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What is a Good Salary for Life Coaches?

April 12, 2012 By 3 Comments

You may be wondering how much you can make as a life coach or what constitutes a good salary for life coaches. Well, wonder no more – life coaches can make a very good living? A salary for life coaches can make it into six figures.

However, it is true that most life coaches don’t make that much money, especially when they are first starting out. It takes time to effectively promote your business, get clients, build your practice, develop a following, learn how much to charge, and implement passive income streams that are supplemental and supportive of your main coaching business.

What Factors Determine the Salary for Life Coaches?

There are four principle factors that determine the salary for life coaches.

  1.  Their coaching fees. Determining an hourly or monthly rate is one of the first decisions to make as life coach. Your rate will depend on several factors, including your experience level, the competition, and the amount of clients you have.
  2. The number of clients. This number obviously fluctuates as clients come and go, but with experience, the number should be fairly consistent, and should be as high or as low as you want it.
  3. The various discounts and packages you offer. Discounts and packages will lower your hourly rate, but may increase your overall compensation.
  4. The number of additional passive revenue streams created to supplement the main form of income.

How Much Should a Life Coach Charge?

The amount a life coach charges will vary drastically. Some coaches may only charge $40 an hour or $400 per month, while internationally known coaches charge several thousand just to make a speech. For a starting life coach, setting a fee somewhere around $100 per hour is probably a good choice. With additional experience and good client retention, the fees can be raised.
One good indicator that will help you determine if your rates are too low is the amount of people who say “yes” to your prices. If everyone is saying “yes”, then your fees may be too low. Of course, in the beginning, “yes” is the word coaches want to hear. But, if your prices are right, some potential clients will balk and go shopping. Let them go; it’s actually a good thing to have potential clients say “no’ from time to time.

Bottom Line – How Much Do Life Coaches Make?

An average salary for life coaches is difficult to determine. According to payscale.com, life coaches with one to four years experience make anywhere from $23,000 to $75,000. Those with 10 – 19 years, make anywhere form $25,000 to $105,000 per year. According to Forbes.com, 10 to 20 percent of professional life coaches make over $100,000. Most surveys peg the average salary of a life coach in the $35,000 to $70,000 range. Though a starting salary for a life coach may not seem great, and for some, it may only be slightly above the poverty line, the potential is unlimited. With hard work, determination, effective marketing and promotion, and continuing education, a good life coach can push a potential salary into the six-figure realm.

By the way… you’re invited to claim your FREE step-by-step “Life Coaching Business Blueprint” video toolkit. Just go HERE now to get yourlife coaching business blueprint videos.

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

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What Is a Fair Life Coaching Fee?

April 10, 2012 By 5 Comments

A fair life coaching fee should reflect the value of the service you provide, along with some acknowledgement of your client’s ability to pay. This balance of value-delivered with the client’s ability to pay is the hallmark of a professional. You should never underestimate your value or just how much your services are worth. So don’t lower your fees because you question your worth. On the other hand, acknowledge your client’s situation, and adjust your fee to reflect your role as a professional.

Life Coaching Fee Needs to Reflect a Few Things

The first order of business is to fairly set your life coaching fee structure to reflect the impact that you have on the lives of your clients. If your coaching takes your client from an “also ran” to a “winning thoroughbred” then you should be paid accordingly. And don’t be shy about it. You impact and change people’s lives in wonderful ways. Yes. Priceless is the word for that. And if this is what you really do and you are not just a charlatan, then you should be paid accordingly.

Your Coaching Fee Needs to Reflect Their Ability to Pay

As a professional, in the best sense of the word, your fees need to reflect your client’s financial situation. And if appropriate your work needs to be offered on a pro bono basis, because as a professional it is about service and not only about the money. I recommend accounting for your services at full value with discounts offered to reflect the client’s ability to pay. This helps to keep your head straight, while still meeting the needs of your clients. Also don’t forget that this noblesse oblige is an obligation that you can share with your more wealthy clients – for the good of their souls, of course.

