Due to the fact that some coaches earn excellent life coach pay, Forbes.com put life and business coaching on its list of “Surprising Six-Figure Jobs.” Not all coaches will jump into a higher tax bracket, but a well-trod path to six-figure income is awaiting those who become life coaches.
Life coach pay is always a hot topic for anyone considering life coaching as a career. Hey, money matters, and it is a reasonable concern. It takes at least a decent amount of money to live a good life and life coaching pay is not a bad way to achieve that good life.
Life Coach Pay- How Much Can You Earn?
Your life coach pay depends on a few factors.
- The value of your time and competency
Though you can be a coach without training, who wants to hire an untrained coach? No one – that’s who! The more training you have, the more perceived value you will have to potential clients. The more perceived value you have, the more you can charge per hour.
With most skills, the more you practice it, the better you get at it. Coaching is no exception. An experienced coach will also have more perceived value and will be able to charge more for their services. The only way to gain experience is to coach, and coach…and keep coaching.
Competition is a tricky one. Your rates should be competitive with other coaches in your area. However, you do not want to completely undercut the market. Besides upsetting the local life coaches, you may be undervaluing your work as a coach. Being competitive is good, having the lowest price is not necessarily the best thing. You do not want to be the Wal-Mart of coaching.
The value of your time and competency is another extremely subjective valuation. It takes into account your training, your experience, and the competition. However, it also takes into account two other factors – your certifications and your reputation. As a coach, your training and education should never be complete. As part of your continuing education, there are certifications to earn in a variety of different yet related fields. The more certifications you have, the better it will look to potential clients.
Your Coaching Reputation Matters for Pay
Your life coach pay is also determined by your reputation. Having an excellent reputation among former clients and peers will boost your pay as much as any other factor. The help you give to clients will come back and help you later on in terms of more clients at your door and the ability to charge higher fees.
Just Tell Me How Much Life Coaches Make
According to a recent Sherpa survey of international coaches, executive coaches make $325 per hour, business coaches make $235 per hour, and life coaches make $160 per hour. Also, according to Sherpa, coaches average between 6 and 6.5 clients per week. Sherpa pegs average annual income for coaches at between $55,000 and $116,000. From this data, I would say that life coach pay is not a bad chunk of change. However, there is one thing that the survey doesn’t say – there is a capacity to make much more than the average income if you utilize all the various sources of income available to coaches – one-on-one coaching, group coaching, webinars, monetized blogs, books, and more. Coaching pays well and it CAN pay very well!
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