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Salary of a Life Coach: One Million Dollars? Making The Most of Your Life Coaching Business

September 13, 2009 By 2 Comments

I know it sounds funny that the salary of a life coach could be one million dollars, but it can. In fact, your life coaching business can make you a lot more than that. I’ve known life coaches who have brought in as much as 20 million per year without so much as an office suite; literally working out of their home (You shouldn’t except that to happen in the first year of your life coaching business, but I’m just trying to show you what’s possible).

STORY

How do You ‘Soup-up’ The Salary of a Life Coach to The Million Dollar Per Year Point?

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I talked to a multi-millionaire once about this very question. He runs a quite successful cell phone company in the UK, and he said to me,

“People always ask me how to make a million dollars, and I tell them, ‘That’s easy… Just GIVE AWAY TEN MILLION.”

What did he mean by that? He meant that if you want your life coaching business to make a million dollars, you’ve got to GIVE AWAY ten million dollars worth of VALUE to your customers and your partners. The salary of a life coach is in direct proportion to their contribution, and when you give away ten million worth of opportunity, coaching, information, and results to your life coaching clients, you won’t be bitching about the low salary of a life coach anymore. Wouldn’t you buy something that is worth 10 times as much to you as you would be paying for it?

How do You figure Out How to Give Away Ten Million Worth of Value to Your Life Coaching Businesses Customers?

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Who decides what your life coaching business can give away that is worth a lot of money? Simple… your customers and partners will tell you what’s valuable to them. They dictate the value of everything you do, don’t they? You have to talk to them, and ask them what is most valuable to them. Those answers will help you reach that million dollar salary of a life coach level. Eventually you’ll have so many customers that you’ll probably need to learn to use survey tools, which are great because you can get an idea of what most of your life coaching business customers want the most and how much value they think is within those results and offerings. Use survey monkey if you are looking for a great free survey tool.

Once you get the answers from your prospects, customers, and partners, make sure you are willing to listen to them. Don’t just give them what YOU want to give them. Your customers aren’t YOU, and they’ll have different wants and needs.

Your life coaching business future is based upon listening to your customers and giving them that ten million dollars worth of value. The salary of a life coach is based upon the value you give to others, nothing more, nothing less. Find out what your customers want, and then go and get it for them, the rest is pure profit.

Jeffrey T. Sooey

CEO, JTS Advisors

Founder, Coaches Training Blog community

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Become a Parenting Coach; and Get Exited About The Potential Salary of a Life Coach

May 14, 2009 By 1 Comment

What is a parenting coach? How do you become a parenting coach? What skills do you need to become a parenting coach who is an invaluable resource for your clients? Since the salary of a life coach depends on getting clients, where do you find them? How can you find a steady stream of clients you need to sustain the salary of a life coach so you can coach full time?

The Shot Gun Approach Will ‘Kill’ The Salary of a Life Coach (Avoid When You Become a Parenting Coach)

The first question to ask if you want to become a parenting coach is “who is your ideal client?”  “Parenting Coach” is so general, that few if any potential clients will identify you as their ideal solution. But if you become a parenting coach for adolescent teens with autism, there are people who will say, “This person will be able to help me!” Most coaches try to be everything to everybody, afraid that they will miss out on business. Those who try this shot gun approach often find that the salary of a life coach is not enough to pay the bills. The only way to effectively market is to really know your clients and what they need. If someone outside your niche wants coaching, you are still free to help them.

Thinking About the Salary of a Life Coach?  Become an Expert When You Become a Parenting Coach to Boost It Upwards

After you identify your target market, you will want to become a parenting coach who is perceived as the expert in your niche. The salary of a life coach who is perceived as an expert will be higher than someone who doesn’t specialize. The fastest way to do this is to give lectures and talks to your target group; either live or via teleconference. Most coaches know that this can be effective, but few actually do it. Why? The most common fear is that they don’t feel they know enough. What is the worst thing that can happen? You don’t have the answer? Perfect! You now can ask permission to get back to that person with the information. People will appreciate you and your honesty, and that is the first step of developing a coaching relationship.

