Do you want a job where you sit in a cubicle all day reading reports and watching the clock; if so, don’t become a life coach. Do you want a job that is unsatisfying and tedious; if so, don’t become a life coaching professional.
Life coaching is a rewarding, dynamic, exciting career that puts you in a position to ameliorate the lives of others while helping you reach career, personal, and financial goals. Don’t become a life coach if you want a boring, stagnant career!
Don’t Become a Life Coach For the Money
Though life coaching offers financial rewards that range from liveable to great, money is not the reason to enter the field. A study conducted in 2007 of over 5000 life coaches around the globe found that the average salary was $83,000. the study also found that part-time coaches made an average of $26,000 annually. Forbes found that 20 percent of registered coaches make over $100,000 per year and mentioned coaching in an article titled : “Surprising Six-Figure Jobs” But, money is not the lure!
The International Coach Federation (ICF) Coaching Study
The 2012 ICF Coaching Study was one of the most comprehensive to date, with over 12,000 coaches from 117 nations responding. The study found that total yearly revenue from coaching around the globe is nearly $2 billion. It also found that most professional coaches are experiencing an increase in clients, fees, and income over the previous year. Don’t become a life coach if the industry is too prosperous for you. Become a life coach if you want to get in on an expanding field with the potential for more growth and worldwide success.
How Much Can a Life Coach Make Per Hour?
According to a recent Sherpa study, life coaches make $160 per hour (business and executive coaches make more per hour). New life coaches usually make between $100-$200 per hour, while more experienced coaches generally make anywhere from $200 to $600 per hour. Fees vary based on location, specialty, reputation, demand, and other important factors. According to this study, average yearly incomes for coaches range from $55,000 to $116,000.
Coaches can also boost their revenue by having more pistons firing at the same time. Coaches can begin group coaching to make more money per hour, and they can find other additional streams of income, such as DVDs, seminars, books, articles, website and ad revenue, and phone and online consultations. Coaching offers the opportunity to generate revenue by many different means – if you don’t like having the chance to make money, don’t become a life coach!
There is obviously the potential to make good money in the coaching field. Like any job or career, there are significant variations. But, as a coach, you are not only given the opportunity to chart your own destiny, you are charged with the responsibility to help others chart and discover their own destinies. Personal satisfaction, financial security, and the chance to help others discover the dreams – what more could you want in a career.
Don’t become a life coach if you want an annoying boss breathing down your neck every day, if you prefer hiding in a cubicle from nine to five, or if you hate the thought of interacting with people on a daily basis. Do become one if you love people and have a true passion for helping others. Then, the money will follow.
Writing Team, Coaches Training Blog Community