Maybe you have thought about a career as a life coach for years, but were afraid to leave your secure, corporate job. While the cubicle life wasn’t for you, the financial security made you feel safe.
If you’ve been getting the itch to become a life coach and have finally decided to scratch it, you’re probably wondering how much you can realistically expect to make. If you are ready for a flexible schedule and the ability to work with clients you choose, then you are ready to move to the next chapter of your career.
Rather than staying stuck in a career that doesn’t fulfill you because you are afraid of a potential salary cut, do some research to find out how much life coaches make on average and what factors can influence how much you make in a year.
How much money can a life coach expect to make?
If you are just starting out as a life coach, you should have realistic expectations. After all, anyone just starting out in a new career cannot expect to be raking in six figures immediately. That isn’t to say that some coaches don’t experience that kind of financial success from the start!
The first thing you should do is take stock of your expenses and find out a dollar amount that would allow you to live comfortably. Consider your monthly necessities like your mortgage, food, utilities and other non-negotiable bills. Reassess your current spending to determine where you may be overspending or areas that you were spending for your previous job such as gas money or public transportation that can be eliminated.
Just because you are starting out in a new career does not mean you should necessarily want for things. Consider the kind of lifestyle that you want to have as a starting point for how much you aim to make as a life coach.
Second, consider other costs in your corporate career that don’t have a monetary value. Things like time away from family, time to focus on your health and job satisfaction all have a value even if not quantifiable. These factors can significantly contribute to job satisfaction and make you feel like you are being paid more than you actually are.
How much will you work?
Many life coaches choose this career path because of the flexibility it allows them. They like the idea of not reporting to a desk from 9:00 to 5:00, Monday through Friday. Truly, this is one of the perks of being an independent life coach.
Think about how much time you will dedicate to your coaching career. Will you work part-time? Will you work full-time? Will you see clients during typical business hours or cater to those who are looking for after-hours or weekend coaching? Are you looking to make this your full-time career, or is this a side gig while you focus on other endeavors or take care of your family?
By considering how much you will work, you can get a better idea of how much you should aim to make each week. The factors above can give you the data to determine how many clients you must see each week and how much you should charge them.
Be sure to reassess these values overtime. The more experience you have and the more clients you work with may allow you to raise your rates and see fewer clients and significantly increase your salary.
Successful life coaches don’t follow a pattern. Some are successful working part-time by creating evergreen programs that allow their clients to gain value online. Others enjoy having a full schedule of client sessions every day of the week.
By determining how much money you need to live the lifestyle you want, considering other non-monetary factors that have value and deciding how much you want to work, you can get a good idea of what your week will look like as a life coach.
Sure, it can be scary to jump into something new, especially when it may result in a hit to your bank account. Understand that this does not have to be the case. With a little preplanning and determination, anyone could have a successful life coaching career!