Life Coach Salary
Is Life Coaching a Lucrative Career?
What is the average life coach salary I can expect to make? Are there opportunities to expand my income? If you are thinking about becoming a life coach, you are probably asking yourself these important questions.
We all want to do work that we love. A life coaching career can be very rewarding, and the potential for making a good salary is just the icing on the cake. Like anything else, if you have the passion and drive to grow your life coaching practice, the financial opportunities are endless.
What is a Life Coach Salary?
Within the field of coaching, you will find a wide range of salaries based on factors such as geography, experience, specialization and credentials. Many coaches choose to work full-time hours, while others opt to work part-time. Still, research suggests that life coaches can earn good money. And with reports indicating that life coaching will be over a $1 billion industry in 2019, there is plenty of opportunity out there.
Fast Facts: Life Coaching Salaries
- Average hourly earnings: $208 globally
- Average hourly earnings: $190 nationally
- Average salary range: $11,000 to $114,500 nationally
- Average annual salary: $61,900 (2016 ICF Global Coaching Study)
- Industry growth: 2.2% over last 5 years
- 75% of coaches expect increase in revenue in next year
The coaching field offers a huge amount of flexibility which is just one of the reasons why the industry is growing. Plus, the demand for coaching services has grown exponentially. Individuals, businesses and professionals have all begun to see the huge benefits they can reap from qualified life and business coaches.
How Do Life Coaches Earn Money?
One of the keys to expanding your life coaching business and growing your salary is to diversify the services you offer to clients. While one-on-one sessions are the bread and butter of many coaches, if you really want to earn money, you should consider other revenue streams. Delivering your services in a variety of formats allows you to reach more of your target market, grow your client base and increase your revenue.
Life coaches can expand their one-on-one delivery models and earn additional revenue in any number of ways. Some of the most common additional services include:
- Group coaching
- Acting as a mentor to new coaches
- Group presentations
- Offering coaching packages
- Email subscriptions
- Digital tools and eBooks
- Online video subscriptions
- Developing a book or journal
4 Ways to Boost Your Life Coach Salary
Expanding your revenue streams is just one way you can boost your salary as a life coach. There are a number of other factors that will impact the amount you can charge as a life coach.
Obtain Your Certification
Coaches that obtain certification from an accredited life coaching school and receive credentials from the International Coach Federation will have more credibility with clients and can usually charge more for their services. Earning a certification from a program like that at Life Purpose Institute prepares you for the requirements of the ICF credential. This credential demonstrates that you are invested in your career and will continue to learn in the industry through your membership in a professional organization.
Evaluate Your Fees
Many coaches, especially in the beginning of their careers, undervalue the services they provide. Take a look at the fees you are currently charging (or are planning to charge). Are you charging the average or close to it? Could you increase your rate slightly? Do you feel that you are giving high value to your clients? Does your current rate reflect that value?
It’s important to value your service and understand that you are worth your rate. Clients don’t come to coaching because they believe it isn’t valuable. They understand that a valuable service costs money. Review your fees to see if you might have an opportunity to increase your rates.
Choose Your Niche Carefully
One of the keys to a successful life coaching practice is to choose a niche that lights you up. If you are looking to grow your salary as a life coach, it is important to understand that some coaches earn more because of the clientele they work with. For example, executive and business coaches can often charge more for their services. Life coaches who work with young adults or low income clients may often charge less.
To be successful as a coach, you must work with the type of clients that you truly want to help. If you are working within a niche that typically charges less per hour, brainstorm ways you can expand your reach, offer more services or change your pricing structures.
Brush Up on Your Sales Skills
Life coaching is a business. While you are developing the skills to coach effectively, you must also work to develop the skills to run a successful business. Any worthwhile life coaching program will include training on how to market a business. In order to truly grow and increase your salary, you must be able to market yourself and sell your services to the right clients. Consider additional education in marketing to help you achieve your financial goals.
Advance Your Life Coaching Career
We hope you are ready to hit the ground running as a life coach! Life coaching is a rewarding and lucrative career field that is growing every year. If you are considering a career as a life coach, know that there are many factors that influence the kind of salary you can make. Understanding the many ways you can expand your services will help you meet your goals.
Learn more about a career as a life coach. Contact Life Purpose Institute to talk with one of our specialists about our life coaching programs and certifications. Our team is prepared to talk to you about the profession and answer your questions about salary expectations as a life coach.
Don’t wait to start your new career. Call Life Purpose Institute today at 858.484.3400.