Unleashed Leadership with Nicki Conradt-Eberlin | Ep. 110

• Nicki worked at the same company for over 15 years, eventually becoming a training manager focused on employee development and leadership coaching. The COVID lockdown in March pushed her to start building her coaching business part-time while still employed full-time.

I knew I always wanted to be a business owner... but I never really knew how. And it actually, the month of March when COVID hit is when I was like, you know what, I think I can actually do this.

• Nicki stresses using your corporate income strategically to fund your business. She created a new budget specifically aimed at cutting non-essential expenses to allocate more money toward business growth.

I had to end up like cutting expenses, things that weren't necessary, for example, like Netflix... this amount of money that I need needs to be funded for my business so I can grow and have a bigger return later on in the future.

• Even with her finances in order, Nicki struggled with confidence and identity after leaving her long-term corporate role. She describes feeling pressure from others and experiencing an 'identity crisis' when no longer tied to her previous company.

I felt the pressure from people... I was attached to this company that I've been with for so long. And now I'm an entrepreneur in my own company. And I'm like, who do I want to be?

• One of the biggest adjustments was moving from a predictable bi-weekly paycheck to inconsistent business income. Nicki had to completely overhaul her budget to account for business expenses, personal bills, and discretionary spending.

You don't just naturally get a paycheck every two weeks like you did before. So really understanding how money comes in and how to make sure that I'm spending appropriately in my business, but also paying myself...

• Nicki highlights that entrepreneurs must proactively secure their own health insurance, vision, dental, and retirement plans. She notes that while these look different from employer-sponsored benefits, they are still accessible.

Just because you go into entrepreneurship doesn't mean that you don't get health insurance or you don't get a qualified retirement. It's just going to look different.

• Nicki pays herself a fixed monthly amount based on her personal budget needs, including fun money. She advises first calculating your personal budget, then paying yourself that amount from the business.

I pay myself on a monthly basis, and it's a specific amount. So I've allotted in that budget to pay all my personal bills. But also include fun money in there because I deserve to still have fun.