Hey business coaches listen up – do you want a big or a small business coaching salary? How many hands up for “small?” Not many, I imagine.
We all want a big salary…right? A very big salary! Of course, income or salary is not the only reason individuals become coaches. In fact, for many it is not the main reason. Helping people reach their goals and dreams is often cited as the number one reason people enter the coaching field.
Money Isn’t Everything But it Matters
However, unless we switch to a barter economy anytime soon, money remains critical to a happy and rewarding life. Money doesn’t buy happiness, they say…but if you are always struggling to pay the bills and there is far more month left at the end of the money, happiness is probably just going to be an illusion.
What is a Salary?
A salary is how much an employer pays you to work for them – the money an employee earns at regular specified intervals – weekly, monthly, semi-monthly, annually, etc. But, here we will also consider self-employment income as salary – how much you earn in in total from all your coaching clients. Now – if you had your choice, if you found a genie in a bottle, would you wish for a small business coaching salary? Of course not…you would want a big business coach salary!
How to Get a Big Business Coaching Salary
According to a Sherpa Executive Coaching survey, business coaches make an average of $235 per hour. Experts often advise that beginning coaches can charge around $100 while established coaches can set their pricing at $250 to $600 per hour.
If you are working for a coaching company, your salary is set by your employer, and you have to wait for periodic pay raises (or bonuses if they give them). If you work for yourself, there are a few ways you can increase your business coaching salary or income.
5 Ways to Increase Your Business Coaching Income
- Don’t focus on your salary or income. That’s right…it is sometimes better to just forget about it and do your job! If you concentrate on helping your clients to the best of your ability and knowledge, your income will undoubtedly rise.
- Learn your target market. You usually can’t be everything to everyone. Who are you trying to help? Can you offer them outcomes with your coaching? If you think you have the most to offer small businesses, focus on them. If you think you want to work with women business owners, then concentrate your energy into helping that target market.
- Use survey services such as Survey Monkey to gather information from potential clients. These won’t cost you a dime, and serve as both a marketing tool and a source of valuable data on a target market.
- If you think you have what it takes, offer free services. That’s right, giving it away for free may eventually increase your business coaching salary. If potential clients see what you have to offer and they like it, they will become paying clients. Don’t be hesitant to give away free coaching sessions to groups or individuals.
- Ok – here’s the big one. Ready? Drum roll please…. Marketing! Yeah! Marketing! Boo! Marketing. Who likes to market? Raise your hands… That’s right…very few people like to market and promote. But, you probably won’t survive as a self-employed coach if you avoid marketing. You’ve heard it before, and you will hear it again, marketing is critical to business success. If you work for someone else, your business coaching salary will depend on how the company markets itself, but if you work for yourself, your business coaching income depends on you!
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