Have you ever wondered what the life coach salary range is? Is it true that life coaches are making handsome amounts of money every year? These questions are some of the most frequently asked questions. Let’s dive in to find out more.
Life coach salary range: How much does a life coach actually make?
A life coaching career offers a lot of financial potential and there are coaches in the industry who are making six-figure earnings. There is no reason you can’t make that amount as well. However, it takes a lot of hard work, dedication, and passion. It doesn’t happen overnight.
When it comes to life coaches’ salary range in 2021, statistics show that the profession is quite promising. According to ZipRecruiter, as of December 2021, top life coaches in the United States make six-figure salaries of up to $148,500 per year while the average life coach salary is $32 per hour or $59,630 per year.
Putting those salary figures into perspective makes the picture crystal clear. So, it is safe to say that the life coaching profession allows you to earn a lucrative income.
What factors determine how much you get paid as a coach?
It is important to note that the life coach salary range varies greatly. So, what exactly makes a life coach earn a lot more than the other? Here are some of the factors that determine how much get paid as a coach:
- Life coach certification
This isn’t a secret that certified life coaches are seen as more competent and thorough professionals. Their professional image and credibility in the eyes of clients are because of certification from popular bodies like the International Coaching Federation (ICF).
- Coaching niche
Your coaching niche also determines how much you get paid as a coach. For example, running coaches make $48.01 per hour or $99,853 according to ZipRecruiter. On the other hand, a money coach makes $84,659 or $40.70 per hour. In short, your coaching niche and your target market are huge determinants of your salary.
- Marketing skills
Life coaching is a business and in business, there are always alternatives. Why would a prospect choose you over another life coach? The answer is marketing skills.
- Your coaching fees
Is it better to charge $200 per hour and have four regular clients or charge $500 and have just one client? Sometimes, you have to look at things from a long-term perspective. Keep your rates within the range of your client’s budget and gradually increase your fees once you have demonstrated your skills and expertise.
What are the ways coaches can increase their salaries?
If you are about to start your journey as a professional life coach or are wondering how to increase your income, it will be good for you to know that there are many ways to increase your paycheck just like other big players in the industry. Here are some of the ways:
- Paid membership – Start paid membership plans.
- Group coaching – Apart from one-on-one coaching sessions, consider group coaching sessions.
- Courses – Put together your coaching knowledge and offer coaching courses for sale.
- Speaking engagements – Offer seminars and workshops to earn more money while capitalizing on the opportunity to market yourself.
- Mentoring – Be a mentor and train other coaches for a fee.
While you’re looking for ways to increase your income as a coach, remember to read as much as you can. There are lots of coaching articles online, but the best way to learn is through blogs or e-books. The other thing to remember is to never give up. Keep experimenting and testing to find out what works until you eventually succeed.
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Writer, Coaches Training Blog community