How much do life coaches make? The area of life coaching is expanding and offers various opportunities. Life coaches are under the category of educational, career, and guidance counselors and advisors, according to the U.S. Bureau of Labor Statistics (BLS). These professionals make a median yearly pay of $60,510, with a range from $37,550 to $98,190.
How much do life coaches make?
You have ultimate control over your income potential as a life coach. However, earning a solid living doesn’t just come from honing your teaching techniques or expanding your clientele. You need to scale your firm and effectively price your services.
All too frequently, coaches place too much emphasis on doing good deeds and not enough on making money. Some people don’t value what they do. Others reduce their prices to unreasonably low levels to avoid turning away those who require their assistance.
However, you won’t be able to assist anyone if you are forced to shut down your life coaching firm due to financial difficulties. You must create a more lucrative business if you want to better your clients’ (and your own) lives.
Because of this, we’ll look at the typical life coaching income, how to set your fees, and how to increase your revenue as a life coach in this post.
Life coaching salaries vary
According to the Universal Coach Institute, trained life coaches in North America can expect to make between $27,000 and $107,000 a year. According to an ICF study with Price Waterhouse Coopers, life coaches earn an average of $61,900 yearly in North America, compared to an international average of $51,000.
Life coaching is not a category that the BLS (U.S. Bureau of Labor Statistics) recognizes. Educational, career, and guidance counselors and advisers fall under this group the closest. And by them, the average yearly wage is $58,120, with a range of $35,620 to $97,910.
Remember that this represents the average life coach compensation. You might make six figures or more if you can establish yourself and use online tutoring.
Types of life coaching
Life coaching can cover a wide range of topics because it concentrates on assisting clients in achieving their own goals:
-
Coaching for leaders
-
Career coaching
-
Personal development
-
Family and marriage
-
Relationship
-
Fitness and weight loss
-
Parenting
-
Individual branding
What is a life coach?
A life coach is a motivator who collaborates with people to provide wellness guidance. This might involve advice on how to reduce stress, manage anxiety, eat healthily, and exercise. Although counselors or therapists often require more specialized certifications and work with clients who have been diagnosed with mental health disorders, life coaches share certain characteristics with both of these professions.
Life coaches may have personal experiences of overcoming obstacles to lead healthier lives, or they may have researched wellness and acquired the skills and information necessary to properly discuss it with clients.
They might work one-on-one with people, either adults or kids or give a speech to bigger crowds. They might work independently, for gyms or other fitness facilities, or they might travel and assist corporations and educational institutions. They might offer speeches on occasions.
Ways to earn money as a life coach
Here are a few ways a life coach can make money:
-
Coaching on a one-on-one basis with regular clients
-
Group coaching
-
Giving speeches at gatherings or conferences
-
Developing and offering clients life coaching programs.
-
Monetizing internet content with social media platforms or blogs
-
Publishing books
-
Employing additional coaches and leading an agency
-
instructing fresh coaches
Summary
Life coaches are under the category of educational, career, and guidance counselors and advisors. These professionals make a median yearly pay of $60,510, with a range from $37,550 to $98,190. According to an ICF study, life coaches earn an average of $61,900 yearly in North America. A life coach is a motivator who collaborates with people to provide wellness guidance.
A guide to life coaching
Here are a few steps to do to become a life coach:
1. Finish secondary education
The majority of life coaches graduate from high school with honors in English and mathematics. Since life coaching frequently entails using computers to connect with clients and other coaches, they could also have IT qualifications. The study of sociology and psychology is also beneficial.
2. Consider a bachelor’s degree
Although a degree is not normally required for a life coach, going to school and studying more could be beneficial because many life coaches have real-world experience. Degrees in sociology or psychology are appropriate for life counseling.
A communication-related degree, such as one in media, journalism, or English, may be useful for future life coaches.
3. Complete a life coach qualification
Clients prefer coaches who have had some experience in life coaching. As a result, all applicants should complete a specific life coach qualification. The Certificate IV in Life Coaching and other pertinent degrees are available from TAFE and other institutions.
You can decide whether to work and study concurrently full- or part-time. There are frequent opportunities for both on-campus and online study.
