Learn how much life coaches can make.
Does life coaching pay?
While we choose a career mostly depending on passion and interest, we usually also have one eye on the paycheck. Our hearts are guiding us to pick a job in line with our childhood dreams, but our minds are mumbling away in the background, asking if it?s worth the trouble. Let?s be honest, you surely wouldn?t do what you love if it meant taking home peanuts, and life coaching is no different in this regard. Sure this noble career path is often shaped by one?s insatiable desire to help others, but- the satisfaction of uplifting human lives aside- is it a rewarding business? Well, the short answer is yes, and here?s the long version:
How much does a life coach make?
A life coaching career has a lot of financial potentials. In fact, a 2017 Telegraph piece ranked such a job among the best earners for jobs without qualifications with reports of an annual income in the region of $500,000. While that is a bit on the high end, there are actually established players in the industry who are achieving such numbers, think Tony Robbins and Brian Tracy, and there?s no reason that you can?t as well. However, that took some time- and hard work- to achieve, it didn?t just happen overnight. That said, here are a few stats regarding expected earnings:
Across the USA, hourly rates for a life coach hold at $190, with that figure rising by $18 on the worldwide scale. At the end of the day, or rather year, the profession reels in $62,000 according to the findings of a 2016 study by the International Coach Federation with the national salary range reported to oscillate between $11,000 and $114,500. Additionally, the billion-dollar industry is always on the upward trend, with about three in every four coaches noticing an annual revenue increase.
To put those figures into perspective, keep in mind that the average American makes $27.16 an hour, $3,714 a month, and about $ 31,099 a year. So it?s safe to say that a life coach career has to potential to pay well.
How do life coaches make money?
If you are thinking about starting up such a career, you are probably also wondering how coaches make money. Beyond the basics of one-on-one coaching, are there any other avenues of income, or is that it? Well, you?ll be glad to know that there are many other ways to increase your paycheck, some of which include:
- Paid memberships: yearly or monthly subscriptions to an online advisory group can also provide significant earnings once you have established a network. Members typically pay to get answers to their specific queries or for additional support.
- Group coaching: instead of taking on one client at a time, a life coach can tend to multiple people simultaneously, which means more money for the work of a single session.
- Courses: a life coach can also put together what he/she knows to create practically helpful courses, eBooks, and other digital products for sale. However, this is a long-term strategy that requires you first build your social media following or email list. You might need the services of a proven SEO agency for help with that.
- Speaking engagements: public speaking is often the dream of many life coaches. If it is for you, you can also make good money off seminars and workshops while taking the opportunity to market yourself and your digital products.
- Mentoring: Once you?ve honed your skills, you can also impart your knowledge on budding coaches for a fee. You can even offer coaching packages if you feel confident enough.
What factors determine how much you make as a life coach?
Life coaching, just like any other career, is a profession where people with relatively equal skillsets can get paid differently, with that difference sometimes in the thousands of dollars. So what makes one life coach earn more than the other? Why do some coaches get so many clients charging a certain rate while others struggle to get clients through the door while offering their services for half as much? Well, it typically boils down to these factors:
1) Life Coach Certification
For a profession with little to no prior qualifications, you might wonder why you even need to get certified. However, there are many upsides to that, with the most notable one being that accredited programs bode well for your credibility and professional image. Clients are more likely to trust an ICF-certified coach than they are one with none, so enrolling for such programs can give you the edge over the competition. What?s more, such courses offer solid coaching foundations made possible by tried-and-proven techniques.
2) Different Niches
The average hourly income of an executive coach, those who serve big businesses and high-profile individuals, stands at about $344. On the other hand, the ordinary life coach, the one who tends to young adults or people whose pockets aren?t as deep, makes nearly half as much. In a nutshell, your target market effectively determines how much you make, so choose wisely.
3) Sales skills
Life coaching is a business, and in business, there are alternatives and there always will be. So why would a person choose you over another life coach? Well, it also hinges on your sales skills, which you can polish up via marketing programs so that you know how to appeal to your desired client base.
4) Exorbitant fees
Is it better to charge $300 an hour and have five regular customers or $200 and have twice as many clients? Sometimes you need to think about the numbers from a long term perspective. When you?re just starting out, work out a rate that won?t price out your clientele, and once you?ve shown what you have to offer, you can gradually up the fees.
Do you have what it takes to become a life coach?
Anyone who wants to help others can become a life coach. All you need is excellent problem-solving skills, and a genuine desire to get the best out of people. The financial rewards are certainly worth the trouble- if you can call helping other people trouble- but you probably need to get professional life coach training first, preferably one that?s recognized by the International Coach Federation.
Coaching is a business with ever-increasing demand, thanks to the growing desire of people, and businesses, to unlock their full potential. Society is no longer content with just being ?alright,? everybody wants to be and do better, which is why the profession continues to thrive. So you shouldn?t worry about carving out space in the industry, because there?s more than enough room to go around.
By Fern GorinFounder Life Purpose Institutehttps://www.lifepurposeinstitute.com