Many determinants can affect the life coach pay rate. However, in this article, we are going to mention the most common ones.
About Life Coaching
Life coaching focuses on solutions by which a client seeks to achieve their desired results. It is not therapy or counseling. Therapy focuses primarily on a person’s past; it explores the causes of the failures and trauma that have placed one in his or her current situation. Coaching adopts a future-focused approach.
Life coaches within their various specialties assist clients in establishing goals, like changing careers, helping grow businesses, becoming better parents, or losing weight.. The primary purpose of life coaches is to help individuals (clients) realize their potential. The demand for these professionals has grown significantly in recent years due to the tremendous emphasis that society is currently placing on self-improvement and personal growth.
Salary Trend For Life Coaches
In 2016, the International Coach Federation (ICF) conducted a study surveying 15,380 coaches from 137 countries. They discovered that the average annual income for coaches in North America alone was $61,900 compared to $50,400 in the 2012 ICF global study. The average global life coach salary in 2016 was $51,000. The results of the survey recently completed are expected to be published by the second half of 2020, which we hope will continuously update the salary trend worldwide. However, according to ZipRecruiter, the average life coach pay rate in the United States is $29 an hour as of June 2020. A life coach typically makes between $11,000-$148,500 annually with the average salary at $59,630, and of course, this is dependent on several contributing factors.
Things That Influences a Life Coach Pay Rate
It is easy to get excited when you look at the life coach’s salary, but at the same time, you wonder why there is such a huge gap in the pay rate. How can someone go from making $50 an hour to $120 an hour? The answer is that It depends on several factors, and the seven mentioned below are typically the most common.
- Geographical Location – Cost of Living varies among cities and regions. For example, a life coach in Twin Falls, Idaho, will not charge clients the same amount as a coach in Honolulu, Hawaii.
- Level of Experience – Amount of experience and level of expertise also can determine how much you can make as a life coach. For example, a coach with less than two years’ experience cannot charge the same fees, a veteran or seasoned coach of over five years of charge.
- Niche – The fees you charge as a life coach often depends on the coaching specialty you choose.
- Number of Hours Worked – Choosing to work full-time or part-time determines how much you can make as a life coach and how many hours will include paying clients.
- Other Income – Alternate streams of income i.e., selling products online, offering online courses, coaching packages, and writing books, writing articles for blog sites, etc. also impacts the coach’s salary.
- Self-employed or Salaried Employee – Choosing to start one’s own business (entrepreneur) or work for an organization affects the life coach pay rate. Working for a company can earn you some extra money in the form of a bonus or commission package. Also, the type of organization you are employed by can impact your salary. For example, according to a recent Glassdoor report, an experienced life coach can make anywhere from 105K-112K as a federal government employee as opposed to 39K- 42K working for a nonprofit organization like Goodwill Industries.
- Training/Education – Experts in the field strongly recommend coaching certification because companies nowadays are requesting certification before they can hire you. Also, sometimes the organization that you obtained your credentials from makes a difference.
Life Coaching is truly a rewarding career to embark on. If you’re considering becoming a life coach, this article will give you an idea of how much you can earn so you can decide if this career path is right for you.
Special Bonus – Learn 3 simple ways to become a life coach with the “30-Days to Become a Coach” video toolkit when you fill in the form at the top right and click the “Watch The Videos Now” button. You’ll learn how to change your client’s life in 45 minutes.
Margaret K. Olubiyi
Writer, Coaches Training Blog community