4. Choose your specialty
Most life coaches specialize in a field they are particularly interested in or have experience in. You may, for instance, specialize in counseling for business, relationships, or personal development. You can continue your studies in the area of your chosen specialty after making your choice.
5. Create a brand
The following stage is to develop your brand and select a company name to register your firm. You might use your name or come up with a name for your company. If you have a reputation and use your name makes it more personal, which can draw in more clients.
Additionally, you might open your own business under a different name. You may design a logo and brand as well. You can employ a graphic designer if you don’t feel confident doing it.
6. Create a website
The majority of life coaches have websites where their clients can learn more about them. You have the option of building your website or hiring a specialist to do it for you. Your website might include a homepage, an about page, a blog, a services page, and a contact page, among other things.
Make sure your website is well-stocked with content and try to address any queries potential customers might have. Include a tonne of pictures, including headshots that are in focus.
7. Market yourself
You can begin promoting yourself once you’ve established your brand. Be careful to create social media profiles and post frequently on them. To ensure that potential customers see your postings, you might invite friends and family to share them.
Additionally, you can pay to target a particular demographic using social media marketing. Using your blog for marketing is another option. You can write informative articles about life coaching, such as ones that explain how to establish a morning routine or how to adopt a productive mentality.
To enhance these articles so they appear in Google search results, you may either learn SEO yourself or work with an SEO specialist. At the end of each piece, don’t forget to include a call to action encouraging readers to schedule an appointment with you.
8. Offer initial discounts or offers
Offers or discounts could be appropriate as you grow your clientele. For instance, if a client books a block of sessions, you may give them all a free introductory session or offer a “four for the price of three” package.
Additionally, you might include extras like a planner or mood journal. Here, you can use your imagination to come up with anything that might appeal to clients.
9. Accept any promotional offers that come your way
You might start receiving opportunities for speaking engagements or interviews as your skills as a coach advance. It can be a good idea to accept as many of these offers as you can to develop your brand.
The more you expand your business and possibly start charging for sessions, the more well-known and established you become.
10. Consider building an agency
While some life coaches operate independently for the duration of their careers, others recruit other life coaches and establish an agency. These life coaches can be trained, scheduled, and have a commission deducted from their earnings. As a life coach, you might be able to increase your revenue by doing this.
Recovery from injury or addiction
As you might expect, some coaching jobs pay more than others. According to Payscale, the average hourly rate for a life coach is $32.38; however, many coaches are capable of charging much more. For instance, executive trainers may bill $100 to $300 per hour for 2 sessions each month.
That represents three to nine times the typical. Additionally, corporate coaches may charge extra. This kind of coaching is intended for companies that offer employee training. Prices might be as high as $10,000 per month or $500 per hour.
Additionally, some coaching programs, like those for career development or weight loss, can raise a person’s performance and self-confidence to the extent that they are better equipped to seek bigger opportunities and earn more money in the future.
The key idea is that you can charge more for your services if you can make people’s lives better.
Your experience
People will trust you more to generate results for them as you gain more experience. Additionally, they will pay more the more they believe in you.
The founder of the School of Coaching Mastery, Julia Steward, stated in her 2013 handbook that a beginner life coach can bill between $100 and $200 per hour while more seasoned coaches can bill up to $600 per hour.
In actuality, you can set your prices as high as the market will allow. Economics is that. You might bill $100 per hour as a beginning life coach. However, it is worth more when you have a limited amount of time. You can then start to raise your rates at that point.
But keep in mind that there are other ways to demonstrate experience:
-
The length of time you’ve been a life coach;
-
The number of clients you’ve assisted;
-
Your personal experience conquering obstacles in your own life.
You might not be able to offer statistics if you’re just getting started with life coaching. However, you can surely use your personal life experiences in your writings.
The outcome you deliver
Typically, you can charge more for counseling that aids clients in increasing their income or elevating their social prestige. Therefore, consider the change you propose.
Are there any connections to a better level of living, better-paying employment, or more income? If so, you might be able to raise your life coaching prices.
Where you live?
The quality of life varies across different geolocations. The sum of money that people can spend on coaching may be significantly impacted by this.