Get The Highest Salary of a Life Coach by Becoming a Parenting Coach on The Internet

You can also become a parenting coach who finds clients on the internet. There are lots of ways to do this, and the simplest way is to start conversations on the internet. Find groups to join, or start groups. Blogs are another way to offer information to people searching the web for answers, and in the process get people to know you. Effective marketing and treating coaching as a business is the best way to be happy with the salary of a life coach.

Colette Seymann

JTS Advisors Designated Accountability Coach

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Salary of a Life Coach: Life Coach Training That Reels in the Clients

April 12, 2009 By 3 Comments

 

The Salary of a Life Coach is Based Upon One Thing: Life Coach Training on Lead Generation

Most life coaches are lacking life coach training on lead generation.  The salary of a life coach is partly based upon being able to sell coaching, but even more based upon generating lots of leads that actually want coaching from you.

What do I Say to Prospects to Hook Them and Get Top Salary of a Life Coach?

 

This is one of the most important questions that life coach training is never able to answer.  How do you normally feel when you’re thinking about gaining some new prospects?  You might feel a bit disempowered about the salary of a life coach (fancy way of saying nervous or scared).  Do you feel like you can fill your coaching practice with free sessions any time you like?  If you’re like most coaches, your answer is ‘no’, because your life coach training didn’t teach you how to produce the real potential salary of a life coach.

In order get the top salary of a life coach, and to ‘reel’ prospective coaching clients in to a free coaching session with you, you need life coach training on the types of conversations that will produce a free session as a result of just TALKING to people.  You should be able to go ANYWHERE and talk to ANYONE and set up a complimentary coaching session with people at least 50% of the time, once you know what to say.  

The Most Important Thing to Say to Get Top Salary of a Life Coach?  Life Coach Training on The “Three Step Introductory Conversation“:

 

This is not a complimentary coaching session or a free coaching session.  This is actually an introductory conversation the will help you get the possible salary of a life coach.  

  • It’s something you can do at a networking event.
  • It’s something you can do when you are talking to people on the phone.
  • You can get top salary of a life coach with this in ten minutes or less per person.
  • It’s something you can do online, once your get life coach training on the marketing aspect.
  • You can do it over email.
  • This is a techniques that you can use where there’s no selling, but will still increase the salary of a life coach. 

Top Salary of a Life Coach Conversation, Step 1:  Find their 3 big goals.  

 

Find out what they want.  This is a simple step.  Just say, “What are the three most important goals you would like to accomplish within the next 90 days?”

Top Salary of a Life Coach Conversation, Step 2:  Find Their Biggest Challenge or Road Block.

 

This step is all about getting into the problems and areas they are not satisfied with.  Use your life coach training during this step!  If they begin to tell you these things, they’ll naturally see you as the coaching solution to their problems.  Part of making top salary of a life coach is getting your coaching clients to create their own comfort level with discussing these areas with you.  People don’t tell their problems and challenges to people who they think can’ t help them or people they aren’t comfortable with.  

You can comfortably elicit the challenge/road bloack by saying, “Taking those three goals into consideration, what would you say is your biggest challenge or road block… that’s been hindering/slowing your progress towards, or really preventing you from… achieving some or all of those three goals?”  Let them share that with you.  Again, you can use your life coach training to deepen this part of the conversation, but it’s not manditory.  That’s a really important question to ask during this introductory conversation that will increase the salary of a life coach.

 

Top Salary of a Life Coach Conversation, Step 3:  Find out What Kind of Help They Think They Need:

 

Ask them, “From your perspective, what do you think would help you the most?  If you were to work with a coach, what would you want from that coach that you think would help you the most?” You’ll be amazed about what they share.  This is also a really important question because people are motivated to use solutions that THEY think will work, rather than solutions that YOU offer them with all your fancy life coaching training.  People buy WANTS not NEEDS.  

