A Step-By-Step Guide on How to Build A High-Revenue Life coaching Business (2023)

FAQs

How do I start a profitable coaching business? ›

According to the ICF, active coach practitioners are serving 11.7 clients at a time. For life coaches with 10+ years of experience, the average number of active clients is 15. But for life coaches with less than a year in practice, their average is 6 clients.

Your existing network is perhaps the best way to get your first coaching clients fast. It's very likely that you know people in the exact niche that you desire to help. If you don't know people in the niche, your friends, family or colleagues definitely will.

For example, you can include email or Voxer coaching, access to a resource library, access to bonus training, or even check-in emails and calls. This helps your client get the most out of the coaching experience.

Life Coaching Hourly Rates

On average, a life coach will charge you anywhere between $75 and $200 per hour. However, these coaching fees aren't standardized. Novice life coaches looking for clients are likely to charge less than $75 per hour, while more experienced coaches are likely to charge more than $200 per hour.

What should I charge for coaching? ›

For pricing, many coaches use the general rule that group coaching should cost each individual 30% of one-on-one coaching rates. This means that if you charge $500 per month for one-on-one coaching, you would charge about $150 for each person in your coaching group.

Having the desire or personal will to change. Showing up with an open mind and curiosity. Finding your MoFa (Motivating Factor) for wanting change. Trusting the coach enough to be honest and open.

Branding can be a powerful tool in the development of your coaching business. It can increase your recognition and successfully differentiate you from your competitors. An effective brand can also communicate your value proposition, clarify your market niche and help you demonstrate your expertise to potential clients.

The value you provide is done via your coaching — that you have a system and experience in helping people achieve similar results. As such, a coaching business isn't scalable because your time is limited and you can only work with so many one-on-one clients. In fact, the average coach makes $62,500/year in the US.

Working with other people is such a great way to build your business without social media. This could be a joint venture webinar or being a podcast guest or having guests on your podcast. You could also do guest posting on another person's blog.

Is there a high demand for life coaches? ›

The International Coaching Federation says the number of coaches estimated worldwide has grown by 33%, from 53,300 to 71,000, since 2015. And the field will continue to expand, according to the BLS, which projects job growth of 10% through 2031, higher than the national average for all careers.

The average age of an employed life coach is 34 years old. The most common ethnicity of life coaches is White (67.5%), followed by Hispanic or Latino (13.5%), Black or African American (9.2%) and Asian (5.9%).

An overview of key life coaching statistics

There are 23,000 certified coaches in the US (71,000 worldwide). 99% of individuals and companies who hire a coach are “satisfied” or “very satisfied” with the experience. 80% of coaching clients say that they improved their self-esteem or self-confidence thanks to coaching.

Tony Robbins

Anthony Robbins is perhaps the most famous American author, coach, and speaker in the world today. His seminars have impacted over 50 million people from 80 countries and have been turned into a Netflix documentary film called I Am Not Your Guru.

The Life Coaching industry is, as I regularly say, saturated. But the rather large caveat is that it's saturated with mediocrity and sometimes even incompetence.

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

Cost of Life Coaching

For personal coaching, the cost varies with the coach's expertise and reputation. The typical range for personal life coaching is from $75 to $200 per hour, with an average cost of $120 per hour. Many coaches offer packages, such as $300 per month for four 30 minute sessions.

Shorter engagements of specific length are common to business, executive, career and corporate coaching, where the bottom line is always of high importance. Lengths usually are 3, 6 or 12 months. Almost never shorter than 3 months.

How do I sell my life coaching service? ›

Some coaches think that prospective clients won't understand their pricing or will undervalue them, so they don't want to share their price until they have a conversation. The truth is, you should be communicating your value all the time, in your copy, in your marketing, and especially on your website.

Coaches usually charge between $200 to $500 per month. Top coaches who work for CEOs and executives charge as much as $3500 per hour. Most coaches' hourly rate falls between $75 to $200 per hour.

Average Ramsey Solutions Financial Coach yearly pay in the United States is approximately $80,003, which is 29% above the national average.

Prices for a single session of 1-on-1 coaching can vary, but generally are over $100, sometimes up to $1000. This type of coaching service is also the most flexible in terms of how coaches charge for it: you could decide to charge your clients per hour, create packages or offer a monthly subscription.

You can expect coaches to charge between $150 and $650 per hour for their expertise. Those nearer the lower end might have only one to three years of experience, or they specialize in coaching newer leaders who are either looking to move into the role of manager or shift to a new career or industry.

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An ideal coaching client will demonstrate to you in your first coaching consultation call, in their intake form, or during your first session that they are open to new approaches. They will show that they are curious about the ways in which you can help them achieve what they are looking for in their lives.

Preparedness: You show keen interest in knowing about client goals, choices and motivations before proceeding with the formal coaching agreement. You gather as much information in the first session so that you can tailor your coaching style and communication according to the client's personality.

What are the 7 steps of coaching? ›

They act as a consultant who helps you provides specialized knowledge and helps you to build your business. The coaching industry has exploded over the years as many business owners find business coaching to be a valuable investment when it works.

Coaching requires developing the client's abilities to solve a problem themselves using a wide range of tools, such as goal setting and accountability. However, consulting involves helping the client solve their problems. This can be in the form of training or other collaborative exercises.

Part of being a good business coach is having excellent communication skills. You must be able to communicate your ideas to your clients clearly and effectively. Having strong communication skills is beneficial when launching your franchise.

What is the first step to becoming a successful coach? ›

The First Step To Becoming A Credible Life Coach Is Training

A carefully chosen accredited training will give you invaluable skills and credible coaching qualifications.

Startup costs for a life coaching business range from $2,900 to $6,900. Costs include a computer, website, and advertising. Becoming a certified life coach makes you more attractive to prospective clients and can help you better market your services.

When you hire a coach, you can be most assured of their training if they have one of the following ICF credentials: Associate Certified Coach (ACC), 60+ training hours, 100+ coaching hours. Professional Certified Coach (PCC), 125+ training hours, 750+ coaching hours.

Life coaches work with functioning individuals who are looking to create a pathway to reaching set goals. Whether it is work, personal or family, coaches act as unbiased thinking partners and hold their clients accountable by typically having weekly or bi-weekly one-hour sessions.