Wondering what a great salary for life coaches is? Well, first, you need to know what an average salary for a life coach is. According to payscale.com, life coaching salaries fall somewhere between $23,000 and $75,000 for life coaches with one to four years of experience. Other surveys have determined that the average salary for life coaches is between $35,000 and $70,000. Now that you know what an average salary is, you can start thinking about a great salary for a life coach!
What is a Really Great Salary for Life Coaches?
According to a study by Forbes.com, 10 to 20 percent of life coaches make over $100,000 annually. This $100,000 figure would be the starting point for a great life coaching salary. Does that mean you will earn $100,000 per year if you become a life coach? Hell no!! But, it does mean that those life coaches who are dedicated to becoming the best coach they can be, have a golden opportunity to make some great money!
How Can You get Your Share of That Great Life Coaching Salary?
- Education. Your coaching education has a beginning but it never ends. Learning new skills and techniques and continually honing your skills is essential to moving up the income ladder. Knowledge, certifications, and cutting edge skills will mean more clients and more money.
- Experience. If you are just starting out in the coaching business, your fees will need to be on the lower end of the scale. Just try charging $500 per hour for your first client! However, as you gain more experience and clients, your fees can begin to inch higher. It does not happen overnight, but eventually you will be able to charge a few hundred per hour for your coaching services. There is no substitution for experience when seeking a great salary for life coaches.
- Multiple streams of income. Once you have become established in the field, you can begin to branch out. One-on-one coaching is a great way to earn a living, but if you want to turbo-boost your salary, finding additional ways to earn income is the key. Coaches have many ways to create additional streams of income; these include DVDs, webinars, group coaching, books, and online or email coaching. Passive income streams such as books, ebooks, and DVDs are great because they require an initial investment of time and money, but there is very little subsequent investment to maintain that income stream. Another potential income stream is a website on which you have some type of revenue generating mechanism, such as affiliate links, advertisements, or product purchases. Multiple streams of income are the best way to create a great salary for life coaches.
Don’t expect to start making a fortune the moment you become a life coach. Building up a good income takes time, and building up a great income takes even more time. However, the potential for an absolutely incredible income exists in the life coaching field. How do you get a great salary for life coaches? Work hard, have some patience, and be a little creative when it comes to generating alternate sources of income.
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