You may be wondering how much you can make as a life coach or what constitutes a good salary for life coaches. Well, wonder no more – life coaches can make a very good living? A salary for life coaches can make it into six figures.
However, it is true that most life coaches don’t make that much money, especially when they are first starting out. It takes time to effectively promote your business, get clients, build your practice, develop a following, learn how much to charge, and implement passive income streams that are supplemental and supportive of your main coaching business.
What Factors Determine the Salary for Life Coaches?
There are four principle factors that determine the salary for life coaches.
- Their coaching fees. Determining an hourly or monthly rate is one of the first decisions to make as life coach. Your rate will depend on several factors, including your experience level, the competition, and the amount of clients you have.
- The number of clients. This number obviously fluctuates as clients come and go, but with experience, the number should be fairly consistent, and should be as high or as low as you want it.
- The various discounts and packages you offer. Discounts and packages will lower your hourly rate, but may increase your overall compensation.
- The number of additional passive revenue streams created to supplement the main form of income.
How Much Should a Life Coach Charge?
The amount a life coach charges will vary drastically. Some coaches may only charge $40 an hour or $400 per month, while internationally known coaches charge several thousand just to make a speech. For a starting life coach, setting a fee somewhere around $100 per hour is probably a good choice. With additional experience and good client retention, the fees can be raised.
One good indicator that will help you determine if your rates are too low is the amount of people who say “yes” to your prices. If everyone is saying “yes”, then your fees may be too low. Of course, in the beginning, “yes” is the word coaches want to hear. But, if your prices are right, some potential clients will balk and go shopping. Let them go; it’s actually a good thing to have potential clients say “no’ from time to time.
Bottom Line – How Much Do Life Coaches Make?
An average salary for life coaches is difficult to determine. According to payscale.com, life coaches with one to four years experience make anywhere from $23,000 to $75,000. Those with 10 – 19 years, make anywhere form $25,000 to $105,000 per year. According to Forbes.com, 10 to 20 percent of professional life coaches make over $100,000. Most surveys peg the average salary of a life coach in the $35,000 to $70,000 range. Though a starting salary for a life coach may not seem great, and for some, it may only be slightly above the poverty line, the potential is unlimited. With hard work, determination, effective marketing and promotion, and continuing education, a good life coach can push a potential salary into the six-figure realm.
Writing Team, Coaches Training Blog Community