The Trick Is to Make All of This Transparent

Like all good deeds, they are better done in secret or at least not with a lot of fanfare. So when you set a life coaching fee, remember that “mum’s the word”. Each and every one of your clients needs to feel that they have paid a fair price for the help that they received. And none should be made to feel that they were given consideration based on their weakened financial position. And that, my friend, is a good bit of the art of all of this.

SPECIAL BONUS — If you would like step-by-step blueprints for generating a massive income from high paying coaching clients, I invite you to claim your FREE ACCESS to the “Life Coach Salary Secrets” video toolkit. Go HERE to get it FREE.

Dave Iuppa
JTS Advisors Strategy and Accountability Coach

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How To Determine Your Business Coach Fees

April 9, 2012 By Leave a Comment

Determining your business coach fees is one of the most important decisions you can make for your coaching practice. The right business coach fees can make your business while the wrong fees can break your business. Coaching fees vary widely based on the type of coaching, the length and frequency of the sessions, the coach’s experience and expertise, the coach’s reputation, and the fees of the competition.

As a business coach, you provide assessments, insight, feedback, and guidance to individuals or organizations for goal achievement, professional development, personal enrichment, team building, and corporate expansion and development. You typically listen and then offer appraisals, observations, and concepts to assist your clients in identifying possible goals and determining a road map to achieve those goals. You are a true partner with your clients in helping them achieve their business goals. The hard part is figuring out what to charge for this professional service. Price matters!

What are the Right Business Coach Fees for Your Practice?

Typically, fees for business coaches are…well, there are no typical business coach fees! The range is typically from $100 up to $500 or more per hour. Some business coaches charge per month – $500 for four hour long sessions. Some coaches might create a package or a session that can be spread out over six months or a year.

If you are a new coach, you will want to set your fees nearer the lower range. If you have experience in the field, you can set your rates nearer the higher end. Rates will often have a direct correlation with years of experience, either as a coach or in the business world.

Business coaching fees for corporations, especially when it pertains to management and leadership, is often at the higher end of the range. Finding corporations as clients is one way to supersize your profits! Corporations, if they like the service you provide, will often become long-term clients due to the amount of employees, managers, or executives they may have.

Coaches can also supplement their income by offering sessions conducted entirely by e-mail or phone. These rates would be near the lower end of the price range, but provide coaches with excellent supplemental income. This is also a great way for new coaches to earn a reputation, promote their coaching style, and practice their coaching skills.

Depending on your coaching style and the clients you work with, your typically sessions will last from 30 minutes to an hour. You can possibly set your rate at a per-thirty minute fee and then offer a slight discount for hour sessions. New clients love discounts. However, it is important to keep in mind that coaching is a professional service, not a commodity, and negotiating fees or deeply discounting your rates is not beneficial in the long term.

It is essential to the health of your business to determine the correct business coach fees for your practice. Take some time and do some research. Set your price according to your experience, what the competition is charging, and what the market will bear for your services. Don’t go too low or too high. The right fee can mean the difference between profit and loss, success and failure, longevity or a one-hit wonder.

By the way… you’re invited to claim your FREE step-by-step “Life Coach Salary Secrets” video toolkit. Just go HERE now to get your Life Coach Salary Secrets.

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

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Making the Salary of Life Coach Equation Work

April 7, 2012 By 1 Comment

When it comes to the salary of life coach equation, you get exactly what you are worth. In the long run, you get as little or as much as you actually deserve. That is because if you are under delivering and over charging, sooner or later, your clients will figure it out. And if you over deliver and under charge, the demand for your services will soon outpace your capacity and your fees will be bid up. So how do you maximize your income? Maximize your worth.

Life Coaching Changes Lives

People come to life coaching when things aren’t right in a big way. They sense that they have a calling but they just can’t identify it. They have a goal but just don’t know how to chart their course. They have a plan but just can’t make it happen for themselves. Helping people break through these barriers is your job as a life coach.

