Let’s talk about life coach salaries, shall we?
It’s brutal honesty time.
Can you really support yourself as a life coach?
Let’s find out!
To give you real data, I went to three sources.
Here they are:
- Payscale.com (general 3rd party survey info),
- IBIS World (detailed research by data scientists), and
- My own big community of thousands of coaches in various niches (anecdotal but very real)
Can you support yourself? YES.
You can make a lot, or a little, as a coach. It’s up to you.
But before we talk money you might be wondering this: Is there room for you? Answer: Yes.
IBIS world has told us that life coaching in the US is a growing industry, with millions and millions of dollars of growth each year. Given that, there’s still room for you in this billion + arena.
Okay, next up let’s dig into earnings!
Payscale has told us that life coaches make ~$50,000 on average.
The takeaway? 50K may seem like plenty, or like nowhere near enough. If it’s plenty – great!
If it’s not enough, no worries.
“Average” means that while some coaches definitely earn less, there’s also plenty of room to earn more if you want.
Here’s the thing you need to understand about coaching: It’s a broad spectrum with plenty of services. It’s not like buying a computer where things usually cost within a certain range.
What I mean by this is that you set your prices and you determine your business model, and there is a LOT of flexibility as coaches charge such a variety of rates, and also work part or full-time.
That’s the REALLY good news because…
This means your success and lifestyle is entirely in your hands.
But, let’s dig in further on the numbers, shall we?
Let’s use private coaching as a simple example, since that’s where most coaches start.
👉Life coaches tend to charge between $100 – $400 an hour.
👉Executive and corporate coaches charge between $12,000 – $25,000 per client (depending on the size of the company and the location and your experience).
I prefer you price by the package, not by the hour. So, let’s do that. Voila: If you, as a life coach, charge $1500 for a 10 session package…then if you get 4 new clients per month you’ll make $72,000 per year.
If you charge $2000 for a 10 session package, and get 4 clients every month, you’ll make $96,000 per year.
And if you, as an executive coach, charge $12,000 per client and get one new client a month, then you’ll make $144,000 per year.
You can do the money math and play around – but I think that you see it doesn’t take that many clients to make enough to support yourself.
So if you have fears and doubts and worries about this – please put them to rest!
Grab your celebratory chocolate and know there’s REAL room for you to support yourself as a coach!
Now let’s talk about the higher range of what coaches can earn…
One other piece of interesting information: I gave you average ranges above, but I also know coaches who charge:
1) $7000 per client (date coaching),
2) $35,000 (executive coaching), and
3) $10,000 (retirement coaching)
So let’s take the cheapest one: If you get three new clients a month at $7000 – less than one client per week – and decide to take two months off per year you’ll still be making $210,000 annually.
For me personally, before I stopped private coaching at The Revolutionary Club I charged $6500 per private career coaching client.
But my story doesn’t end there. Over the years I’ve sold literally thousands of group and online programs… so you do the math :).
I share this not to talk about how awesome I am (because we are all awesome, especially if you define “awesome” as “person with chocolate stain on pants.” Hi!), but to illustrate with real-life examples that there is a lot of variety in rates, and it’s up to you to decide what works.
So get out there and make a mark for yourself!
There’s room for you if you are willing to grab it.
How I can help you:
- Need a jumpstart in your business? Tired of being overwhelmed and just want some help with your niche, offer, and pricing? Awesome, grab the Jumpstart Your Business Bootcamp for only $97 here.
- Want all of the help and ready to build the dream so you can go full time in your coaching business? Awesome! Build a REAL Business is for you (over 1100 students).