These three questions are going to maximize the salary of a life coach by bringing up deep understandings of that prospective client, and if you get life coach training to consistantly have these types of conversations every day (or at least every day you are marketing and selling with prospects), you are going to start filling your practice with free sessions, and eventually, you’re going to start converting those coaching prospects into clients, and get the salary of a life coach that you deserve.

Life Coach Training on How to Get Started With The Conversation That Blows Away The Salary of a Life Coach:

 

Get started by getting life coach training on how to do this in live conversations, and then start leveraging this conversation into higher level media once you really master the face to face (or voice to voice) exchanges with your prospects.  That will truly produce a massive increase in the salary of a life coach.

Jeffrey T. Sooey

CEO, JTS Advisors

Founder, Coaches Training Blog community

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Secrets to Getting Top Salary of a Life Coach: Business Coaching Certification the Coaching Schools Don’t Understand

April 6, 2009 By 2 Comments

 

There is one secret technique to getting top salary of a life coach that isn’t based upon the ability to psychoanalyse your client, or have some great ‘intuition’.  You can’t learn this skill with some business coaching certification, nor can you produce great results without it (unless you get top salary of a life coach simply because you are a guru already!)

The Secret to Top Salary of a Life Coach: Truth

 

I know it doesn’t sound like much, but the TRUTH is seldom the center of the focus when your client needs a breakthrough.  Your business coaching certification will tell you how to plan out your clients success.  They will promise that if you know the ‘how to’ and convey it to your client, then you are in good shape, but the fact is that no amount of knowledge will help most of your clients.

Why Are Clients Beyond the Help of Most Coaches With Business Coaching Certification?

 

Your client is having challenges, yes?  We’ll the real reason your client is having challenges (or not achieving their goals) is because they aren’t honest about the issue(s) surrounding the challenges.  Your salary of a life coach will depend on your ability to point out and discover which of these ‘dishonesty patterns’ your client is performing:

Dishonesty Patterns From the JTS Advisors Business Coaching Certification:

 

Dishonesty Pattern 1:  Confusion

Your client tells you “I don’t know” to every key question you ask them.  Or they freeze up and won’t answer any questions.  They are dishonest here because they ALWAYS know the answers to most questions about them.  They are so used to not answering these questions or leaving them unanswered, that they can’t believe that someone actually expects them to answer them.  Most people put up with their stonewalling because they are fooled that the client actually DOESN’T KNOW what to do or what the answer is.

Dishonesty Pattern 2:  Fear (Hiding out)

Your client doesn’t want to face the truth, so they hide from it.  this can take the form of trying to be ‘optimistic’ or just plain lying to cover up what they are afraid to tell you (or themselves).  

Dishonesty Pattern 3:  Bravado / Anger

Your client is really afraid of not being worthy or feeling worthless, therefore they cover it up with overconfidence.  Or they blame others around them for their problems and get quite angry about it.  This is really pattern 2 (fear) covered up with even more dishonesty, ala that they are not afraid.  This is a hard to see pattern at first because many times the anger seems so ‘real’… don’t allow yourself to be fooled!

Dishonesty Pattern 4:  Lemmingisms

Your client parrots a bunch of things that their last guru or favority author said, using it to cover up their own issues and problems.  for instance, I had a client once that used Robert Kiosaki’s concept of passive income to justify doing any real consistent work.  His dishonesty was:  ”Passive income is so great and active income is bad, therefore I shouldn’t make any money that I have to actually work for.”

Dishonesty Pattern 5:  Blinders / Tunnel Vision

This can collapse with pattern 4 as well, but anything that your client thinks about, buys into, or constantly falls back upon in order to run their limiting pattern is in the realm of tunnel vision.  This one can also be hard to spot because the thing that your client may have tunnel vision about may be somewhat accurate, which makes the dishonesty even harder to spot.

