Getting laid off unexpectedly was not how I wanted to start my new business. Honestly, I didn't want to start another business yet.My first two businesses — a yoga business and a life-coaching business — didn't financially sustain me.Like many people struggling with the entrepreneurial grind, I gave up, and I got a job at a Chicago real-estate company.Over the next 10 years I built my career in brand strategy and digital marketing for companies in personal development, online education, and e-commerce.I spent two years as a brand director for an e-commerce business and thought I was up for a promotion in 2019. Instead, I got laid off. I had a 4-month-old and a 2-year-old at home.I had to choose between finding another job building someone else's dreams or trying for the third time to build mine. I chose myself.I'm a certified life coach, so I combined my love of coaching with the expertise I'd built over 10 years as a launch strategist and brand director.My goal was to take what I'd learned in expanding multimillion-dollar companies to support small businesses and entrepreneurs in growing their revenue up to six figures annually.I launched my coaching business in the summer of 2019.I needed to pay myself about $4,000 a month, which wasn't possible from the business revenue in the first few months. In the first two months after launching, I paid myself entirely out of my severance and unemployment.To get my first client, I started asking everyone in my life if they knew someone who needed help with brand strategy and launch execution. It took under two months to secure my first contract, a small $2,000 project to create an email-marketing strategy for a nonprofit's annual conference.When I started generating income in August, I could pull less from my severance package. I set up separate accounts dedicated to my business using the "profit first" model by Mike Michalowicz as a jumping-off point.I divided every dollar the business made between separate accounts: 5% to profit, 50% for owner's compensation, 15% for taxes, and 30% for operating expenses.In my previous businesses, I'd spend whatever I made. If I'd made $10,000 that month, I would let myself buy a new iPad or find other ways to splurge.Stockpiling the revenue of this new venture and paying myself a small salary took a lot of the stress out of entrepreneurship.Because I wasn't constantly feeling like I wasn't going to be able to pay my bills, I was able to move intentionally and build the business faster.Initially I would take on any client that fit in my wheelhouse. That's how I got my first client and created momentum.After that first $2,000 marketing project, I took on two ongoing retainer clients in August and September 2019.One client contracted me for $4,000 monthly to build out her first hiring and recruiting course and launch her brand. The other client started at a $2,000 monthly retainer to develop and execute their launch strategy. (This client increased their retainer to $4,000 a month after we helped increase their annual revenue from $322,000 in 2019 to $915,000 in 2020.)In November 2019, I expanded my client base to include branding for an e-commerce brand and live events.By the end of 2019, my business had generated over $68,000 in revenue from these clients.I knew that relying on only one-to-one clients would cap my growth. I needed a business model where I could work with more people at a time without burning out or working 80 hours a week.I've shifted my focus to a $15,000-a-year group of high-touch weekly coaching sessions for accountability and goal attainment. I also offer smaller courses that cost $27 to $997, and I am a motivational speaker. I have space for only two one-on-one clients, who start at a $50,000-a-year investment.To sustain my $150,000 annual revenue base, I forecast 90 days out to see which spaces I need to fill, and I'm always networking. Every contract I have contains a 30-day minimum notice for ending the program, which gives me time to replace that income.I always try to build up social and emotional capital with people. If I can help connect people or give referrals, I will. When there's a friend's or colleague's win to celebrate, I make sure to celebrate it. Because of this human-first approach to business, whenever I'm looking for new clients, my network helps me connect with someone interested in working with me.I use speaking events, podcasts, and free classes or challenges to create leads and clients.Along the way, I've remained committed to consistent relationship building. I've grown my business to $300,000 in the first 18 months and continue today with a thriving business that supports me as a solo parent of three.

Source: Business Insider

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