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Marisa LaValette struck out on her own as an entrepreneur in 2018. With the economy in a strong position, she was confident about her decision to launch a coaching business for women in the health and wellness industries.
Things are different now. LaValette is finding that an economic downturn is a different experience while self-employed. “There are certainly a lot of thoughts going through my mind, now that I find myself a brand-new small-business owner in the midst of our health crisis,” she says. “I felt comfortable with financial uncertainty when the economy was healthy, but now I’m really wishing I had a predictable paycheck on a recurring schedule.”
Fortune spoke with LaValette for a new series, The Coronavirus Economy, to ask about how COVID-19 has affected her plans for the future, and how her job—and outlook—have changed so far because of the crisis. The following Q&A has been condensed and lightly edited for clarity.
Fortune: What do you do in your work as a women’s wellness coach?
LaValette: In July 2018, I quit my full-time job as a middle school Spanish teacher. It was a great teaching gig at an independent school with benefits and a 401(k), but I chose to give that up and go out on my own. My main income became catering and personal chef work, and now it’s my coaching business, Attune + Align, where I do one-to-one yoga and meditation and mentorship packages with professionals in the fitness and wellness industry. I build websites, including yoga practice videos and YouTube channels, and provide social media and newsletter strategy in a profession where many people don’t have big online presences. I also teach yoga and run my own online yoga membership platform.
How has your work and income changed since the coronavirus crisis began?
When I could no longer teach yoga classes, I realized I would have to rely on my online membership platform as a source of income. That’s where I’m putting my energy and resources right now. But I earn the most from my one-on-one coaching clients. Usually I have one to two coaching clients at a time, but right now I have four. They pay $995 for three hours, or $2,300 for a four-hour coaching package.
Fitness and wellness professionals are feeling the pressure to get their offerings online. These are people who had been interested in the past, but the sense of urgency wasn’t there. Now they need payment platforms and online storefronts. They’re saying, “I should have done this work six months ago—then my website would be ready for this.”
What have those conversations been like with coaching clients who have signed on in recent weeks? Are these wellness professionals concerned about their businesses?
Everyone who I’ve worked with over the past two weeks, there’s been a sense of relief. Even though there are so many unforeseeable challenges ahead, they feel like they are finally ripping off the Band-Aid on this thing that’s been a back-burner project for them. They’re realizing that this is their only way right now, and maybe there is no other alternative at this time.
It sounds like coaching clients are approaching you as they adapt to the new reality of the pandemic. But as this crisis continues, do you expect the flow of clients to continue?
As finances become tighter and tighter, do I think people will continue booking with me? I don’t know. That’s a reflection of the state we’re all in right now.
The uptick in my coaching work—it has replaced lost income from my regular studio classes—but we are in a situation that changes every day. There’s no guarantee that women who are yoga teachers, wellness professionals, or health coaches are still going to book with me a few weeks from now. It’s up in the air.
How are you feeling now about having struck out on your own? How does entrepreneurship in uncertain times compare with self-employment during an economic upswing?
I’m asking myself: “If I had known in 2018 when I planned to launch a brand-new business that our lives would be altered forever 18 months from now, would I still have passed on the next secure rung in my secure career ladder to undertake something new?”
I can say now, I think I still would have made the same decision. I knew it was time for me to try something else.
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