Putting a Value on Success and Happiness

The next question is just how much is this worth? And while the right answer to this question is probably “priceless” the fact is that this is not a very useful answer. In business coaching, it is easier to point to a return that comes from better performance. And for that return people expect to make an investment, and have some idea of what that expected investment should be. But in life coaching, the return is usually a lot harder to measure, and you are often dealing with people who are not used to thinking in terms of the return on an investment. These people fall back on measurements like dollars per hour, and based on this, the salary of life coach equation can generate quite a sticker shock.

Make the Connection Make the Salary of Life Coach Equation Work

Making the connection between the value of your services and your fees helps your client understand the salary of life coach equation. The key here is to talk about the value before you start coaching. Talk about tangible and in tangible benefits they will receive after you help them clarify and achieve their goals. You might want to work with them to get this down in writing, so you can refer back later in case their memory fades. In any case, you will find that balancing return with investment is key to getting paid what you are worth, even as a life coach.

SPECIAL BONUS — If you would like step-by-step blueprints for generating a massive income from high paying coaching clients, I invite you to claim your FREE ACCESS to the “Life Coach Salary Secrets” video toolkit. Go HERE to get it FREE.

Dave Iuppa
JTS Advisors Strategy and Accountability Coach

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Personal Coaching Fees – Too High or Too Low?

April 5, 2012 By 2 Comments

When deciding on your personal coaching fees, you often ask yourself the question, “How much should I charge?” It is often a dreaded question because the rate you charge has a significant amount of influence on how many clients you will attract and how successful your coaching practice will be.

When deciding on your personal coaching fees, you may ask yourself several questions:

  • What if my clients can’t afford my rates?
  • Would I pay myself that much?
  • Should I charge less because I am lacking experience?
  • Should I charge more due to my years of experience?
  • What if potential clients think I’m not a good coach because my rates are too low?
  • What if clients don’t think I am worth the high rate I charge?

Personal Coaching Fees – Too High or Too Low?

You can scare potential clients away by having personal coaching fees that are too high…or too low! A recent report from the Harvard Business Review found that coaching fees range from around $100 to over $3,000. Wow – that’s a huge range! Your task is to find what is best for your personal coaching business. How do you find that sweet spot – that perfect price where you hit the ball out of the park and land all the clients you can handle? It is not easy – but here are a few helpful suggestions.

  • Setting a fee is related to your own confidence. As you gain experience, your confidence grows and so does you fee. But remember, confidence is a factor of experience and clients know that – you cannot start out by charging fees that are exorbitant because you are confident ( arrogant?) before you have even helped your first client.
  • Don’t charge so much that you appear uncomfortable when you state the price. Clients will pick up on this and think you are trying to gouge them.
  • Do everything you can to appear professional. Coaches are professionals, but when we start out, we often try to scrimp and save on amenities such as a well- furnished office, a website, nice clothes, and other trappings that present a professional image. Coaches sometimes delay obtaining certifications. Don’t be merely a commodity (people bargain for commodities!), be a professional!
  • Consider packaging your services – group rates, monthly rates, or coordinating your services with a coach in a different field and offer multiple services to your clients.
  • Pay attention to what others are charging. Know your market, know your competition, and know your peers. Find out the range of personal coaching fees in your field and then blend that with your experience. If you are just starting out, place yourself nearer the lower end of the range. If you have been a coach for years or previously worked as a therapist, or have special skills and knowledge to offer because of your work or life history, then you can charge fees nearer the higher end.
  • Develop your own unique techniques and style. Learn from others but make your coaching style your own. Your unique style is worth more money and can push your personal coaching fee higher.

Your style, knowledge, education, innate talent, and skills create the foundation for your coaching practice, but your personal coaching fees are the foundation of your business. determining the right price at different times of your career will be an important component of your success…or failure.

Hope you took some great value out of this post today! I’d love to hear your feedback, so make sure you leave a comment with your thoughts or questions. And also, you can click on the Twitter button below to retweet this article…Thank you!

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

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Salary for Life Coach? Good Question!

April 3, 2012 By 3 Comments

Salary for life coach? Good question. Or it should be. I figured salary.com was a good place to start. Salary. Life coach. Type them in and there you go. Sounds reasonable but what do you get? Salaries for various kinds and levels of athletic coaches. And salaries for several unusual jobs in the insurance industry that I have never heard of. So are there no life coaches? Are they not paid? Or do they not get salaries?

