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Small Business Coach Salary
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“I wanted a life where I could work with people who look like me, trans and disabled. So everyday I wake up and make it a miracle.
“Our email list is over a quarter of a million [people]. That’s important to me. So if Instagram wants to close, I don’t care because I have these people here.”
Learn how much you can earn! Quickly see how many customers you need and the right price to reach your goals. What is the value of your opinion
As a life coach, you have full control over your earning potential. But generating good income takes more than just improving your coaching skills or getting more coaching clients.
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Too often, coaches focus too much on helping others, and not enough on being profitable. Some people underestimate the work they are doing. Others lower their rates to unrealistic levels because they don’t want to frustrate people who need their help.
But if you can’t pay the bills and have to close your life coaching business, you won’t be able to help anyone. To improve your customers’ lives (and yours), you
That’s why, in this article, we examine the average income of a life coach, how to set your fees, and how to make more money as a life coach.
You don’t have to be a hungry coach. The industry is big enough to support you. According to IBIS World, life coaching is a $1 billion industry with a healthy annual growth rate of 2.2%.
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Clearly, there is a demand for life coaches. The question we need to examine is how much money you can reasonably expect to make as a life coach.
An ICF study by Price Waterhouse Coopers found that life coaches in North America average $61,900 a year, with a global average of $51,000.
The US Bureau of Labor Statistics (BLS) does not have a category for life coach. The closest category is educational, guidance and career counselors and advisors. And according to them, the average annual salary is $58,120, with a minimum of $35,620 and a maximum of $97,910.
Note that this is the average salary of a life coach. If you can establish yourself and take advantage of online training, it is possible to earn six figures or more.
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In short, your earning power depends on what you spend, so we recommend that you avoid overpricing your coaching services. But there are a number of factors that will affect how much you spend:
Although the average salary for life coaches, according to Payscale, is $32.38 an hour, many coaches can earn surprisingly more.
Functional coaches, for example, can charge between $100 and $300 an hour for two sessions a month. It is three to nine times higher than normal.
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Physical trainers can also charge more. This type of coaching is aimed at companies that provide training to their employees. Rates range from $1,000 to $10,000 per month or $500 per hour.
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And some types of training, such as weight loss and exercise or professional training, can increase people’s self-confidence and performance to the point where they can seek more opportunities and increase their income in the future.
The point is this: If you can help people have a better life, you can pay more for your services.
The more experience you have, the more people will trust you to deliver results. And the more they trust you, the more they’ll be willing to pay.
In her 2013 guide, Julia Steward, founder of the Mastery Coaching School, reported that a new life coach can charge between $100 and $200 an hour, and established coaches can charge up to $600 an hour.
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The truth is, you can spend so much on the market. That’s the economics. As a new life coach, you can charge $100 an hour. But as soon as your time is limited, it is worth more. That’s when you can start raising your prices.
If you are relatively new to life coaching, you may not be able to cite numbers. But you can certainly draw on your stories about your own life circumstances.
So think about the transformation you promise. Can you relate it to a better job, higher income, or better standard of living? If so, you can pay more for your life coach.
Different geolocations have different stages of life. That will greatly affect the amount of money people can pay for training.
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Fortunately, when you train online, space is less of an issue. If you can demonstrate that you are delivering meaningful transformation, location does not matter.
According to JRNI.co, active trainers serve 11.7 clients at a time and have 12 hours of direct client contact per week. Of course, that doesn’t include the time you spend preparing, studying, providing other services, and running your business.
This is why we do not recommend adding more training hours to increase your income. If your schedule is too busy, you won’t have time to prepare your training sessions. You will not have time to study and learn. And that affects your ability to help your coaching clients.
If you’re working with people one-on-one, it’s a good idea to limit yourself to 10-12 clients at a time.
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To help more people, we offer group training. It really is a win-win for you and your customers. Group training usually costs less, making your services more accessible to more people. And for you, it means you can support dozens of customers at the same time, without crossing the time you need to run your business.
Because many factors affect your rates, there is no set price you should charge for your life coach. Instead, we’ll use a 4-step process that starts with how much you want to earn each year from training.
To calculate your rates, you should start with the net income you want to earn each year. Too often, coaches base their fees on the average salary of a life coach they find online. Or about what a competitor is charging.
The truth is that running a business costs money. You must account for your additional expenses, including the software you use to run your business, your continuing education and business taxes. Otherwise, you might be working in the red.
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We start by accepting 12 training sessions per week. Let’s also assume you want to take four weeks off during the year and pay $3,000 a year to run your business.
Think about the change or product you are promising your customers. How many sessions should be needed to give them the support they need to achieve a complete transformation?
Let’s say it takes 10 sessions to get good results. At $220 an hour, a 10-hour training package should be priced at $2,200.
You don’t just offer big packages or training programs. You can also offer individual sessions or session packages.
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So, for example, you can sell individual sessions for $220 an hour and monthly packages of four sessions for $880.
This is a great way to let people try your training without committing to an expensive program. And let people come to you as needed if that’s what they prefer.
If your coaching truly impacts the lives of your clients, it is valuable. $220 an hour may not reflect the value you provide. While this can be a good start, don’t be afraid to increase your rates as you gain experience and become more recognized.
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As we discussed, you can get paid more easily if people value what you have to offer. They will pay what you ask if they recognize you as an expert or if they want to get help.
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Find a niche – No one knows everything. Go down as much as possible to position yourself as the best choice in your niche.
Get a famous client: You don’t need a movie star on your client list, but if you get a client who knows your audience, you will gain instant credibility. A celebrity client can take your life coaching practice to the next level.
Get more testimonials: Make it a habit to ask your customers for a testimonial (video, if possible) describing the transformation you’ve given them. Then share these testimonials liberally on your website, landing pages, and social media.
Increase the number of people you help: Numbers are powerful in marketing. They are specific and measurable. If you have 9,784 subscribers, that’s impressive. Take advantage of that in your own
