According to Simply Hired, average life coaching salaries are around $115,00 per year. That's a good income and one that is more than the average person earns in the United States. The International Coach Federation (ICF) found that the average coaching salary was over $83,000 and $26,000 for part-time coaches. Well, who wants to be average or even slightly above average? How about shooting for the moon and make a life coaching salary that is far above average?
Life Coaching Salaries Vary Widely
How much you earn as a life coach depends on various factors. It depends where you set up shop, how much experience you have, how much peers are charging, whether you work part or full time, and how hard you work. Oh, and it also depends on how good you are!
Coaches Set Their Own Fees
As business owners, coaches are able to set their own fees and charge as much, or as little as they want. Of course, you have to consider the factors listed above when setting your fees. Coaches earn anywhere from $25 to $300 or more per hour for their services. Typical hourly rates for coaches just coming out of a certification program are around $100-$150 per hour. Coaching fees are also determined by the type of coaching you do. Some coaches, such as executive coaches, can charge more per hour because they deal with clients who have more to spend.
For entrepreneurs, life coaching salaries will depend on the amount of their fees and how many clients they obtain and retain. For coaches who work for someone else, their salary is usually set no matter how many clients they work with. These coaching salaries usually start out fairly low and then rise as you gain experience and build a reputation in the industry.
How to Boost Your Life Coaching Salary
With such a wide variation in life coaching salaries, there are a few ways to boost your income and start making far above the average life coach.
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Corporate or executive coaching. Executive coaches work with large organizations, CEOs, and top executives. Because there is big money at stake, executive coach salaries are higher than those for most other coaches. Executive coaches work in areas such as team building, leadership, and sales. You usually need corporate experience to enter this very competitive field.
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Establishing a niche or specialty. Many life coaches try to be everything for everyone. But, some of the most well-paid coaches have narrowed their focused. Being a big fish in a small pond often means a higher income than being a small fish in an extremely large pond. It is easier to become an authority in a niche and build up your expert reputation when there is less competition. The more you are perceived as an authority, the more you can charge and the more people will be lining up to receive your coaching.
- Do more than just coach. Life coaching salaries get a big boost from alternate streams of income. You can write for blogs, pen a book, create DVDs, offer speaking services, coach group events, or develop other products that work with your specialty. Diversifying your income is like adding pistons to a car engine. The more pistons pumping, the more horsepower – the more alternate streams of income, the greater the income. To get one of those life coaching salaries most people only dream about, you have to think about and start developing alternate streams of income.
Source : articlesbase.com
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