re going to bring that knowledge and you’re going to take all that knowledge and all that coaching you’ve ever gotten, and you’re going to have this job that’s paying bills while you rebuild from scratch. And maybe this is also a conversation to have about your belief. In your ability to make money for yourself.

Like maybe you’re like, no, I am. I do have a hard why on both the coaching and the business, but I got some belief work to believe that I can make my own money versus working for someone else. There could be some like, yeah, I deserve and have the right to make money and create money for myself versus for someone else.

So, are you all in? What is your hard why? What is your strong why for the coaching aspect and the business aspect. What happens if you aren’t feeling either one? If you’re like definitely fried from the business. I mean, I know I still love coaching, but I just, I actually don’t know that this is what I want if this is where you land, I don’t think there’s anything wrong with that.

I really honestly don’t. I know that I have at least one client out of the 150 that I’ve talked to who, this is probably her next step. And I also have another friend. Here’s the interesting thing, and then I have another friend who was making six figures, and that person also decided, you know what?

I’m just, I don’t know that I want to do this anymore. The coaching or the business, like I love the coaching. I don’t actually know that I want to do it all the time anymore. And I didn’t mind the business, but yeah, I don’t really know that I want to do that anymore, but if that’s okay. So, when you’re considering, should I quit?

You’re asking yourself, what’s my why for one can I imagine myself not coaching? Can I imagine myself not running my own business? And you’re going to have different combinations of that, and that’s going to give you different options to choose from. From there. And if you find yourself in a place, I don’t really know that I want the business.

I don’t actually really know that I want to do the coaching. I think the absolute best thing that you can do is then take a look at how your life is, how you are better off now because you gave it your all and it didn’t work out. This is very hard for us to do. The world is full of brilliant people. Who had an idea, gave it everything they put themselves up as business open and it didn’t work out.

It happens all of the time. I know tons of people outside of the coaching industry who have started businesses from scratch and ultimately had to walk away from them. For whatever reason, their heart wasn’t hit anymore. It wasn’t paying the bills. It was just too much. Too much shit came up. Any number of reasons.

And that there’s no shame in that. Think about even with the amount of money that you have invested, think about how you have changed as a person, the people you have helped who you were before you decided to become a life coach. The shifts that you have seen in yourself between then and now, how you handle situations better today than you did before you ever decided to become a coach and you ever decided.

To start a business looking through the lens of I tried, and I gave it my all, and I’m proud of myself for that because those matters. Ironically, some of you will get all the way to that place and walk away from that part of the exercise coming out on the other side going, yeah. All right. You know what? I think I actually do.

Wanna keep going because you’ve let the weight of the stigma that you think comes with walking away, you’ve let that weight go. I actually love the idea of deciding that you can walk away at any time and then decide what you’re going to do. And full disclosure, I did that. I did that. You know how this, the past 18 months have not gone at all the way that I thought, how my business kept going, even when I was questioning so many different things, and particularly the last couple of months.

The only way that I was able to move forward feeling empowered was deciding that I could 100% quit and walk away and be proud of everything that I’ve tried, everything that I’ve done, everything that I’ve accomplished. Even though right now I technically have business debt. If I were to quit today, I’d be retiring with debt in my business.

I am better off for my 10-year coaching career. Then not that some of you just doing that exercise will be so empowering that you may decide to reconsider, okay, maybe I do go get the job to pay the bills. Maybe I do this, maybe I do. You know, you decide one of those previous options and some of you will decide.

Yep, I’m, I see it and I’m ready. I am ready to go see what my next adventure is going to be and that all of those options, no matter how much money you’ve made as a coach, no matter how many clients you’ve made, no matter how many years and how many dollars that you’ve invested, whether it was seen as a massive success, whether it was seen as not a massive success, everything in between, it all matters and is important because you’re going to move forward from today.

Feeling that and feeling empowered, and that is a brave and competent and confident human right there. That is what we’re talking about here. This is what keeps me going is because I know that message needs to keep going out there. That confidence and being successful is going to look so different to so many different people.

So, maybe there’s some mind drama to clean up in there, but nine times out of 10, like we know, allow yourself to go to that place where you are 100% okay to start a new adventure and then decide if you really want to nine out of 10 of you or be like, yep, I’m all in. All right. I went there. I’m all in.

We’re doing this. And for that one, I see you. I hear you. I’m so fucking proud of you. I think you’re amazing. You should be so proud of all of the things that you tried and that you did. It’s kind of fun when all of my episodes are like, and I can’t wait to see what you create next week when I’ve just given some, like when I’ve just given permission to quit.

If anything, that right there, I can’t wait to see what you create. Even if you’re that like, you know, 1% or that 10% of the people who are going to opt out of the coaching industry this next year, even if you are in there, I you’re going to this idea that you can create so many different things, so many different variations.

I love the idea that there are coaches right now who went all in on their coaching business and the coaching business as we’ve all been traditionally taught, didn’t work for them. And they’re going to create something entirely different, and we don’t even know what it is yet. And maybe it’s related to coaching.

Maybe it’s not related to coaching. I have no idea. But that’s what I’m talking about, about that foundation of confidence of knowing you can handle whatever comes your way. And that success is defined by however you decide you are going to define it. And for those of you that were like, I can’t not coach, I want to plant that seed, that nugget in your brain.

That how we talk about coaching businesses on this podcast and all the rooms that I run; you might have an idea that like blows that out of the water. What if that is in you? Ooh, I just got really excited. I just got so excited for every single one of us right now. There’s so much genius at the table right here and from there. Yes. I cannot wait to see what you create. Let’s go fuck some shit up, and I’m going to talk to you next week.

Coach, it’s time to sign your first free client, your first paid client, your next client, and to learn how to do it consistently and having a hell of a lot of fun along the way.

This is exactly what you’re going to do in Free To Paid Coach. It’s the only program giving you step-by-step what to do to become a paid coach and step-by-step, how to handle the roller coaster emotions that come with doing what you need to do to become a paid coach. If you know you can’t not do this life coaching thing, but believing that you can do it, handling rejection, and remembering how to do all of those things shuts you down, the Free To Paid Coach community is waiting for you.

Find everything that you’re looking for inside. It’s only $1,000 payments are available and then you are in forever. Visit www.amylatta.com/ftpc to join us right now. See you inside. Let’s get paid, Coach.

Thanks so much for listening to the Confident Coaches Podcast. I invite you to learn more. Come visit me at www.amylatta.com and until next week, let’s go do epic stuff.

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Hi, I’m Amy.

For years, I took a ton of action to sign clients.

I learned to create self-confidence and powerfully believe in myself first, and then built a multiple six-figure coaching business.

And I can help you do it, too.

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