There Are Life Coaches, and There Is Life Coaching

According to the Life Coaching Institute of America (LCIA) “a life coach is a professional that has a desire to partner and collaborate with individuals, groups or businesses to evaluate, strategize and assist others in reaching their goals.” Based on this definition there are life coaches and people who are interested in receiving their services. But why no mention of a salary for life coach?

Two Salary for Life Coach Choices

Either life coaches don’t get paid using a salary structure, or they are not called life coaches when they are. Coaches, generally, are paid based on the services that they provide, either based on coaching hours, coaching sessions or using a value-based scheme. When coaches are employed in a traditional job structure and they are paid based on an hourly rate for a regular forty hour workweek or based on a fixed annual salary, they are performing a life coaching function but they hold different titles. For example, they might be called counselors or therapists. Otherwise the concept of salary for life coach just doesn’t make a lot of sense.

So just How much Can a Life Coach Make?

Well after you set aside the concept of salary for life coach, it is all up to the value that your client believes you deliver to them. If they think your value is $1,000 per hour or per session, so be it. If all your clients feel the value you deliver per hour is more like 75 cents, don’t expect to get a buck per hour for very long. Fortunately, people value the quality of their lives pretty highly, and as a result a really effective life coach can make a comfortable living, if not a salary.

By the way… you’re invited to claim your FREE step-by-step “Life Coach Salary Secrets” video toolkit. Just go HERE now to get your Life Coach Salary Secrets.

Dave Iuppa
JTS Advisors Strategy and Accountability Coach

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Help! I Don’t Know What My Life Coach Fees Should Be!

April 2, 2012 By Leave a Comment

If you are just starting out in the life coaching business, you might be wondering how much your life coach fees should be. Well, read on for a little help determining the correct life coach fees for your practice.

When you start out as a coach, the emphasis should be on the accumulation of coaching experience, with the dollar amount of you fees taking a back seat to this experience. Of course, you don’t have to give away your services while you gain the needed experience. However, keeping your fees on the lower range of coaching fees is recommended.

Ok – How Much Should My Life Coach Fees Be?

Coaching rates generally fall into the $100 to $500 per hour range for certified coaches. Life and personal coaches usually charge in the lower half of that range while business coaches charge in the upper half. So, as a beginning life coach, you life coaching fees should probably be set somewhere near $100 per hour. As you gain experience and satisfied clients, you can begin to raise your hourly rate.

An important component of your rate is the special rate or volume discount. Many coaches offer packages. For example, set your rate at $100 per hour and then offer THREE – one hour coaching sessions for $250, or something similar. This is a good way to promote your practice and entice new clients to try your services. As you gain experience, the price of your packages and specials can go up in direct correlation to your hourly rate.

You can also offer other specials – free follow up phone calls, unlimited e-mail support, or other extraneous services. These are all enticements to get people into your office and sampling your coaching expertise.

Another great way to promote your business and get people through your door is to offer group coaching sessions. Your rates for these can vary based on the size of the group. You would have a different rate for two, three, or more people. The hourly rate per person would be less, but your hourly rate would be higher. For example, you can offer group rates for three at $50 per hour – each person pays $50 per hour, but you make $150 per hour, which is $50 more than your normal hourly rate.

Free consultations are another attractive way to get people interested in your coaching skills. Many coaches, new or experienced do this as a way to promote their business and their coaching expertise.

As you gain experience, you can raise your rates and also pursue other types of clients. Corporate clients often pay higher fees – sometimes over $2500 per month or $500 per hour. Coaching corporate clients is different than life coaching, but it may be an avenue you can pursue once you get established in the industry.

The Biggest Myth About Life Coach Fees

The higher your fee, the more money you will make – right? Not necessarily. The higher your fee, the harder it will be to retain clients or to attract new ones. Finding a balance between raising your fee to reflect your experience and expertise, and keeping them low enough to retain and attract clients can make or break a business. Raising your fees as you gain experience is good, but don’t believe the myth that higher fees mean more profit!

