Are you sure you want to report this content?
Illustration by @_ximena.arias
Well, that depends. One of the more exciting factors of being a life coach is setting your worth. There is no definite amount of fees a life coach must charge. Many factors determine the fee of a life coach. For instance, the experience, fame, demand, client satisfaction, etc.
While choosing a career as a life coach, students have many questions in their mind like:
Does this profession have scope in the future?
Can I make enough money for a living by pursuing a life coach profession?
What will be my salary as a life coach?
This article will answer all the queries that you might have.
For better understanding, let us break the earning criteria into three elements:
Factors Influencing the Income
Life coaches work similarly as a therapist or a lawyer. Either they have their setup or work with an organization on a fixed salary or the percentage of the total earning. The earning is determined by the experience, niche, fees generated, number of clients, and frequencies of their visits. Apart from the regular income stream, life coaches also earn yearly bonuses and side incomes such as webinars, seminars, training, digitals courses, etc.
The niche is a significant factor in determining the income of the coach. The executive coach may earn $10,000 to $25,000 per client, whereas a general life coach may earn only $1,000 to $3,000 per client.
Range of The Income
Majority of life coaches begin their careers with some organization, and very little of them start their own business initially. These organizations pay $30,000 to $50,000 per year to the freshies, rising all the way to 60,000 dollars after a year or two. Gradually as their experience increases, the income becomes more significant. Some of the expert life coaches are earning in the range of $100,000 to $120,000, but there are only a few exceptions.
Those life coaches working as independent entities earn up to $200,000 a year.
Honestly speaking, life coaching is one of America’s well-paid jobs. Most people do not even earn $20,000 at the beginning of their careers.
Location of The Job
The income of the life coaches varies significantly from state to state. Consider Oceana, East Europe, and the Middle East, and Africa. The average yearly income of the life coach in these states is as follows:
East Europe $18,400
The Middle East and Africa $35,900
Oceana $73,100
Well, these are different regions and the salaries of life coaches have prominent differences within the same country as well. The life coach fees depend on the cost of living. As you know, the living expense in the larger cities like Los Angeles and California is relatively higher, so life coaches charge higher rates in these cities than those based in smaller towns.
Earning By Specialization
A life coach is a broad term that can break down into more specific terms as a career coach, Relationship coach, executive coach, health coach, business coach, etc.
We have already discussed a little about the niche in this article but let us see this element in detail. Specialization is a critical factor in determining the income of the life coach. As a general coach, you do not make as much money as the one who has narrowed down his area of expertise to one or a few specific fields.
Some of the specialized fields are more in demand than the others, and hence there is more competition and more money in them.
Side Income Streams of a Life Coach
In addition to the primary source of income, there are other ways through which life coaches generate a handsome amount. Sometimes the side revenue streams are more than the primary income. Few ways include:
Motivational Speaking
Motivational speaking is a massive industry of 1.9 billion dollars and is expected to grow to almost $2.3 billion by 2025. Opting for this method of earning can help a life coach make millions of dollars. Let us not get too excited because you even have to give free speeches to develop credibility in the beginning. But practically speaking, it is the experienced ones generating an impressive revenue with their lectures.
Launch a Digital Course
You must be noticing that E-learning has grown massively in the past few years. Due to the pandemic, most businesses have shifted to digital platforms in which education and training are among the most affected ones.
Digital course is the most stable form of side income for health coaches, business coaches, and many more. Some examples of the courses that you can work on are:
● How can people achieve success in life?
● How to maintain a healthy weight?
● A complete guide to finding the purpose of life. And many more.
You can either create your website or link yourself to some famous digital course platforms like Coursera, Udemy, Hubspot, etc.
Corporate Training Programs
Corporate training has become a $200 Billion industry.
There are many reasons why the employees need training. Due to heavy workload, long working hours, lack of job security, and personal life issues, employees have turned less productive. These factors also increase the turnover rate of the company.
Due to all these and many other reasons, employers have started focusing more on training programs. This is where the benefit of being a life coach comes. As an expert and affordable life coach, you can increase your revenue by contracting with organizations and conducting training programs.
Companies usually require employee training on work-life balance, time management, leadership, teamwork, etc. Specializing in these areas will open doors towards a mouthful of income.
Do Life Coaches Make Good Money?
In one word? YES!
With such an unstable market situation today, Life coaches are making a decent living for themselves. This article will help you increase your revenues, but you need to be consistent with your approach.
If you were confused about choosing your career as a life coach, we would suggest you go for it but specialize in a great area to augment your potential and make it big!
Read more about Online life coaching.
47 Launches
Part of the Life collection
Published on April 28, 2021
(0)
Characters left :
Category
You can edit published STORIES
Are you sure you want to delete this opinion?
Are you sure you want to delete this reply?
Are you sure you want to report this content?
This content has been reported as inappropriate. Our team will look into it ASAP. Thank You!
By signing up you agree to Launchora's Terms & Policies.
By signing up you agree to Launchora's Terms & Policies.