As a life coach, it is possible to achieve more than just survive and thrive while leading the life of your dreams. The success of a coach’s career depends on several parameters, including branding and reputation, just like it is with any other profession. The average pay for a life coach, hourly rates, and other factors that could affect a pay is discussed in greater detail below – all the information you need to know about the job and how much do life coaches make.
Who is a life coach?
A life coach is a motivational person who offers wellness and mental advice. The coaching lessons can include talks on improving psychological and physical health, controlling stress, thinking positively, exercising, and eating well. Somehow, life coaches are similar to therapists and counselors. But counselors usually have an edge of having more skilled credentials and they work with patients who have been diagnosed with mental health problems.
The most interesting thing about life coaches is that they may have their own way to overcome the problems of people. They have their own story to lead a healthier life. But it doesn’t mean that they haven’t studied wellness. Life coaches have learned the skills and knowledge. They know how to speak undoubtedly about it. Coaches might work one-on-one with people, either adults or kids, or give a speech to larger crowds. They can also work independently, for gyms or other fitness facilities. Some life coaches can also travel and assist businesses or educational institutions and might offer speeches on occasions.
How much do life coaches make?
Knowing how much a life coaches make can help you decide if this is the right career for you or not. A life coach earns $61.45 per hour on average. A life coach’s earnings may be affected by a type of employment, such as:
Self-employment: Since most life coaches work for themselves, they might not have enough clients to fill up their 40-hour work week. Some of their income might be used for business expenses like staffing, website hosting, and business outfits.
Part-time employment: Some life coaches only work part-time jobs to free up their time for other pursuits like public speaking or volunteer work.
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Salary Structure of Life Coaches
Billing and payment of life coaches are generally flexible depending on how they take the client relationship. Some coaches are working on an hourly rate initially as low as $13.11 per hour. Expert life coaches can make money over $146.81 per hour. Many coaches earn money on a fixed salary working in counseling or coaching organization. As of August 2022, the average reported life coach salary is $49,871. Ranging from the volume of work to the number of clients, it’s also possible to get overtime and bonuses.
Factors affecting earnings of Life Coaches
Different coaches take a different approaches to charge. They make sure to reach the clients first who need them the most. Clients who make more money must pay more due to a sliding scale based on their income. Some coaches, on the other hand, allow their clients to set their own fees based on the value they perceive they received from the coaching relationship. A recent survey cited many factors that affect the charging structures of life coaches – here’s a detail of each:
1. Experience and certification
Years of coaching experience, knowledge of a specific niche or industry, and other valuable skills that the coach can bring to their clients. Similarly, recognition from a reputable body like the International Coaching Federation can help boost credibility and confidence, which can then be reflected in prices.
2. Life coaching techniques
Life coaching can cover a wide range of topics because it concentrates on assisting clients in achieving their own goals, like:
- Leadership development
- Career guidance
- Enhancing oneself
- Relationship between marriage and family
- Fitness and weight loss
- Parenting
- Individual branding
- Rehabilitation from an illness or addiction
As you might expect, some coaching jobs pay more than others.
3. Pricing based on the type of appointment
Some coaches change their rates according to the kinds of appointments they provide. While remote, midweek sessions are not charged extra, face-to-face or weekend, and evening work can charge.
4. Degree of comfort
Many life coaches fall into the trap of charging as little as possible to provide coaching to everyone. This is because they want to improve people’s lives and find it difficult to accept money from clients initially. A limiting belief about the value the coach can provide to clients is frequently hidden by this reluctance to charge. Coaches should hold space for their clients, providing a place where they can be heard authentically. This is a special and incredibly valuable service life coaches can provide from the very beginning of practice.
5. Developing a LIFE
Like everyone else, coaches must pay their bills. They should create ‘LIFE’ that refers to lifestyle, impact, finance, and emotions. In order to define their coaching business, including their fees, coaches use this tool to describe the results they want in their coaching areas.
6. Achieved outcomes
The pay rate also depends on the benefits a coach has provided for previous clients, such as improved income, time savings, and situational confidence.
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How can life coaches Increase their pay rate?
Although the hourly rate for a life coach is on average $61.38, many coaches can charge much more. For instance, executive coaches may bill $110 to $300 per hour for two sessions each month. That represents three to nine times the typical. Additionally, corporate coaches may charge more. This kind of coaching is intended for companies that offer employee training. Prices can be as high as $10,000 per month or $500 per hour.
Some coaching techniques, like weight loss and fitness or career coaching, can improve performance and self-confidence to the point where they can pursue bigger opportunities and earn more money in the future. The key idea is that you can charge more for your services if you can make people’s lives better. Raise your prices if you can’t accommodate your customers. You can also consider these ideas to increase your coaching income:
- Put on a retreat
- Speak as a subject-matter coach at conferences, podcasts, and other gatherings.
- Organize seminars or webinars
- 1:1 coaching in business settings
- Host workshops both online and in person.
- Develop a course
- Become a corporate trainer and life coach by working for an established company.
- Start a YouTube channel or blog for coaches
Wrapping up
A career in life coaching opens up a wealth of opportunities, including flexibility, and the freedom to choose own objectives. It provides a chance to help others while honing their skills. Coaching today is a multi-billion dollar industry. Despite the pandemic, the business has been prospering and making more money than in previous years. You can succeed as a coach if you put your mind to it and learn some marketing tips. Nowadays, many life coaches make six figures or more.
The pay rate is extremely variable. While some life coaches make as little as $50 per hour, others bill $10,000 per hour. The typical hourly rate for a life coach ranges from $60 to $100. Depending on the region of the country they are in, the average executive coach charges $250 to $500 per hour. Coaches frequently bill on a monthly basis, for instance, $750 per month with email support.
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