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What is the average amount that Life Coaches Earn in 2022? -

Apr 6, 2022

The business of life coaching is growing fast, and the industry is projected to grow by 6.7 percent (to $1.34 billion) by 2022. In spite of the growth, many life coaches don't know how their earnings stack against their peers.

If this is the case, you're far from being on your own. Life coaching is not heavily regulated so, as a consequence there's plenty of false information floating around. Plus, it's hard to stay on top of every industry trend while running a coaching practice and balancing the demands of your real, daily life.

To help you gain a greater understanding of the amount you're offering, we've compiled all the stats you'll need to figure out the hourly rate you should charge, how your annual salary compares with other coaches, and ways you can achieve your maximum potential in terms of earning (a.k.a. begin earning more money from as a coach). ).

This is what we'll look at (in case you'd like to jump further):

What's the average price that life coaches earn per hour?

The salary of coach-in-training in the United States is $231/hour, according to the Financial Times.

What is the average amount that life coaches earn annually?

The reality is that in North America, life coaches make an annual average of $62,500 from coaching, per the International Coaching Federation's (ICF's) 2020 Global Coaching Study.

This is a decent salary but that's only the income from coaching. 93% of coaches surveyed by the ICF provided other services such as counselling and business consultancy which further boosted their earnings.

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This underlines a key fact: the most profitable coaches create multiple income streams around their core coaching business.

How much do coaches cost for online coaching program?

The cost of coaching courses online vary based on the program's format and the industry.

Coaching programs that are based on memberships fall in the middle of the salary scale. Hybrid programs and recorded coaching programmes command smaller fees--but offer coaches the possibility of earning an income online that is passive.

There isn't any data from the industry Let's look at what this looks like in action. Life coach and BizChix creator Natalie Eckdalh charges $700/month for her Six Figures Lab mentorship site that she manages through . The program comes with the opportunity to receive one-on-one CEO coaching and group training sessions with other members.

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Eckdalh provides self-paced classes, which she creates using Thinkfic. Her Your Next Best Hire course is priced at $997 and allows the experts she trains to learn on their own time--without having to pay a monthly cost.

Do you want to create your own online course? It's easy with Thinkfic to design and market your own course even if you're an expert in technology. Start your course for nothing. Let's join forces.

4 factors that affect how much you can make as a coach

 1. Your location

The most significant factor that influences your coach's rates is the location you are working in.

While the global average life coach annual revenue is $47,100/year, North American life coaches make the most revenues from coaching at $62,500 annually. Oceanian life coaches follow with $61,100/year, and life coaches in Western Europe are in third with $51,100/year.

The average annual revenue in the Middle East and Africa falls less than that of the global average which is $33,600 annually. Life coaches in Latin America are currently earning an average of $20,900 per year. Eastern European life coaches fall at the lower end of the level, with a salary of $19,100.

 2. Your experiences

Your level of experience and ability are also crucial in the amount of coaching fees that you can set. Experienced coaches with ten years of experience in industry charge an average of $330/hour, those with less than twelve months experience pay an average of $120/hour.

 3. Your pricing strategy

Your pricing strategy can also determine your the business of coaching's profitability. You can't charge enough, and you'll have clients at your throat all the day, but not have enough revenue to justify it. If you charge too high, you'll see sky-high prices, however, you'll have no customers. Find the right balance.

In addition to the dollar amount Beyond the dollar rate, the primary price factor is the way you package the time you spend with your clients. The hourly rate offers greatest flexibility, and is the simplest to access for customers who have never bought coaching before. This model can work well when coaches are only getting their practice up and running, but it ties the value your coaching services to the number of minutes that you meet with clients.

Coaches who have more advanced methods of coaching tend to work as retainers for longer amounts of time--generally by the month, quarter, half-year or even a year. Their clients look at the holistic, longer-term value of life coaching, and prioritize coaching results with respect to time during coaching sessions.

Some life coaches also tie their pricing to the outcomes they help clients achieve, instead of a specific time. This pricing model attracts clients who see the big-picture effect of coaching. It also allows for more flexibility the coach as well as the client.

 4. Your client base

The number of clients you have plays a big role in how much you make. If the client base you have includes hobbyists, solopreneurs, or small-sized businesses then you're not able to offer top-of-the-line prices. This doesn't mean that you can't succeed however. There are more clients you could be able to serve that life coaches who concentrate on top-level corporate coaching.

Coaches who work with executives can charge higher rates, but their niche is ultra-competitive--and small, too. When working with senior leaders, the stakes can be high, so they'll happily offer higher rates for executive coaching services that are tailored to meet their specific needs.

Short version: There are benefits and drawbacks with each client. Whatever you choose to coach, you can make money and make an impactful one.

3 ways to earn more money as a life coach

 1. Advertise your products on social media

Social media is breaking down the industry barriers we talked about previously. If you've established a following online no matter you're just a beginner life coach. Having an audience provides you with credibility and influence, and the ability to make money.

Right now, life coaches are currently focusing their efforts in Instagram, YouTube, LinkedIn as well as TikTok. They have the biggest of active users, and offer you an opportunity to connect with potential clients who are qualified.

A successful social media marketing strategy does not mean shouting about your accomplishments from the rooftops. Most of the time, it simply means being relatable. Discuss a problem that you've helped someone overcome or tell a fascinating story from a recent meeting with a coach. Make fun of yourself when you're at ease.

But don't be concerned there's no need to be a full-time content creator for business success. Creating online content that attracts anyone via social media will increase demands for your coaching. Make yourself available, respond to people, and offer worth, which will show potential clients that you're an excellent coach before they ever speak to them.

 2. Revise your pricing strategy

Modifying your pricing strategies can take your income up a level. To begin some coaches are shifting away from per-hour pricing. Pricing by the Quarter or Half-Year locks the income in, reduces your administration work and gives the client stability.

There are pricing options above the time frame, however. Career coaches such as Job Search Master Class(r) founder Dana Manciagli set their prices in accordance with the services that they'll offer. Deliverables, outcomes and business objectives determine the price--instead of every second spent on Zoom.

Another tried strategy is offering tiered packages for individual as well as group training. You introduce clients at your low price level for a 1-to-3 month coaching trial. After the trialis over, you can offer an additional upsell at an intermediate price to provide long-term coaching. Your top-tier price point is reserved for customers that require you to go the extra mile with always-on services.

You should also adjust your pricing according to the degree of accessibility and availability your services provide. Customers who require access to you on weekends should be paying extra for the right to do so.

 3. Develop a passive income plan

The ability to separate your income from coaching activities is the key to earning more without burning out. Creating a passive income strategy for your coaching business will help you save time and allow you to make the one-on-one coaching that you provide more effective.

It sounds like a life-changing experience, and numerous coaches are making it their real.

 So, what's next?

If you're aware of the trends your industry colleagues are making (and what they're doing to make it) You've got all the knowledge you need to scale your coaching program. It's the fastest, most effective way to reach more clients and boost the income of your coach is to bring your coaching service online.

Here's where the e-commerce platform comes in. We make it easy to scale your online life coaching business by offering self-guided coaching classes and membership websites. Our easy-to-use course design platform helps coaches, educators, and creators of digital content create unique, engaging online learning experiences to help grow profitable online companies.

Take a free trial and receive the course creation, marketing, and selling equipment you require to kick your life coaching income up a notch. (No tech skills required! )