Coaching Call: What would be the fastest way to become financially free without my freelance job in the corporate world?

Today I am coaching Steven, who is the co-owner of a software platform for coaches. The challenge he faces today is how to replace his freelance corporate job with two complementary online revenue streams when he isn't sure what to do first. In this episode, we talk about how he can spend more time building his business, while making sure his financial needs are met.

– How trying to help many different people with many different problems can make it harder to become known for anything in your specific niche.
– Why being strategic about your offer suite will help you to support clients through the next steps.
– How thinking outside of the box can provide options for different types of income to help replace your “normal” income.

Coaching Call: How to Transition from Freelance to Full-Time Financial Freedom

Welcome to another episode of Imperfect Action! Today, we dive into a live coaching call with one of our students, Steven, who faces a common entrepreneurial challenge. Many business owners and freelancers struggle with balancing multiple revenue streams while aiming to transition into full-time business owners. Steven, a multi-passionate entrepreneur, is in this exact situation. In this episode, we explore strategies to help Steven replace his freelance income with full-time business revenue. This discussion is invaluable for anyone looking to make a similar transition.

Meet Steven: A Multi-Passionate Entrepreneur

Steven helps coaches and freelancers build businesses they love while also offering technical support thanks to his background as a software engineer. He co-owns a software platform aimed at automating the backend of coaching businesses, promoting a better life through coaching. Despite his diverse skill set, Steven remains tied to freelancing in the corporate world to make ends meet.

The Freelancing Dilemma

Steven's freelance work stems from the inconsistent revenue of his other ventures. Although his software company had more customers during the pandemic, numbers have dwindled, making it hard for him and his co-founder to rely solely on this income. He also helps coaches with strategy and technical implementation, but many of these clients are just starting out and lack the budget for extensive services.

Narrowing the Focus

One of Steven's biggest challenges is the broad scope of his services. He provides both strategy and technical support to his clients, which makes it difficult to establish himself as an expert in any one area. The first piece of advice given was to narrow his focus. By concentrating on a specific service, such as scaling coaching businesses through online courses and group programs, Steven can better position himself and attract clients willing to pay for his expertise.

Creating a Streamlined Offer

Steven currently offers a strategy workshop, priced at €1500, where he helps clients define their ideal client and offer. This can lead to further services such as website development and sales funnel creation. However, his pricing for these technical services is quite low, and his offers are not structured to provide ongoing support, missing out on potential recurring income.

To address this, it's recommended that Steven:

1. Offer Higher-Value Packages: Combine strategy and technical implementation into a high-value package. For example, a comprehensive package that includes a strategy workshop, website development, and sales funnel creation.
2. Introduce Ongoing Support: Implement an ongoing coaching or mentoring program to provide continuous support for clients. This can help maintain consistent income and ensure clients achieve long-term success.

Transitioning from Freelance to Full-Time Business

Steven's current freelance job is ending soon, providing an opportunity to transition fully into his business. However, he's hesitant due to past experiences of burnout and financial instability. The key here is to make a gradual shift.

1. Reduce Freelance Hours: Start by reducing freelance work from four days to three days a week. Use the extra time to secure more clients and grow his business.
2. Secure OBM Clients: Steven has certification as an Online Business Manager (OBM), a highly sought-after skill. By securing two OBM clients, he can replace his freelance income and free up more time for his business.
3. Commit to a Timeline: Set a timeline to achieve these goals. For example, aim to secure two OBM clients within the next month and gradually reduce freelance hours. This commitment helps maintain focus and measure progress.

Building Confidence and Overcoming Fear

Steven's hesitation is rooted in a lack of confidence. Despite having the skills and certifications, he doubts his ability to succeed. The solution lies in taking action and leaning into the discomfort.

1. Leverage Existing Networks: Reach out to previous clients, colleagues, and his network to find OBM clients. Personal recommendations can be more effective than building an audience from scratch.
2. Set Clear Goals: Write down specific goals and a timeline, treating it like a contract with himself. This clarity can help stay committed and motivated.
3. Focus on Strengths: Steven has successfully navigated similar challenges before. Reminding himself of past successes can boost confidence and provide a roadmap for current goals.

Transitioning from freelance work to a full-time business requires strategic planning, focus, and confidence. By narrowing his services, creating high-value packages, and leveraging his OBM skills, Steven can build a sustainable business that frees him from the corporate world. This coaching call highlights that with the right mindset and actions, financial freedom is within reach for multi-passionate entrepreneurs.

For those interested in Steven's OBM services or coaching software, visit his websites: OBM Plan and My Coach Office. Let's support each other on this journey to financial freedom!

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