LIFE COACH SALARY- How much is it?
Every aspiring life coach has this one question- “Does Life coaching really pays?”
Before I answer this let’s have a look at some facts.
Life coaching is indeed the most beloved coaching industry in the USA.
I would also like you to have a glance at the below trends by marketresearch.com.
- The International Coach Federation boasts a whopping 53,300 members and is on a steady growth trend.
- The average income for life coaches ranges from $27,100 to $73,100, with specialty coaches commanding greater than $100,000 annually.
- Growth projections for the life coaching industry are an estimated 6.7%, taking revenue to $1.34 billion by 2022.
- 92% of life coaches remain active in the field, suggesting solid opportunities.
- More and more corporations are hiring life coaches instead of mental health counselors to work in-house with employees (no stigma).
So, now coming back to our initial question:
“Does Life Coaching really pays?”
I hope that’s crystal-clear now. It pays and it pays like hell!
But does that mean you can earn phenomenally by becoming a life coach?
That’s a different question altogether.
I know that you are interested in not only knowing the current trends but also the way in which you can benefit from the same. This is the reason that I have come up with this article.
Today we will not only discuss the life coach salary, but also the factors that influence it and much more.
Does any amongst the different life coaching industries interests you?
Do you want to skyrocket your growth and earn huge profits by becoming a life coach?
Yes? Then stay tuned!
What determines the life coach salary?
I know that the figures are more exciting but to make that figure happen first you should be aware of the dynamics behind it.
That is- You should know what factors affect a life coach’s salary.
Let’s have a look at some such factors and understand what role do they play.
Experience and Certifications
The number of years of coaching experience indeed plays a major role in lending credibility. An experienced coach has a higher probability to impress the clients then a newbie. Greater years of experience solidifies coaching expertise.
Similarly earning coaching certificates from reputable institutes helps in building a professional image. Accredited programs build your credibility. A client is more likely to trust an ICF-certified coach than one who is not.
You may be thinking why is it so? The reason is that such courses involve tried and proven techniques that solidify the coaching foundation.
There are different niches in life coaching. The target market plays an important role in determining life coach salary.
For instance, the average hourly income of executive coaches who work with high-end paying clients is $344. On the other hand, life coaches who work with youngsters aren’t able to make even half of it since the pockets of their clients are not that deep.
Thus you must be careful while choosing your life coaching niche.
The better you are at selling your coaching packages, the more you earn. Life coaching has enough competition. That’s clearly visible. Why would your ideal prospect choose you?
You may be having great coaching skills and knowledge about your niche but if you cannot articulate the same to your audience, it won’t work the way you desire.
The life coach salary depends a lot on the coach’s marketing skills. It is crucial that you build a solid marketing plan. This must include social media marketing, video marketing, Networking, and building a solid referral program.
Proven track record
Clients’ testimonies are a great way to showcase the benefits of your coaching programs. It becomes easy for a coach to get clients fast if he has a proven track record. If a coach has added value to the previous clients, it naturally builds trust.
If you have some great testimonies of your past clients you should have the same on your coaching website.
Even comments on Facebook etc. can work in your favor. (I have all of them included ;))
In order to upsurge the life coach salary, the coach must be able to convince the prospects. And you know what’s the best way for it?
If you don’t have any yet, put all your efforts to build it!
Ability to invest
This may sound a bit irreverent but your investing power indeed determines the life coach salary that you can make.
The reason is that any business demands certain investments. No, I am not talking about hiring a costly luxurious place for your sessions!
There are processes that demand investment in terms of time, efforts and indeed money.
If you are behind an online life coaching program you will require basic infrastructural support.
Marketing efforts will vary depending on your current hold on the market. If you switch to paid marketing then it will cost you some extra bucks.
These investments can drive clients better and thus can boost your salary. Obviously better marketing implies better reach which implies a better conversion rate.
What type of clients are you comfortable with?
What way do you feel comfortable in while charging your clients?
Do you think that charging a low rate is wise when you are just starting?
What factors determine this “low rate” and how much LOW should it be? Are you sure you aren’t underestimating your potential?
The comfort levels of a coach directly or indirectly influence the rates which in turn influence the life coach salary.
The charging perspective
Do you think it is better to charge $300 for five clients or $200 for ten clients? Sometimes a long-term perspective is the need of the hour. If you are new to the industry it is always better to start from a low price. Meanwhile, you can also prove your expertise and fruitfulness in your coaching program. Once you have shown your worth, you can gradually up the fees.
Are you engaged in a freelancing coaching model?
Do you charge your clients on an hourly basis? If yes, what is your hourly rate?
Are you working for an organization on a fixed salary basis?
Do you prefer online coaching?
The structure of the coaching program has a lot to do with the life coach salary. The hourly rate can go from as low as $10 to over $100. If there are additional bonuses or other sources of income then that would be another thing to consider.
For instance, you might follow a hybrid model wherein you may give one-to-one coaching sessions and at the same time offer online coaching programs.
You must be aware of the different coaching business models to choose the best for yourself.
Location may matter in deciding competitive rates. As far as reaching to the target audience is concerned, I don’t feel location is a big limitation in this digital era.
With emails, video conferencing, etc. crossing regional boundaries and expanding the reach has become easier. Tools like Zoom and Skype are simplifying coaching to a wide range of audiences. Many coaches are leveraging the benefits of online coaching and webinars.
The location though can have an impact on deciding the market rates. Small towns may not have coaches charging higher rates. At the same time, big ones might curtail the savings due to heavy expenditure. All these factors should be considered while debating about the life coach salary.
How much is the life coach salary?
Now that you know what all factors influence the life coach salary, let’s move on to the most important part.
And that is: “How much does the life coaches make?”
According to ZipRecruiter,
“The hourly wages for life coaches are as high as $71.39 and as low as $5.29, the majority of Life Coach wages currently range between $13 (25th percentile) to $34 (75th percentile) across the United States. The average pay range for a Life Coach varies greatly (as much as $21), which suggests there may be many opportunities for advancement and increased pay based on skill level, location and years of experience.”
Ziprecruiter summarizes the average salary of life coaches in the USA in the following way:
Salary Range (Percentile)
|Annual Salary||$26, 500||$60, 479||$70,500|
|Monthly salary||$2,208||$5, 040||$5,875|
According to the findings on the International coaching federation, the national average oscillates between $11,000 and $114,500. The billion-dollar industry always remains in trend with every third coach witnessing a revenue increase.
According to some of the most popular sites, the following is the life coach salary.
|Source||Annual salary||Hourly rate|
I hope that it is clear now that the life coaching industry has a lot to offer you in monetary terms.
A 2017 telegraph piece, ranked life coaches’ job as the best earners jobs without qualification. Established life coaches like Tonny Robbins and Brian Tracy are actually receiving astonishing numbers. There is absolutely no reason why you cant. Though it does require hard work and dedication. Nothing can be built overnight, right?
Life coach earnings by specializations
The life coaching niche that you choose will decide your life coaching salary to a large extent. Let’s have a look at some of the broad niches to understand better.
Health and fitness coaches
Health and fitness coaches cover a broad range of clients. They earn lot of money by people who are conscious about their health. According to Indeed, the average salary for a Health Coach is $14.97 per hour in the United States.
Spiritual Life coaches
The spiritual life coaching industry has recently gained much popularity. Spiritual coaches help people to deal with difficult emotions and achieve their life goals. Spiritual life coaches make an approximate average of $83,000 per year.
This is the category where the chances of earning are the most. Business/executive and corporate coaches work with top professionals. They mostly cater to high-paying clients. Though the niche demands excellent coaching skills and talent, the reward is worth it! If you are planning to become a business life coach then you can easily expect to make a yearly salary between $72,000 to $ 110,000.
What are the different ways through which life coaches make money?
There are various ways through which you can make money as a life coach. I have highlighted some of them below.
- One-to-one coaching sessions: That’s the most common way to make money for a life coach.
- Group coaching sessions: A life coach can take multiple clients at the same time. This is a huge opportunity to coach many clients together and curtail time. More clients, more money! Though you need to carefully plan group coaching sessions, it isn’t that easy.
- Paid Memberships: Some clients also need regular support. Such clients look for answers to their queries on online advisory groups. They subscribe to these groups which again can benefit the life coach. After you create a solid network system, you can give attention to such groups to which your clients can subscribe monthly or yearly. Some members pay well to get the answers.
- Mentoring: Many coaches impart their knowledge and skills by providing guidance and mentoring. Some offer this on a freelance basis in return for a fee. Such mentoring is usually given to budding coaches.
- Workshops and Seminars: These are good sources of earning money as a life coach. If you like public speaking and enjoy sharing your expertise, the stage is waiting for you! This also gives you a chance to build your network system. Who knows you may augment the list of your ideal clients this way.
- Courses: Some coaches also start their online courses. Others switch to eBooks or video courses. This also is a good source of additional income along with the one-to-one or group coaching sessions. However, this can be included in the long term strategy. Once you have built your client list, you can get better results this way.
How can you increase your life coach salary?
Now that you are aware of the factors, facts, and figures, let’s take a step ahead. Many coaches expand their services in one or other ways to earn more money. Let’s have a look at how can you augment your life coach salary.
- Business mentoring: Coaches with a business background can help clients to tackle difficult business situations.
- Group coaching, workshops, and seminars: Group coaching is a great way of making more income. Similarly, occasional or periodic workshops and seminars help you to get some extra bucks. At the same time, this also adds to your popularity as more and more people come to know about you.
- Holistic coaching services: You can add mindfulness and meditation practices in your coaching sessions. This helps clients to get the body and mind relaxation. Such practices can be added in almost all kinds of coaching niches’ sessions.
- Motivational speaking for companies: You can volunteer yourself for motivational speaking for companies in exchange for a fee.
- Become a corporate coach: If you are already into one of the life coaching niches but not a corporate coach, you can consider expanding your services. The reason is that corporate coaches earn well as they generally coach high-profile clients. Workplace coaching has recently gained much popularity. If you think that you have relevant coaching skills and knowledge, you must give it a thought.
- Online coaching courses, eBooks and newsletters: These are some of the best sources to add to your steady income.
What do you require to become a life coach whom people pay?
You might be thinking about what does it take to become a hireable life coach. Let’s have a look.
- A life coach must have the ability to guide others towards fulfilling their life goals.
- Life coaches must be energetic, inspirational and charismatic.
- Life coaches must have excellent communicating and listening skills.
- Life coaches must have great analytical skills. They must be able to penetrate into the clients’ issues to get a hold on the situation. They must ask insightful questions to draw out stuff from the clients to guide the better.
- Life coaches must be able to see the strengths and weaknesses of the clients. He/she must be practical and humble in their approach.
- A life coach should always prioritize continuous learning and training.
Is Life coaching a viable business?
Indeed it is! What you need to understand is the business dynamics that run in the background. Like any business, this also demands proper commitment and hard work. Many coaches look at it as a hobby and not a business. This is the reason that they are not able to make money. I do understand that there are some aspects that are heart-centered but all should not be. If you aren’t selling your services efficiently someone else will convert your prospects into paying clients.
There are three very important things that you should consider:
- Commitment to do whatever your business demands
- The ability to sell and market your coaching services
- A unique selling proposition that your clients can resonate with.
If you have these, get ready to embark on a viable life coaching business.
It is pretty evident that boarding the life coaching train can help you to earn a good life coach salary a few years down the line.
But take care that because others are earning well doesn’t mean that you will too. Be practical in your approach. Outcomes always come after hard work and patience. Also, make sure that you have the necessary coaching skills and qualities to become a life coach in the niche of your interest. If you don’t first develop those.
Making money means getting more clients. This will happen when you will meet new people and spread the work. Efficient networking and marketing are key.
It also means to price and package your coaching packages well to make the most of your clients.
You must not underestimate your worth. If you think that your services are worth taking, charge what your heart says. At the same time also keep the market rates in your mind. Neither charge too low nor too much.
Making money is not everyone’s cup of tea. Also, it requires great efforts and time investment. You might face many failures in the journey. What is important is to keep going.
You must consider your failure as just a slip and not a great fall. Every failure teaches some lessons. Concentrate on what is lacking in your method. Modify your coaching plans and strategies and start afresh. The universe always falls in love with a stubborn heart.