What is the average salary of a life coach? What is the best salary a life coach can make? If you are thinking about becoming a life coach, you should be asking many questions before you start pursuing your career.
How do I start?
What training do I need to become a life coach?
How much money can I make part time?
What is the average salary of a life coach?
What is the top salary of a life coach
What is a Salary?
Before we begin, we should talk about salaries. In the coaching profession, many individuals work for themselves. Others work for coaching firms, while others pursue their careers as coaches working withing large corporations or organizations. Whether you work for yourself or for someone else, whether you earn a paycheck or have self employment income, it is all considered a salary.
A salary is what you make as a coach, whether you pay yourself or someone else pays you. A salary is what you take home at the end of the day!
What is an Average Salary of a Life Coach?
According to Indeed.com, a jobs website, the average life coach salary is $58,000. Payscale.com estimates that life coaches with one to four years experience make anywhere from $23,000 to $75,000. You’ll find average life coaching salaries pegged at anywhere from $30,000 to $80,000. But, do you want to be average? How about striving to reach the top?
What is a Top Salary of a Life Coach?
The best way to reach for the top salaries of a life coach is to NOT work for someone else. Being an entrepreneur offers the most potential for earning the big bucks!
For coaches who own their own practice, your salary is determined by the amount of clients you have and the amount you charge per hour. There are others factors that contribute to determining your salary, including your monthly costs, and whether you offer discounts and session packages.
Beginning life coaches usually charge somewhere around $100 per hour. Veteran life coaches can charge $250 to $500 per hour. According to a Sherpa Executive Coaching survey, income for life coaches can range from $55,000 to $115,000. So, is the top salary for a life coach, $115,000?
How to Earn a Top Life Coaching Salary
You can max out your hourly fees and the amount of clients you can serve. Time is a finite resource, and the amount you can charge per hour also has potential limits. When you reached your potential for salary based on your time and the highest amount you can charge considering your experience, your location, and the clients you serve, what’s next?
To boost the salary of a life coach to the very top, you need to find alternate streams of income.
What are Coaching Alternate Streams of Income?
- Brand yourself. This is not an alternate stream of income, but it leads you to them. Make a name for yourself so you can stand out from the rest of the pack.
- Use group coaching to make more money. You lower your hourly fee, but you coach several people at one time.
- Seminars are a great way to make more money or introduce yourself to a wider client base.
- Write a book. Though writing isn’t easy, it’s not impossible. You can brand yourself an expert by writing. But, make sure it’s good writing, and make sure it offers plenty of valuable information.
- Create DVDs – your coaching program on video can reach millions of potential customers.
- Create a specific coaching program targeted at a niche. If you can make yourself an expert on a specific type of coaching, or targeted to a specific group, you can really ramp up your income potential.
The salary of a life coach depends on so many factors that it is impossible to give a reasonable estimate. Your salary as a life coach will depend on how hard you work, how much training you get, how smart you are in branding yourself, and how many alternate streams of income you can create.
Writing Team, Coaches Training Blog Community