Page 192 - Talane Miedaner - Coach Yourself to a New Career_ 7 Steps to Reinventing Your Professional Life (2010)

180 COACH YOURSELF TO A NEW CAREER

Remember, most businesses fail in the first two years, not because
they were poorly run or were bad ideas, but simply because the
owner didn’t have enough capital in place to ride out the inevitable
ups and downs of a new business. At the time, I thought I’d never
save enough, but once I started saving, I found I attracted money
from unexpected sources. I received an unexpected bonus and pro-
motion at the bank. Other clients have reported that money seems
to appear once they start a savings plan—dividends from an invest-
ment they had long forgotten about, an inheritance from a distant
relative, or an unexpected gift from a friend or family member.
If you recall Ali Brown’s story, she quit her job with no savings,
and it was extremely stressful as she worried how she would pay
her bills. In hindsight, Ali wouldn’t advise quitting without a solid
reserve in place. There is no reason to put yourself through so
much financial stress. You can build your business in your spare
time while still keeping a job to pay the bills.
Again, more tips on this topic appear in Coach Yourself to
Success. If you have debts, then pick up the extremely helpful book
How to Get Out of Debt, Stay Out of Debt, and Live Prosperously
by Jerrold Mundis. It was one of the best investments I have ever
made. The more closely you stick to his plan, the sooner you’ll be
out of debt. Deviate from it and the process will just take longer, but
you’ll get there in the end. There are more helpful financial books
and audio programs listed in the Resources and at Lifecoach.com.

Test the Waters Before You Transition

You may need to develop skills, get training, or pursue additional
education to make the transition to your ideal career. And, if you
are starting your own business, you may need to keep your day
job (unless you already have at least two year’s living expenses in
reserve) and perform your business activities on evenings and week-
ends while you are getting under way. I did this when I started my
coaching company. After a day at the bank, I’d come home, take a
quick nap, and then start coaching. If you are currently employed,
you can get a sense of a different industry or field that holds allure