Dishonesty Pattern 6:  Laziness

This is an insidious type of dishonesty, in that the client will possibly admit any of the other patterns and make it look like that is the real problem, when the real problem is plain old laziness.  What’s the trick to spotting laziness?  Simple: Just notice if your client is taking much action in the area where they are having trouble.  If they haven’t been or aren’t taking much action, then laziness is highly probably that it is one of the dishonesty patterns they are currently running.  

If you can find these dishonesty patterns in your clients, and help them overcome them stopping them from reaching their goals, then you have a good chance at reaching your goal of having a top salary of a life coach.  There are a couple of pitfalls when helping your clients break through these dishonesty patterns that no average business coaching certification will tell you about.  Here are the common pitfalls when helping your coaching clients break through dishonesty patterns:

Honesty Coaching Pitfall #1:  Strategery:

Be careful about trying to strategize with your client before your confront the dishonesty.  No strategy will work (no matter how good) in the face of a client who can’t be honest.

Honesty Coaching Pitfall #2:  Helper-itis (Enabling):

This is where you buy in completely to the dishonesty of your client and just sympathize with them or give them rewards for their own lack of integrity.  

Honesty Coaching Pitfall #3:  Freezery (Deer in Headlights Syndrome):

This is your own form of the confusion pattern. Don’t let the dishonesty spread to you as the coach!

The Reality of the ‘Dream Income Makers’: What NOT to Expect From The Salary of a Life Coach

 

Remember that real coaching incomes don’t just fall out of the sky, and that no matter how fancy or elaborate your marketing and sales schemes are, you’ll need to work hard for your salary of a life coach.  Business coaching certifications are helpful, but your effectiveness as a business coach will ultimately create the results in your clients that help you get some serious referrals, hence building the kind of salary of a life coach that your want and deserve.  Just remember, that the client victory comes before the coach victory… Look that up in your favorite business coaching certification!

Jeffrey T. Sooey

CEO, JTS Advisors

Founder, Coaches Training Blog community

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How You Can Predict The Salary of a Life Coach: Using it as a Coach Disciplines Us for The Right Plan

March 30, 2009 By 2 Comments

 

How much do you really know on how to increase the salary of a life coach?  After working with hundreds of coaches in the last decade, what I’ve found is that what most coaches think when it comes to the salary of a life coach is very limited.  Knowing what to expect in the future from the salary of a life coach disciplines us to know how to deal with our finances on our journey to become a coach. 

Running The Numbers as a Coach Disciplines us for Our Business Plan

 

You’ve got to run the numbers once you get started in your coaching business.  The salary of a life coach can be predicted and if you factor in how many coaching clients you are going to get and the type of coaching and income you are going to produce, then you’ll know what to expect.  No coach’s business plan is complete without a good prediction of what the income numbers are going to look like.  

Why bother?

In order to live your dream of becoming a life coach, you may need to take on a part time job for a while to meet your expenses.  Perhaps you need to cut your number of times you eat out every week?  What if you are planning on spending money on marketing?  You’ll need to know the income you make.  You can’t know for sure what it’s going to take to become a life coach until you run the numbers on the salary of a life coach.  If you are really committed to becoming a life coach, then it only makes sense that you’ll do what it takes to be successful as a life coach, and that means becoming aware of the income and expenses.  Remember that knowing what these numbers are as a coach disciplines us to get our heads out of the sand and make the business work out in the end.

Different Scenarios for The Salary of a Life Coach

 

Here are some possible streams of income as you are planning our your salary of a life coach:

If you are doing 1 on 1 coaching, and you feel confident that you can get 10 consistent clients to get coaching with you over the next 6 months (@ $250 / month) then here’s how you would run those numbers:

One on One Coaching Salary:

 

10 clients 

x $250.00 

= $2,500 / month 1 on 1 coaching income

= $30,000.00 / year revenue

Knowing these numbers as a coach disciplines you to now set your expenses around the $30,000 / year income level (i.e. knowing these numbers as a coach disciplines us to save $3,000 – $5,000 for taxes and keep our personal expenses really low.

