What is a Good Salary for Life Coaches?

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.

Salary for Life Coaches
Salary for Life Coaches

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.

  1.  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.
  2. 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.
  3. The various discounts and packages you offer. Discounts and packages will lower your hourly rate, but may increase your overall compensation.
  4. 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.

By the way… you’re invited to claim your FREE step-by-step “Life Coaching Business Blueprint” video toolkit. Just go HERE now to get your life coaching business blueprint videos.

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

FREE Video Course: How to Build a High Paying Coaching Business

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Comments

  1. Aidan says

    Thanks for sharing. To be a great coach I am sure you have to love what you are doing and have the mindset awareness of compassion and willingness to help. If you have that then the salary that you desire will surely come.

    Aidan

  2. marquita herald says

    Really interesting – it also seems to me that many people combine more then one area of coaching to broaden their marketability. I know when I was coaching I also worked with new entrepreneurs – since attempting to balance life with building a new business is tricky at best – it all fit together very well. Thanks for the information.

  3. says

    This is the first time I’ve actually seen prices. I’ve never really known what to charge and always felt I was either charing not enough or too much. Guess it still really depends on the person, and that’s the tricky part.

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