Fortunately, geography is less of a concern when tutoring is done online. Location is irrelevant if you can demonstrate that you deliver a substantial transformation.
The number of coaching clients you have currently
Active coaches have 12 hours of weekly direct client contact and serve 11.7 customers at once. Of course, preparation time, study time, time spent offering other services, and time spent managing your business is not included.
To increase your income, we do not suggest adding extra coaching hours. You won’t have time to get ready for your coaching sessions if your calendar is too full. You won’t have enough time for learning and studying.
And it will affect how well you can assist your coaching clients it’s a good idea to only take on ten to twelve clients at once if you work with folks one-on-one. Offer group coaching to assist more people. Both you and your clients stand to gain from this. Since group coaching is typically less expensive, more people can afford your services.
Additionally, it frees up your time to focus on running your business so that you may help numerous consumers at once.
Summary
Most life coaches specialize in a field they are particularly interested in or have experience in. This kind of coaching is intended for companies that offer employee training. Prices might be as high as $10,000 per month or $500 per hour.
How to calculate your fee for life coaching services
There is no standard amount you should charge for your life coaching because there are so many variables that affect your prices. Instead, we’ll follow a 4-step strategy that starts with how much money you want to make coaching each year.
How much money do you want to make as a life coach?
You must first determine your desired annual net income before you can calculate your rates. Too frequently, coaches base their fees on the national average for life coaches that they research online or based on what a rival is charging.
When determining your prices, it’s crucial to take your expenses and other requirements into account. The fact remains that operating a business is expensive. You must factor in your overhead, which includes things like the business software you use, continuous education expenses, and taxes for your company. If you don’t, you can end up losing money.
Let’s do some math
For now, let’s assume there are 12 coaching sessions every week. Assume you spend $3,000 a year operating your firm and that you wish to take four weeks off each year.
Your annual expenses are $3,000, and your desired net income is $100,000.
-
Your desired net income: $100,000
-
Annual expenses: $3,000
-
Income taxes (at 24%): $24,000
-
Billable hours for the year: 576
How to figure out your hourly rate is as follows:
Hourly rate = Net Annual Income + Expenses + Taxes / Billable Hours
$576 hours / $100,000 + $3,000 + $24,000 = $220 per hour.
Let’s set your rates using the $220 rate right away.
Create a coaching package
Consider the transformation or the result that you guarantee your clients. How many sessions should it take to provide them with the assistance they require to fully transform?
Say it takes 10 sessions to achieve the desired effects. A 10-hour coaching package should cost $2,200 at a rate of $220 per hour.
Invent new payment methods
Offering big packages or coaching programs isn’t your only option. Additionally, you can sell single sessions or packages of sessions. So, for instance, you may charge $220 per hour for individual sessions and $880 for monthly packages of four sessions.
This is a fantastic method to give folks the chance to experience your coaching without committing to a pricey package. It also enables individuals to contact you on an as-needed basis if they so want.
Don’t undersell your abilities
Your coaching will be worthwhile if it changes the lives of your customers. The value you provide might not be accurately reflected by $220 per hour. Don’t be hesitant to increase your charges as you gain expertise and become more well-known, even though it might be a decent beginning point.
What actions may life coaches take to boost their income?
Your life coaching income can be increased using the following three levers:
-
Higher prices
-
More customers
-
Additional sources of income
Create extra sources of income
Extending beyond one-on-one coaching is a smart move to boost your income. Adding new active and passive revenue streams doesn’t need a lot of extra labor.
Active income streams
A product or service that needs you to be truly present is considered an active revenue stream. You should be cautious not to overcrowd your time as a result. Offering group coaching is a useful strategy for doing that. To assist more people in the same amount of time, form cohort groups that go through your coaching at the same time.
Note: As a general guideline, charge 30% of your one-on-one coaching rates when selecting pricing for group coaching.
Another way to enhance the value of your coaching is through membership groups. Here’s a thought: Offer membership to customers who have finished your coaching program so they may continue to receive your support and have access to your knowledge.
Events and workshops can increase your revenue quickly. Think of holding a one- or two-day session where you concentrate on offering in-depth instruction on a particular issue your consumers have.