Now, the good news is that even if you have 10 clients @ $250.00 / month, that’s only a part time job as a coach (working perhaps only 1 day per week), so what would happen to that salary if you added a few coaching groups to it?  Let’s find out:

Group Coaching Salary:

 

2 groups

x 10 clients per group

= 20 clients total

x $150 / month per client

= $3,000.00 / month group coaching income

= $36,000.00 / year revenue

Now you’re only working one morning per week in order to produce another $36,000 per year!  Not bad!  (of course remember that you’ll need to work hard to get those clients into your groups, so that will take time and possibly even a marketing expenditure, but with that ‘return’ on your marketing expense, you can plan out how you can afford to spend it.)

Now let’s look at what kind of income you could add by creating one product and adding it to your coaching mix:

Coaching Product Salary:

 

$150 for the product

x 5 sales per month

= $750.00 / month coaching product income

= $9,000.00 / year coaching product income

Now let’s tally up your first year’s coaching income:

One on One Coaching Salary: = $30,000.00 / year revenue

Group Coaching Salary: = $36,000.00 / year revenue

Coaching Product Salary: = $9,000.00 / year coaching product income

- – - – - – - – - - 

= $75,000.00 

Assuming you spent about $10,000 on marketing (quite a big budget for marketing on the internet), then you can expect to make $65,000 your first year of coaching.  That will include 1.5 days per week (or so) of coaching, probably 1 day per week of prospecting, 1 day of marketing, and 1 day of administration.  That’s a full time job, but now you’re getting paid the salary of a life coach in return for making a difference in the world!

Don’t Forget That in Order to Make The Salary of a Life Coach a Reality for You, You’ll Need a Coach  

 

A coach disciplines us to follow through on that 1 day of prospecting that you don’t want to do every week, and a coach disciplines us to stay the course when we only get 3 sign ups for our group coaching program and we can’t seem to eak enough leads out of our marketing.  

The reality is that this plan of income will not be easy, but it is possible.

Jeffrey T. Sooey

CEO, JTS Advisors

Founder, Coaches Training Blog community

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Salary of a Life Coach

February 2, 2009 By 7 Comments

Salary of a Life Coach:  How Much Can You Make?

The salary of a life coach is six figures for only 10 to 20 percent of coaches, according to Forbes.com. Since the median salary for life coaches in the United Sates is only $30,000 to $40,000 per year, it means that there are a lot of coaches who are making much less than $30,000.


Avoid The Salary of a Life Coach That Will Make You Sell Your Furniture to Pay Your Rent

What type of life coaching training will you need to get the salary of a life coach that allows you to live the life of your dreams?  Will you need life coaching training?

The Secret to Getting ‘Guru Level’ Salary of a Life Coach:

You are going to have to work harder than you think, for longer than you want, and learn how to go beyond where you are comfortable. And yes, you will need life coaching training.

I have often read that you don’t need specific life coaching training or a degree to become a life coach…That may be true, but you will need life coaching training and experience to become a life coach who makes a decent salary. According to pay scale.com, the median salary of a life coach who works for him or herself is greater than coaches who work as employees. But your chances of winning the lottery are better than landing a steady job with a company unless you have life coaching training and experience.

Options For Gaining a Salary as a Life Coach

No matter where you get your training, you are ultimately going to have to produce a salary somehow.  There are several options you can choose from and each one fits with only a few personalities.  Ultimately, you’ll probably find a good fit with one or two of these options, while the others will feel like a waste of your time, or worse… impossible.

OPTION #1:  Work For a Big Coaching Conglomerate

If you work with one of these big conglomerates, you’ll probably get some free training, and you’ll most likely be given coaching clients to work with and be paid to coach them. That means you’ll absolutely have a job and you won’t have to wonder where the next client is coming from. For some, this is a perfect place to start coaching because everything is laid out for you and you can go right to work as a coach.

