Life coaching is a booming industry with lots of opportunities for growth and development. It is an industry where you can set your own hours, pick your expertise, and have complete control over how much you work. With all these benefits, the life coaching industry can be intimidating, and you may be wondering how much you can make as a life coach.
How much do life coaches make?
A life coach’s income can vary greatly, and a lot of it depends on how you decide to launch your career. Some life coaches work independently as solo entrepreneurs while others integrate their coaching skills with their existing roles or work exclusively within the HR department of a company. The income of someone who works for themselves can be very different from someone working in the non-profit sector or in conjunction with another business.
Solo entrepreneurs just starting out are encouraged to consider the lifestyle they want and design their practice to support that vision. For some, it may require taking on a few, highly profitable clients; for others, it may require several lower paying clients or supplementing their practice with speaking engagements or book sales.
Realistically, a life coach can make anywhere from nothing to over $200,000 a year. The average income of a life coach is around $61,000 a year, which can break down in many different ways. $61,000 a year can look like one client a month for executive life coaches, or three to four clients a month for other life coaching niches.
When deciding how to price your services, you should charge what you feel is right for you. If you are launching your coaching business as a hobby or non-profit, then you may not have to consider your finances. However, if your goal is to turn coaching into a full-time job, then your fee schedule should be compatible with the income you desire. While your practice grows, you may need to consider having other streams of income.
No matter how you decide to offer your coaching skills, there is a lot of money to be made in the coaching industry. Once you develop a marketing plan that brings customers to the door, so to speak, you will have no trouble making a livable income from your passion.