Passive income streams
Streams of passive income generate additional income without requiring your active participation. You develop a digital product, establish the landing page and pipeline, and inform users that it is accessible. This increases your tutoring income while also enabling you to assist more people.
For those who cannot afford your coaching, self-paced digital courses are a fantastic option. Make them available on your product page or use them as a downsell in your sales funnel. Mini-products like PDFs, worksheets, templates, checklists, and videos are also something you can make.
These could be inexpensive goods that introduce new customers to your world and offer speedy solutions when they don’t have time for a comprehensive coaching session. E-books and printed books are additional sources of passive income.
Having a book published increases your authority. Additionally, it assists you in educating potential clients about your practices and beliefs so they approach you eager to collaborate.
Final tips for making more as a life coach
One of the most fulfilling businesses you can start is a life counseling practice. And if you run your tutoring business properly, it can assist you in achieving any financial targets you have set for yourself. Start by laying the groundwork. Make your mission clear and communicate it to the world then put forth all necessary effort to ensure your clients’ success.
Calculate what you ought to be charging for your coaching services. To achieve your financial objectives, you must be aware of the rate and the number of billable hours that are necessary. After that, engage in marketing to keep your schedule filled. Finally, make the most of your time to assist more people and have a greater global influence.
FAQ’s
Following are some of the important questions:
1. How does the life coach salary work?
The majority of life coaches are independent contractors, while some may employ others to work using their name or for their company. Life coaching is typically unregulated. This implies that experts can decide for themselves how much to charge for their work without interference from a third party.
2. How are life coaches paid?
Clients must pay life coaches for their services. Clients typically pay for their services after a session. Clients may use bank transfers to make payments to a life coach if they operate online. The life coach could then make plans to cover the required taxes and other company costs.
3. Does the life coach salary vary?
Yes, a life coach pay might vary depending on the specific background. The average hourly rate for life coaches starts at roughly $30, although more seasoned life coaches can charge up to $150. As your career progresses, you might be able to raise your prices if you establish a solid reputation, promote your company, and get the patronage of your customers.
4. What is the purpose of a life coach?
Assistance from life coaches to their customers improves their quality of life in all areas, including relationships, careers, and overall wellbeing. Your goals, the obstacles standing in your way, and the action plans you need to conquer each one can all be defined with the help of a life coach.
5. What are the different types of life coaches?
Career coaches, relationship coaches, health coaches, and business coaches are frequently the most in-demand life coaches. You shouldn’t have much issue acquiring clients if you select one of these niches.
6. How much does a life coach cost?
Rates for a life coach per hour
The hourly rate for coaches in North America ranges from $128 to $321. Once more, the location, target market, reputation, skills, and, more crucially, education and experience of the coach all play a significant role in these numbers.
7. Are life coaches worth it?
Although working with a life or executive coach can be an effective way to address problems in your personal or professional life or to achieve goals, it won’t work like magic. When you: Want someone to listen to your issue and examine your feelings, working with a coach is probably not worth the money. Possibly, a therapist is what you need.
8. What is the difference between a therapist and a life coach?
The main distinction between therapy and life coaching is that life coaching focuses on setting and attaining goals, whereas therapy is more concerned with mental health and emotional rehabilitation.
9. Can anyone be a life coach?
Despite its rapid growth, the area of life coaching is not governed by any state or federal body. There is no need for a license. Anyone interested in becoming a life coach is welcome to do so. Having a certification lets others know you’ve received specialized training and are committed to your career.
10. What do you talk to a life coach about?
People frequently turn to life coaching because they feel their lives lack direction and purpose. A life coach can keep you accountable while you work toward your goals and can help you develop goals that will put you on the path to a more meaningful, rewarding life.
Conclusion
Life coaches are under the category of educational, career, and guidance counselors and advisors. These professionals make a median yearly pay of $60,510, with a range from $37,550 to $98,190. Life coaches in North America can expect to make between $27,000 and $107,000 a year. A life coach is a motivator who collaborates with people to provide wellness guidance. This might involve advice on how to reduce stress, manage anxiety, eat healthily, and exercise.
Related Articles
Career coaching services
How much do life coaches make