However, you’ll likely be trained only in the information the organization wants you to parrot to their customers. These big conglomerates have a vested interest in only sharing THEIR information with their customers (because it helps them indoctrinate their customers deeper into working only with them), so you probably won’t have a lot of freedom about what you are going to coach about. In fact, many of these coaching organizations are simply call centers with a ‘boiler room’ full of ‘coaches’ that are given a script to read to their clients. It’s more like teaching a particular curriculum or re-selling a customer on what they already know.

The income potential for work with the big conglomerates is quite limited, because they aren’t looking for ‘genius level’ coaching. This is the ‘McDonalds’ version of coaching… They have set up an idiot-proof system that almost anyone that speaks English should be able to run, so they don’t expect to pay a lot of money for their planned ‘mediocre’ level of labor. You probably won’t make much more than $30,000 per year working at a big coaching conglomerate. Because it is an already grown and ‘mature’ organization, there won’t be a lot of opportunity for promotion and big raises in salary.  The good news, however, is that it’s pretty much guaranteed and consistent income.

Here are some of the big coaching conglomerates where you might look for a life coaching job:

1.  Stephen Covey

2.  Robert Kyosaki

3.  E-Myth (Michael Gerber)

4.  Mike Ferry

5.  Tom Ferry

6.  By Referral Only

7.  Brian Buffini

OPTION #2:  Grow Your Own Coaching Practice Organically

This method can be a bit slow, especially if you don’t already have much of a personal network with money to spend (and a reason to spend it) on coaching.  However, if you want to run your own ship and you really care about people, this can be the most rewarding and growth oriented approaches to take.  You’ll need to generate your own coaching leads, and get them signed up for free sessions with you.  It’s a ‘one person at a time approach to getting coaching clients‘.  You can’t help but grow when the main way to bring income is to talk to new people every day and help them change their lives for the better.  WARNING: For most people, this is the most challenging approach.

Option #3:  Start a Training, Teaching, or Education Business

This method is available to savvy entrepreneurs that have some education in direct marketing or building a client base of hundreds or thousands in their life coaching business.  There are large income potentials here (in the millions), but remember that there are also potential failures that could cost you lots of money as well.  Don’t go into a large business approach to coaching unless you either have the experience, or are willing to learn the lessons of a large information marketing business first hand and go through the school of hard knocks.

One of the business oriented models that can work quite well in bringing in lots of life coaching income is to run groups.  Group coaching can multiply your income per hour quickly, but remember that you’ll need the life coaching skills to pull off a group that is happy with what they’re paying for, not to mention, you’ll still have to be a savvy enough marketer to bring in enough clients to fill up a few coaching groups.

The salary of a life coach is dependent on his or her skills, not only in coaching but in sales and marketing. If you are looking for an easy way to make $30,000 a year, I recommend finding a job. If you want to make $30,000 a month as a coach, you will need some really great life coaching training and mentoring if you don’t have the skills and experience already. You will also have to pull up your sleeves and work. It can be done, but ultimately it’s up to you.

Hard Work Brings in The Money

When I first started my life coaching career, I looked at this as a bad thing. But think about it… If you were coaching a high achiever to the next level, would you expect them to stretch? Of course. Do you think that you wouldn’t have to do the same for yourself? If you expect others to stretch, you’d be a hypocrite to not expect the same from yourself (not to mention an ineffective life coach).

Life Coach Salary Comes From Life Coaching Training

Don’t let yourself fall into a mediocre life.  Don’t let your clients be mediocre either.  Make the decision to be the coach that can create the life coaching business you know is possible.  Seek the greatness inside you and you will find it, and you’ll be able to cultivate it in others as well.

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.

Colette Seymann

JTS Advisors Bi-Designated Coach

Jeffrey T. Sooey

Founder, Coaches Training Blog community

CEO, JTS Advisors

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