Your life coach fees will depend on your level of experience and expertise. It will also depend on the market – that old supply and demand equation. Determining the correct life coach fees is an important piece to the profit puzzle and is an essential ingredient in building a successful coaching practice.

By the way… you’re invited to claim your FREE step-by-step “Life Coach Salary Secrets” video toolkit. Just go HERE now to get your Life Coach Salary Secrets.

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

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Yes – There is a Market For Success Coach Jobs!

March 31, 2012 By Leave a Comment

Will there be success coach jobs in the future? Well, coaches, listen up! There are so many niches, sub-categories, and segments of the coaching industry, that it can be overwhelming when it comes to selecting the right field of coaching expertise. You want one that is growing and offers an increasing pool of potential clients. One segment of the coaching field that just may boom in the future is success coaching. Yes, there will most likely be a multitude of success coach jobs for you to choose from.

Success coach jobs will be everywhere – large coaching firms, small coaching firms, inside HR departments of large corporations, and with forward-thinking entrepreneurs. A success coach job may be your ticket to…well, success!

2 Reasons Success Coach Jobs Will be in Demand

There are two principle reasons why the growth of success coach jobs will exponential in the future.

The first reason that success coaches will be needed is the crappy economy. Yes, the economy is in the toilet, has been there for awhile, and will probably remain there for awhile longer. Even when it crawls out of the crapper, it may be a completely different beast than many of us are familiar with. With globalization, technological advancement, increasing price pressure, and the demands of a hectic life, success may be harder to find. That is why you, the success coach, will be in demand; jobs will be posted all over the Internet and opportunities will abound in the corporate and business world.

The second reason that success coaches will be in demand is more personal. Millions of people around the world buy billions of books, CDs, videos, and webinars on success. Billions of dollars are spent on these motivational tools, yet most people don’t achieve success from listening to a CD, watching a video, or accessing a webinar. What is the one thing missing from these tools? That’s right – good old fashioned human interaction. A book or a CD or a video or a webinar does not have the capability to understand you, analyze you, assess your needs, and pause to ask you questions.

A personal success coach can do more than offer a quick-cure, analyze-by-the-numbers book or CD for $39.99. A real, live human coach can assess, motivate, inspire, and guide a client toward success in this complicated, elaborate, and often bewildering new economic world. There is no doubt that value exists in a book, CD, video, or webinar and they should not be completely dismissed. However, they should be viewed more as a supplement or an informational resource; good for certain things, but not as a replacement for a good success coach.

The number of success coach jobs will be on the rise as our world shakes off the effects on the recession and struggles to find its legs in a brand new world. If you enter the world of success coaching, you will be poised to grab your share of a very large pie. Jobs in the success coach field will be everywhere and if you get into the success coaching business now, you will be in demand anywhere and everywhere you go.

By the way… you’re invited to claim your FREE step-by-step “30-Days to Become a Coach” video toolkit. Just go HERE  now to get your life coaching business blueprint videos.

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

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Salary of a Life Coach: Training, Make A Difference Noticeable

March 29, 2012 By 2 Comments

Salary of a life coach: Training, make the difference noticeable in your private practice. All new coaches want to know if investing more time in training will help to increase their salary. I say it doesn’t matter how hard you train, the answer is in the heart of your client’s results.

What we Wonder About the Salary of a Life Coach

Does where you train to become a life coach determine how much you can charge?
If I study longer will I make more money?
Does how hard and rigorous the course is effect what I make when I get started?
With each certification does my salary increase?
If I get many certificates and pursue diverse training, what can I charge?

The answers to these questions are determined solely by your confidence and your client’s belief in your services.

This Paper Labels Me a Master Coach

In many careers the more time you invest in your studies and training the higher salary you are paid. Education driven careers offer status such as a Bachelor or Masters degree, insuring with each diploma your salary increases. Other careers offer numerous certifications to reveal how long you have been in your field and how well versed you are as an expert among your competition. I call it, pieces of paper that tell you how much time you had your nose stuck in a book or class.

