Life coaching is a rapidly growing field with many opportunities for those looking to make a difference in people's lives. But how much can you actually make as a life coach? We spoke to three experts in the industry to get the scoop on the typical salary of a life coach. The world's most advanced compensation platform, Payscale, places the hourly earnings range for UK life coaches between £20 and £97, averaging £48 per hour, and also offers an annual salary range between £24,000 and £164,000. These figures provide a good starting point for understanding the potential earnings of life coaches, but there is one more valuable conclusion to be drawn from these successful coaches. The key to success in life coaching is to find your niche.
Once you have clarity on your niche, you can start to think about how to price your services. For example, if you decide to focus on helping people increase their salary by 25% next year, you can charge accordingly. This is one of the great advantages of life coaching: you can live a life of abundance and freedom while doing what you love and making a positive impact on people's lives. Executive business coaches help business owners manage their businesses by helping them gain clarity on their vision and achieve their goals professionally and personally. According to research, charging by the hour is one of the least successful strategies for life coaches.
Experienced life coaches can also start mentoring programs, either individual or group-based. One successful life coach we spoke to offered his top three tips for new life coaches in terms of maximizing their earning potential:
- Choose Your Niche: Find your niche and focus on it. This will help you stand out from the crowd and attract more clients.
- Price Your Services: When you charge by the hour, your clients compare it to what they can get for the cost of that training session. Make sure you are offering value for money.
- Create Training Courses: Once you have created your training course, you can generate income forever without requiring a lot of ongoing work.
When potential clients see that a life coach has added value to previous clients, it naturally builds trust and credibility. Starting a coaching business is the path to take if you want to increase your profits exponentially and create a sustainable model that allows you to achieve a broad return on investment for years to come. With clarity on your niche, an understanding of the average income life coaches earn, and knowledge of how to supplement your income as a life coach, you are now much more likely to succeed in creating a successful coaching career that is both lucrative and rewarding at the same time.