Knowing how much a life coach’s salary is essential, especially if you’re going to set-up a life coaching business. Keep reading to find out how much life coaches earn. Just a heads up, they can be a bit surprising.
Life Coach Salary: How Do They Earn?
In this article:
- Salaries Per Region
- Number of Clients
- Salary Per Hour
- Life Coach Income Streams
- Life Coach Strategy
- How Do Top Life Coaches Increase Their Earnings
- Corporate coaching
- Capitalize on writing and speaking
- Determine your specialization
1. Salaries Per Region
Life coach salary rank vary from region to region. So far, the highest salaries come from the Oceania region. It’s then followed by Western Europe and North America. Eastern Europe has the lowest pay for life coaches.
2. Number of Clients
Life coaches mostly operate on a per client basis. They usually have an average of 10 clients at one time. It’s vital for life coaches not to stretch themselves out too thin. After all, a more personal connection and a relationship is beneficial in a life coach-client relationship. That being said, there mustn’t be too much on a life coach’s plate to achieve a work-life balance.
3. Salary Per Hour
A life coach spends an average of 13 work hours per week. This is dependent on a few factors. One is the number of coaching clients a life coach has. Another is the number of coaching sessions their clients request per week.
Another critical factor is the life coach’s level of expertise. Life coaches with less than a year of experience earn a rate below $120/hour. The hourly rates increase as the years of experience increase. 1-2 years can indicate a range of $150/hour, while 3-4 years may bring in $200/hour. A well-known life coach’s career with over 10 years of experience might even charge a rate of $300/hour for their coaching services.
4. Life Coach Income Streams
This famous life-coach says success is only 20% skill https://t.co/7Z1yddGZdZ #leadership pic.twitter.com/7WMXaL6Afd
— World Economic Forum (@wef) October 11, 2017
Life coaches can generate income in many ways. Contrary to popular belief, they aren’t limited to one-on-one coaching sessions with their clientele. They can also opt for group coaching sessions if the situation arises. A few even provide their clients with coaching packages. They throw in an additional session for free, as long as a particular package is bought. Some also opt to offer a limited time offer for their service during a specific period. That way, they’re able to fill up their slots fast. It also ensures them income in the months to come.
Some life coaches practice mentor coaching. They teach junior and less-experienced life coaches about the ways of the business. The best part is, mentor coaching also gets them to step out of their comfort zone. In turn, they get to work on their own skill sets to broaden their coaching career.
5. Life Coach Strategy
A few life coaches use social media for their business. They understand the world is heavily dependent on digital media, so they invest in tools to help them reach more clients. Sometimes, these clients are even situated on other sides of the world.
Life coaches put up websites and construct their social media feeds to talk about their business. They build a following both offline and online. They write eBooks on the subject and send out EDMs of upcoming life coach package offers.
Soon, they become a voice of positivity and encouragement. Their business then turns into their brand. People can’t help but follow and listen to them and their words of advice.
How Do Top Life Coaches Increase Their Earnings
There are several ways a certified life coach salary can increase in time. This is one of the goals a professional coach to consider a coaching career a success. Here are some ways you can increase your salary rank:
1. Corporate coaching
This is also known as executive coaching. Some top corporations have often turned to corporate coaching program as an effective tool for an organizations growth. Executive coaches are tasked to handle areas such as leadership, sales, and team building.
2. Capitalize on writing and speaking
Having the talent to effectively write and speak to coaching clients is a rare skill, not all professional coaches possess. Writing and speaking is a remarkable way to establish your credibility in the coaching business. Some professional life coaches have taken an approach to writing a book or starting a blog to establish their name.
3. Determine your specialization
It’s always advisable to find where you’re good at. They can choose to also be a transformational coach, a spiritual life coach, or a life skills coach. They can undergo a life coach training program. You don’t have to actually earn a Bachelor’s degree or a Master’s degree in counseling to become a life coach, but it’ll surely help boost your career. When all is said and done, a professional life coach doesn’t need to learn everything to please everyone. Focus on one specialization and be good at it. When you focus on a specialization, you become an authority in it.
Want to know more about what it’s like to be a life coach? Press play on the video below:
Life coach salaries aren’t dependent on one client. There are numerous ways at which life coaches can earn from their coaching practice. It’s all a matter of finding the right mediums. That way, marketing can help provide a bigger roster of clients to serve.
Have more questions about a life coach’s salary or training? Leave them in the comment section below!
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Editor’s Note – This post was originally published on October 19, 2017, and has been updated for quality and relevancy.