For several years, one of the fastest growing career paths has been professional coaching, and life coaching salaries have been steadily increasing. There is no special degree required and coaches can work for themselves or for large corporations. One of the keys to earning a high life coaching salary is to find a niche in the coaching world, some specific specialization that will make you a big fish in a small pond.
Life Coaching Salaries – How Much?
The life coaching profession is still a relatively new profession. In fact, life coaching is not described and included in the data provided by the Federal Bureau of Labor Statistics – that’s how new it is! But, the field is exploding and if you jump in now, you can be part of that explosion.
According to a Forbes magazine article a few years back, “Surprising Six-Figure Jobs”, it was estimated that approximately 20 percent of the 10,000 registered life coaches in the country make more than $100,000 per year. However, most life coaches start out at a much lower rate – often $25,000 to $35,000 per year. If you are opening your own practice, salaries will tend to be low at the beginning, until you build a client base. Though certifications are not required to start a practice, salaries for life coaches tend to be higher for those who are certified.
More Demand Equals Higher Life Coaching Salaries
The demand for coaching has increased exponentially in the past decade. More individuals hire coaches to help them with their personal and professional lives. Corporations and multinational companies have made life and executive coaching an integral and invaluable part of their business, which has increased the scope of employment for life coaches. This increased demand means that life coaching salaries will continue to rise.
There are three primary items that will determine your life coaching salary, whether you are self-employed or working for a corporation. These three items are:
With more training, it is logical to expect that you will create a higher demand for your services, and this higher demand will mean a higher salary. It is the same with experience – more experience means more demand for your services, which translates into more money. Reputation also counts; word of mouth is a real selling tool, or, negative word of mouth can be a real loss of client tool. By maintaining high standards, treating your clients with respect and dignity, continually pursuing education to maintain and update your skills, and offering a perceived and real superior value for your services through dedication to your clients, you will command one of those high life coaching salaries.
Life coaching is a great gig – you get to help people, work in a dynamic field, and make a very good living in a field that is expanding and growing. Not only can you make a great salary, coaching is a great field in which to create multiple streams of income. You can write a book, sells DVDs, give seminars, or, after you reach a certain level of experience, you can coach the coaches. Get started now and you will be on your way to grabbing one of those high paying life coaching salaries.
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