You might be wondering how much life coaches make and what type of life coaching income you can earn. Well, I have two words for you: IT DEPENDS!
Coaches can make a very good living; five figures up to high six-figures per year! According to Forbes.com, 10 to 20 percent of life coaches make six-figure incomes. However, there is no way you can expect to make that much life coaching income when first starting out in the business. It takes a healthy dose of time and plenty of blood, sweat, and tears to build and develop a successful coaching business. To rev up your profits, you need to build up your client base, and gradually increase your session fee as your business and reputation grows.
5 Factors That Determine Life Coaching Income
* The number of clients.
* The amount charged per session.
* The number of sessions you have per client in a specified time period.
* The price and number of group sessions offered.
* The number of additional revenue streams and the amount of passive income.
Should You Start as a Full-Time or Part-Time Coach?
Those two words again – IT DEPENDS! One of the best features of the mentoring business is the ability to start working with clients on the side. To earn the maximum income you can, it is best to coach on a full-time basis. However, if your situation dictates it, you can certainly get your feet wet in the coaching business while maintaining your current employment. Full-time or part-time; it depends on what fits best in your life.
How Much Should You Charge?
The amount you charge is entirely up to you; you need to find a balance between charging too little and too much. Charge too little and potential clients may undervalue your service. Charge too much and you may keep potential clients away. Patrick Williams, of the Institute for Life Coach Training, says in an article in USA Today, that some coaches charge $300 per hour, while others may charge $350 – $600 per month. If you are just establishing yourself in the field, charging $300 per session is probably too much!
The number of sessions you have per client will depend on each client and their needs, and will be a determining factor in your income. The starting point can be four sessions per month and can be changed if needed.
One way to boost revenue is to coach group sessions. Having three or more clients in one session will help build your life coaching income and your practice. These are more attractive to some clients because they pay less per session; they are great for you, because you can potentially make more per session.
How to Accelerate Your Life Coaching Income
Want to see your life coach income skyrocket? Of course you do! Having additional revenue streams can power boost the money you make. You could offer group online sessions by utilizing webinar or teleseminar technology to reach hundreds or thousands of people. You can also create powerful and recurring revenue streams with newsletters, blogs, e-books, and home-study courses.
Life coaching income is the result of a variety of factors. How much you can really make depends on how hard you work, how good you are, and how much passive revenue you generate.
Writing Team, Coaches Training Blog Community