“Can you make money as a life coach?”
The coaching industry, which includes life coaching, health coaching, business coaching and beyond, has quickly grown into a billion dollar industry over the last few years.
The fact is, more people are hiring personal coaches and more companies are hiring professional coaches than ever before.
But let’s get real. The question everyone really wants to know the answer to is can you actually make money as a coach?
The answer is a resounding YES.
You can make lots, actually.
The International Coach Federation (ICF) reports that the average hourly pay rate for coaches is $235/hour.
That number doesn’t even consider the myriad of possibilities available through selling digital products, virtual group coaching programs, in person retreats, speaking engagements, e-books and more.
But are people really going to pay someone who’s not a therapist, a social worker or even an LCPC (licensed clinical professional counselor) to help them navigate major life challenges?
More importantly, are they going to pay you? What makes you stand out as a coach?
Here are the two most important things you need to know to make money as a life coach:
1. You must know how to coach, which includes understanding what coaching is and what it isn’t.
There’s a reason the coaching industry has been dubbed the wild, wild west. In a way, it’s a total free for all, and since there is very little regulation (for now), you can get away with a lot that therapists and social workers simply can’t.
That’s both good and bad for those of you building coaching businesses.
It’s good because you have tons of freedom.
You don’t have to master specific coaching modalities, you don’t (and can’t) diagnose people and you technically don’t have to go through training or get certified to call yourself a coach.
But that’s not necessarily all good news.
It raises the question of ethics.
A doctor can’t see patients without a license. Neither can your nail tech, your massage therapist or your personal trainer.
As coaches though, there’s no governing body.
You have to be responsible for our own authenticity and capability.
The coaches that stand out are those who are constantly seeking more knowledge, more mastery, and those who keep the question “how can I make sure I’m bringing real value to my clients?” at the center of their work.
It’s also important to have a realistic idea of the challenges that come with being a coach.
You often might hear the adage that coaching is for people who have good lives and want to have great ones, but that’s not the full picture.
People who seek coaching may also have depression, anxiety, bipolar disorder, PTSD and a variety of other mental and physical challenges.
“What if someone brings me a more therapeutic issue?”
“What if I don’t think a client is a good fit?”
“What do I do if a client isn’t following through on commitments?”
“What happens if I sense a client is at serious risk for self-harm?”
And God forbid, “what if my client says he or she thinks about suicide?”
These are real questions our students ask and our trainers are trained to answer properly, based on the ICF Core Competencies and Code of Ethics.
Just because coaching gets called “therapy lite,” doesn’t mean that’s the reality. These conversations happen.
Thinking about it from the client side, if you’re paying your life coach $250 an hour, you want to make sure she or he is properly trained and fully prepared.
Interview two to three coaches before committing to one and always ask for proof of their ICF Certification!
And for those of you thinking about becoming coaches, take notes!
More and more people are asking if coaches are accredited before hiring them. So even though you don’t have to be accredited in order to get hired as a coach, you should be.
You’ll find that you sign way more clients as an accredited coach than not.
2. You must understand how to manage, grow and sustain a profitable coaching business.
Most service-based professionals are not taught business management, marketing or sales, so this is actually where many coaching programs get it right by focusing on entrepreneurship and business development from the get go.
There are two main perspectives in coaching.
This includes business building, sales and marketing.
You need to know how to market and sell your specific offerings, which is different than selling a product or even someone else’s services.
Selling essential oils to your best friend doesn’t exactly translate to selling your coaching packages to a stranger on the internet.
In Inner Glow Circle’s Coach Training Program, we teach all of this in a way that’s sexy, spiritual, sales-focused and fun.
Last question we know you’re asking: is this possible for YOU?
That’s what you have to decide.
If you have one excuse after another on why it isn’t, it won’t.
But if you decide it will, it will.
“Whether you think you can or you think you can’t, you’re right.” ―Henry Ford
“Is it hard to find clients?”
“Do people actually pay for coaching?”
“Will I even like it?”
“How do I figure out where to start?”
“Do I need a coach?”
“Should I get a mentor to help me in the beginning?”
“What’s the fastest way to make a profit?”
“Is it possible to scale? How?”
“What if I actually want to speak, lead groups + do retreats?”
“Would I even be a good coach?”
Some people say the HOW is none of your business, but we also know the how CREATES your business.
In our opinion, it’s A LOT lot harder (and more painful) to live a life that doesn’t turn you on than to create a successful, sustainable coaching business.
Tell us in the comments,
what’s the #1 thing holding you back from being a coach?