The Unemployed Life

Lemonade Makers: Elizabeth McGowan, Career/Life Coach

Profiles of people who turn economic lemons into lemonade.

Elizabeth McGowan
New York, Upper West Side

Before recession: Corporate Technology Project Manager at Morgan Stanley

Now:  Career/life coach at McGowan Coaching, where she helps others discover their passion and realize their potential through periods of transition in career and relationships.

When did you notice a shift in the economic climate?

In September 2007, layoff rumors were circulating.  Around this time, I experienced a shift in my thinking about how fulfilled I was as a Project Manager. After attending a coaching class, I identified my talents through assessment, discovery, and review of my current path. I discovered that I had transferable talents as a detail-oriented task master and a motivator who could take action and hold people accountable.  It occurred to me that these talents might be better suited in another role within the firm.

Since the job market was already tough, trying to find something within my own company seemed to make more sense that looking outside. Through networking, I found a few open positions and heard of an internal coaching program, which sounded perfect for me. Unfortunately, the coaching program was on hold due to the economic climate. However, I was able to land a role connected to a new social networking project that was gaining momentum. The project encouraged internal professional networking and mobility within the firm.

I thought I’d be happier in an occupation where I could use my best qualities. This new role could be an interim step that would eventually prepare me to pursue my real passion — helping others achieve their goals. But it occurred to me that I needed to be an example before I could help others. I wanted to challenge myself and be a ‘guinea’ pig on succeeding before I went any further with my coaching idea.

What was your “aha” moment?

I often thought about the possibilities of being on my own and being a business owner. Over time, I got curious about how people followed their passions. I learned to ask questions about how people got from ‘Point A to Point B’ in their careers and personal lives. After reading an article on life coaching as a career, a friend told me about the NYU Coaching Certification Program. This was more than an “aha” moment – it was a ‘call to action’ moment. I felt a sense of hope and started to formulate a plan, immediately enrolling in the NYU Executive & Organizational Coaching Program and embarking on a 14-month educational experience that re-enforced my interest in pursuing my own coaching business, which I named McGowan Coaching. The deteriorating economy was a source of power for me. It made me stick to my backup plan and take advantage of resources while I was still employed.

How are you turning economic lemons into lemonade?

Talented and experienced people in every sector are facing job insecurity each day as they arrive at their offices. Pressure to keep your job is a reality many are facing as companies rethink business models, strategies and budgets. In many markets, there are more job seekers than jobs, which brings the fear of losing a paycheck, benefits and a work community.  As a coach, I help others generate a better quality of life for themselves and their families.

People are put off by the confines of the corporate structure and its reward system, which is opening them up to the possibilities of tapping into their creative side and asking, ‘What if I could do something else?’ As a coach, I help people explore alternative ‘what if’ scenarios that could prepare them for unexpected changes and a future plan.  Through a structured one-on-one process, I give the client time to dig deep and determine what they are passionate about. The coaching process can lead to many insights about what is most important and what can be accomplished. Clients often has an ‘aha’ moment from various questions that get them to think about their values and needs.  I help them become aware of their strengths and needs, which ultimately can lead to income concepts or business ideas.

How is your business model tailored to new economic realities?

My business model is designed to help others make discoveries that may lead to employment or finding other ways to take care of themselves and their families.  On a basic level, coaching can help clear someone’s mind to focus on what their capabilities might be for pursuing another career path. On a more advanced level, coaching can lead to insights that were not obvious or that connect ideas that may seem disconnected.

People who find themselves out of work have traditionally continued to use their experience in the same career path to find another position. In today’s market, that approach may not work. Coaching with an individual that has both the capability to be honest about their potential and the interest to take action to pursue their passion is when it all comes together for the client.

Any tips for other readers thinking of starting a new venture?

Create a fund and lower expenses, eliminating unnecessary spending. Confidence comes from a variety of places, but knowing the funds are available to cover start up expenses and living expenses helps instill a steady ‘can do’ attitude. Identify a list of ‘What if’ scenarios that would fulfill you. If you are curious about something that interests you, find a low-cost or free class to learn more about it.  Ask others who may already be doing it to find out more about how they got started, and what they enjoy about it.  Other successful people enjoy sharing their experiences, so take advantage learning from others. Identify a few key people that want to see you succeed to turn to as your ‘advisory board’ when questions arise.  My parents as well as colleagues fill my advisory board.

Consider putting a back-up plan in place in case you find your job is eliminated.  The planning you can do while employed will prepare you to have a head start if the day comes and you find yourself without a paycheck.  Any amount of preparation will be extremely useful if you want to take another career path or go out on your own.  In terms of preparation, finding out what work you truly enjoy and playing to your strengths is good starting point.  Determine if you have the resources to execute a back-up plan, including the technical training or perhaps another degree. Many resources are available on the Internet that will support you in making your back-up plan a reality.

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Tags: careers, Lemonade Makers, life coach