#59: What are the growing pains when scaling your part-time side hustle to a full-time business?

from Financial Coaches Network - The Podcast: Build your Financial Coaching Business · host Joshua Escalante Troesh, Garrett Philbin, Amelie Riendl, and Emily Blain

Episode 59: What are the growing pains when scaling your part-time side hustle to a full-time business? Join Josh and Amelie as they discuss coaching clients with biweekly pay, including what to do with those magical three paycheck months! Top takeaways: The biggest mistake is that people view it as replacing an income–but you’re replacing an entire job (salary AND benefits!), not just your gross annual salary. The second biggest mistake is that people believe they can replace their job without a leap of faith. If your company’s revenue drops 20%, your paycheck reflects that 20% drop. If you’re starting from scratch, two years of runway is a bare minimum and three is much safer. If you’ve got a good headstart (say, halfway to where you’d like annual revenue to be), then a year of runway would be safe. If you feel like you have no other choice or if there are significant changes happening in your personal life, those are not great times to try to go full-time. Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey: Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch Looking for financial coaching software? Sign up for the interest list for FCN MoneyCoach, the premier cash flow analysis software for financial coaches and advisers. https://www.financialcoachesnetwork.com/money-coach Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow