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How Much Is The Life Coaching Industry Worth?

How Much Is The Life Coaching Industry Worth? Life Coaching Industry /  4th March 2022

The life coaching industry has been growing over the past few years. Many people worldwide are pursuing a coaching career, and this career fills them with excitement. Are you always checking coaching blogs and podcasts?  If you plan to become a fully-fledged coach, you have already entered the life coaching industry. The life coaching industry statistics are worth discussing, and the industry is exploding right now.

How Much Is The Life Coaching Industry Worth? Life Coaching Industry

If we talk about the estimated revenue of coaching in 2019, it was $2.849 billion. It is a 21% increase since the 2015 estimate, which is a massive overshoot! Life coaching is only 30 years old, and the industry has become more impressive in the past few years. The life coaching industry has a $1 billion value in the US. This complete guide will brief you all about the life coaching industry statistics.

What Is The Life Coaching Industry?

Life coaching is outside of work and involves goals focused on personal growth. It is all about self-fulfillment. The Typical life coaching sessions are one-on-one, and they last for an hour. The process is goal-oriented and has a set time frame. The life coaching sessions range from twelve to twenty sessions. 

The people approach coaches to seek out a new career. They also discuss their personal life and take guidance about approaching their romantic partner. They also seek guidance and suggestions when they are starting a new business. 

When you are trying to convince others to support your coaching career and want to validate your decision to pursue coaching, you have to keep some facts in mind. If you want to know about the life coaching industry statistics, we have all the answers.

The life coaching industry has helped people who have been at a crossroads in their lives. When people get “stuck” and turn to others for help, this is when the life coaching industry comes in. This industry has provided people with a mentor in a life coach. 

The life coaching facts and specialized training have helped the clients to understand their strengths. They help people formulate their goals and help them take the necessary steps to meet their goals. 

The life coaching industry finds its roots in the United States. It started back in the 1970s and 1980s. This industry’s major period of growth took place in the 1990s and continues till today.

What Does A Life Coach Do?

A life coach is a wellness professional and works in the life coaching industry. They help in making people progress in their lives. They provide people with guidance to attain goals and fulfill their goals. Life coaches help their clients in improving their relationships and careers. The coaches also play an important role in their day-to-day lives.

Life coaches have helped millions of people around the world to clarify their goals in life. They allow people to identify the obstacles that are holding them back. They are skilled experts who help people find the right strategies for overcoming the obstacles in their life. 

Life coaches aid people in creating strategies that will help them reach their life goals and dreams. The life coaches guide people to target their unique skills and gifts. 

All of us are gifted with unique abilities, but we are not able to identify the abilities that we have. They also help you to make the most of your strengths. Life coaches provide the support you need to achieve a long-lasting change in your life.

How Is Life Coaching Different?

One of the most common misconceptions people have about life coaching is that it is a therapy. Life coaching is not a therapy by an unlicensed practitioner. In reality, it is truly its own unique service designed to help ambitious achievers. 

They help people meet the outcomes that will help them achieve the success they are looking for. Life coaches help people in their fulfillment in the areas of life. There is a lot of difference between a life coach and a therapist. 

In life coaching, a client takes guidance from the coach. The life coach is not a healthcare professional. He helps to clarify goals and identify obstacles. He also helps the client to deal with the problematic behaviors. Life coaches help people to create action plans to get the desired results. The life coach listens to the client’s whole situation and provides him with guidance from the starting point. 

They start the procedure by standing at the acceptable neutral ground. Life coaches provide an action-based plan from the point onward. He enables the person receiving treatment and allows them to take control of their lives. The clients are experiencing a weak moment in their lives, and it becomes hard for them to decide. This is when a life coach helps them to take action to achieve their goals. Life coaches and therapists help clients with similar problems, but their work is not the same.

How Did The Life Coaching Industry Come to be?

The concept of life coaching has long been in existence. It started with sports coaching, school coaching, music coaching, and other types of coaching. Life coaching is advantageous for people from all walks of life. It has helped people belonging from all types of occupations. A coach’s support helps the clients bring people to their full potential. Life coaching will help you to discover your potential. 

Life coaching started with Thomas Leonard. He is an American financial planner and is acknowledged as the first person who was responsible for developing life coaching as a profession during the 1980s. 

The history of life coaching started with him. Thomas Leonard was the driving force behind life coaching. 

He played an essential role in creating and developing the life coaching industry. Thomas Leonard started the personal coaching process from 1991-to 1992. He spent about 3 years unraveling the mystery behind life coaching. 

Thomas discovered every process and explored every resource that he could find to help people. At first, he failed miserably. He faced a lot of desperation, and he wanted to seek something new.

Leonard engaged and pursued another person to ask him questions about him. He wanted to reveal things within himself to someone else. This person then reflected on Leonard and held a confidential session with him. 

The meeting helped Leonardo and his friend find a clear, unbiased truth about himself. Leonardo discovered his true inner self through the reflection provided by his coach.

Leonard decided to fulfill his passion and assisted others to become the “World’s Leading Experts .”His newly discovered talent urged him to write this remarkable Personal Coaching process record. He also described how personal coaching works.

Who Hires A Life Coach?

Anyone can benefit from a life coach. Life coaches help people to discover their strengths. Life coaching assists creative individuals like businessmen and businesswomen, and other professionals. The entrepreneurs seek help from life coaching as they help them build strategies that can benefit them and make the right decisions. 

Managers hired in large enterprises to manage hundreds of employees also approach life coaches to help them deal with so many people. The managers are responsible for deriving the best results from the employees; they take help from life coaches to gain confidence. 

Creative people like actors and musicians also seek help to give their best in their job. The students also want to get the best result in their academic careers. A life coach helps people reach their goals and identify the skills that they never realized. Life coaches provide support and guidance and close the gap and breakthrough challenges.

What Are The Benefits Of Working With A Life Coach?

Working with a life coach is one of the most significant investments you will ever make. You can take a lot of benefit from the expert guidance. Life coaches can help you determine and achieve your goals. They also help you discover a purposeful life path that should not be ignored. 

There are several invaluable benefits of working with a life coach. Here are some of the significant benefits that you can get with the help of life coaching. 

1. Life Coaches Help You To Discover The Real You

There are times when we feel frustrated with our life but don’t know why it is happening. One of the most significant benefits of working with a life coach is that they help you explore frustrations. They also help you with overcoming your fears without any pressure. Life coaching helps you to deal with the outside world with confidence.

Life coaching helps you to discover a better sense of yourself. With the help of life coaching sessions, the clients get to explore the gifts and skills that they possess. 

2. Life Coach Listens Carefully

When someone listens to you, it helps you deal with your problems in a better way. You can turn to your friend or family member if you can’t find a solution in any area of life. However, one may feel burdened to share everything with their loved one. 

You can turn to a life coach to help you in many areas of your life. The coach will listen to you deeply and give solutions to your problems. They may guide how you can turn your life out for the better.

3. It Will Help You Achieve Goals

Suppose you want to know what you want in life; that is just one thing. Achieving something that you have been dreaming of is something else. When you get a good coach in life, they will help you reach your goals. They will infuse a new passion within yourself and create a realistic plan for it.

4. Help You Break Unseen Habits

The life coach will highlight some of the most important areas in your life. They will help you break your stubborn or unseen habits. Sometimes a certain habit may be breaking you from achieving something big in life. We often have the same habits to follow in our daily routine. It may be difficult for us to believe why these habits hinder our goals.

5. Can Be The ‘other person’ For You

When you want to rely on someone or share your problem, your life coach will become another person. Even though we can do our best, it is always easy to rely on someone else. It helps us move swiftly towards our journey. 

The life coach is there for us when we excel or struggle. There is no doubt that a positive mind leads to greater efficiency and productivity. This is where the life coach can help you the most. If you have a big wish to fulfill and don’t seem to know what is suitable, count on them. It is good to have a trustworthy person by your side.

Some Statistics To Consider

1. The life coaching industry is worth an estimated $2 billion

You will be surprised to know that the life coaching industry grows by leaps and bounds. Forbes magazine has revealed something interesting about this industry. The life coaching industry has become the second-fastest-growing profession globally. The estimated worth is around $2 billion and still growing.

2. Coaches can earn between $30,000 and $300,000 a year

Many people are interested in having a life coach compared to the past few years. Executive and career coaches are earning a lot more than other coaches. They can help various companies grow bigger and get better results. 

Life coaches are not restricted to big companies, as they are an essential part of our personal lives. This is why they can earn between $30,000 to 300,000 each year. As their demand increases, so does the salary.

3. Coaches typically charge between $50 and $200 per hour

Nowadays, life coaches are making things easy for people. They usually charge similar to the professionals in other fields. Most coaches charge $50 and $200 per hour. 

Since the life coaching industry is relatively new, they don’t have much control over things. If we talk about beginners, they cannot charge a big amount on an hourly basis. However, the senior coaches can expect a larger amount than usual.

4. The industry is growing rapidly, with over 15,000 new coaches entering the market in 2017

According to a recent report by the International Coaching Federation, the life coaching industry is rapidly growing. You will be surprised to know that over 15,000 new coaches entered the industry in 2017. 

If we talk about 2018, approximately 71,000 life coaches have become a part of the market. The number of new coaching members is increasing each year. As people are more conscious about self-development, they will turn to life coaches even more.

What Does The Future Of The Life Coaching Industry Look Like

There is no doubt that the future of the life coaching industry is bright. As more people are interested in having personal coaches, they will continue to hire one. If we talk about the big companies, they will want to have services from a personal coach. It helps them grow their business with definite plans. 

The coaching industry will continue to grow and expand into new markets. After looking at the statistics, we can assume some growth in the future. If you want to become a coach, it’s the right time to do so. 

All you need is some skill and certification to survive in this industry. You can track the changing trends in the market. It will be easy to predict what will happen in the future as it seems rosy all over.

Benefits Of Life Coaching In Individuals And Companies (summed up)

We will talk about the benefits of life coaching in individuals and companies. Here are some of them:

1. The Personal Benefits of Coaching

You will be surprised to know that the personal benefits of coaching are endless. Many people have revealed how coaching has helped them grow in their careers. It has positively impacted their overall life and not just careers.

  • Helps them achieve goals with confidence
  • Easy to become passionate and confident
  • Gain more satisfaction from life and career
  • Motivates you to contribute to your team and company
  • Gives a passion for becoming reliable and confident
  • Become accountable for your actions
  • Enhances the productivity at work
  • Communicate with efficiency

Personal coaching helps you become more confident in life. You can make better decisions in your personal and professional career. It is a good way of personal development. 

Sometimes a manager is struggling due to low self-esteem. Life coaching will help you build new strategies at work with effectiveness. When you can communicate with your team at work, it will also enhance positivity and productivity. Coaching is effective in various fields in life and not just one.

2. The Benefits of Coaching in Organizations

If you want your business to grow, it is essential to hire a coach. When your business gets tough, you may make some mistakes. It is important to rectify those mistakes at the right time. You need some good strategies to grow your business. A good coach will focus on your strengths and weaknesses. It will be easy for you to turn out as a winner.

i. Fulfills Vision and Goals

You need to understand what your visions and goals are? Many clients have airy-fairy goals that don’t have any meaning. It is better to challenge yourself as a realist. If you hire a life coach, he can help you achieve everything realistically.

ii. Gain Perspective

If you are willing to have life coaching services, it will help your organization gain in many ways. The coach will not take your business or life decisions. Instead, they will discuss the ins and outs of your business. You can gain a new perspective and identify the key challenges regarding it. They will help you identify the strengths of your organization.

iii. Outline A Clear Road Map

Having a coach in your life is a lot different than relying on your friends and family. Your family doesn’t have the experience to help you build a career. The life coach knows how to create a clear road map to business success. You need to follow these points and implement them to help your organization grow.

iv. Improve Skills

You cannot achieve much success in an organization if you don’t have the skills. There are different types of life coaches. If you want some help with your organization, getting in touch with a business coach will be helpful. It doesn’t matter how old your organization is, as there is always room for improvement. A good business coach won’t feed you with something. They will help you improve your skills so the organization can run successfully.

Bonus: How Much Does Life Coaching Cost On Average, and Is It Worth The Investment?

If you are interested in taking services from a life coach, it is better to know about the cost. Most life coaches usually charge per hour. The charges of hourly pay range from $50 to $500 per hour. However, the rates can vary depending on the type of life coach. Business coaches turn out to be the most expensive ones.

If you are interested in personal coaching, the cost will vary once again. If the coach has a good reputation and experience, he can charge more. Typically a personal coach will ask for $75 to $200 per hour. 

These coaches offer monthly packages that include $300 per month. It offers around four sessions of 30 minutes. The cost may depend on the duration of coaching too. Hiring a life or business coach can be an excellent solution to your personal and business issues. Working with a coach is worth the money as you will see changes in the key areas of your life.

Conclusion

The statistics on the life coaching industry prove how successful it is. It doesn’t seem that the popularity of life coaches is going down any time soon. You can confidently hire a personal or business coach to improve the most prominent areas of your life! It helps you lead a successful life.

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