Find a simple answer the the confusion about the salary of a life coach, training. Make a difference noticeable to your clients in their everyday lives. As a coach you want to get the highest training necessary to build your confidence and abilities in getting quick, lasting and noticeable results for your clients.

One of the perks of being a life coach is that you are your own boss. With that freedom comes responsibility. Being your own boss means you decide how much you want to charge and receive for your services. The fee you charge will determine if your coaching business is successful. My advice to increase the salary of a life coach, TRAIN, make a difference by knowing what you are doing and spending your time practicing what you know in real sessions.

Salary of a Life Coach: Training, Make a Difference in Your Business

I have a love/hate relationship with the salary of a life coach, training make a difference call to action today. The truth is as coaches we have a responsibility to carry a heavy tool belt. We need to know every technique available, to offer our clients as many paths to transformation we possibly can. The more tools you have available to share with your client in achieving a higher standard and lasting results, the more confidence you have in your abilities and the higher your salary increases.

If your clients are getting results that were distant dreams before they started coaching, you can ensure they will pay you whatever you want to charge them. Their friends will pay you even more as they begin to see these results and want to experience them for themselves. So the key ingredients to the salary of a life coach and weather or not training will make a difference is your confidence and your client results in your live sessions.

The more clients you coach and the harder you work to get their results is the turn around time for you financial gain as a life coach. So if it takes training to feel confident, train. If it takes more practice coaching and running session, start prospecting. If you have already trained and coached your buns off. You need to find the value in what you do, find value in how hard you have worked and your clients will value you at that same level. When you are a contribution to this world and working with passion the universe will reward you with many gifts. One of these will be financial gain. Increase the salary of a life coach, train, make a difference by being open and willing to receive reward for your hard work and contribution.

To learn more about how to generate an endless wave of high paying coaching clients, get your FREE Instant Access to our “Life Coaching Business Blueprint” video toolkit when you go HERE.

Jeannine Yoder
Life Coach
Writing team, Coaches Training Blog Community

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Earning Top Career Coaching Fees

March 27, 2012 By 6 Comments

Simply put your career coaching fees depend entirely on the career coaching you deliver. Here are three coaching models that can take you from ramen noodles to filet mignon. As always your income is driven by the results that you deliver for your client. Understand your client, their dreams, desires and talents. Then be an active agent in their achieving them, and you will be dinning on the best, and have superstars lining up to be your clients!

When Is Being a Career Coach Like Being a High School Guidance Councilor?

The answer is “most of the time”. That is when you listen to your client, what they enjoy doing and what they loath. And then consult the stars and give them pat-answers reinforced by the latest report on employment trends published by the government. Simple career coaching. Minimal career coaching fees. Ramen noodles.

Career Coaching that Takes the Measure of the Candidate

The next step up in career coaching fees comes from a look down into your client. Begin with in-depth interviews and then plumb the depths with a battery of assessments that identify the DISC personality style, value profile and natural strengths and talents of your client. Match these results with the professions where your client’s results match those of superstars. Now step back and see where your client’s visions of themselves match their heroes – probably developed from youthful recollections, books and the movies. Resolve these and assessment profiles with the “yes, I can see myself doing that” reflections. Now you, as the career coach, can make recommendations rich in meaning and possibility.

To Earn the Highest Career Coaching Fees, You must also Help to Make It Happen

That’s right high career coaching fees don’t come from just giving a little advice. You have to help make it happen. You have to help your client work out career strategies and then implement them. When your client comes up short, you have to identify disempowering beliefs and emotional blocks. You must use strategy coaching to get them past these and accountability coaching to keep them on track. And if you do, you can ask for career coaching fees that parallel the fees earned by career headhunters, which is to say, a significant percentage of your client’s executive salary. And now you are eating steak.

To learn more about how to generate an endless wave of high paying coaching clients, get your FREE Instant Access to our “Life Coaching Business Blueprint” video toolkit when you go HERE.

Dave Iuppa
JTS Advisors Strategy and Accountability Coach

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