You’ve decided you want to become a Life Coach. At the same time, you’re wondering if you can make a living doing life coaching and how long it will take to do that.
How much time will it take me?
The range of time it will take you is quite variable. Some employers hire Coaches right after their training and Life Coach Certification. These jobs still are not that common and are usually in a setting where people already have extensive experience and contacts. An example of this is someone getting a job in Human Resources for a company where they become an internal coach. They have a background in HR and they have contacts in the company already.
Most people in coaching make their living by having a private practice. Some people starting a private practice begin generating a living in as little as 3 weeks after their training while others take some time to build a practice while also working their full-time job. The average time frame for coaches to build a successful private practice is about 18 months. That process however, can be expedited.
To get a practice going faster, you will need to:
- Have a good marketing plan and strategy.
- Have a focus for your practice that’s catchy and marketable. Just saying you will help people improve their lives doesn’t necessarily get people in the door. You might say instead, “I help people make dramatic changes in their life in 30 days or less”.
- Find a kind of marketing that feels natural to you. Is it speaking, doing social media, connecting in person, giving away free sessions, writing articles etc.? If you market in a way that’s natural, you’ll come across more authentically and attract clients who will resonate with your message.
You’ll also be willing to do more marketing as you will genuinely enjoy the process of marketing yourself. Be consistent with these marketing efforts and you will see the results of your efforts.
- Get support with your marketing. Most coaches are not born marketers, so it is something new coaches may need support with. Coming up with a niche, strategy, great website, elevator speech, marketing materials etc. takes skills and experience. Getting feedback from a professional will help you gain perspective, develop effective approaches, take your materials to another level and speed up the process of getting your practice going.
- Schedule the time to focus on your practice and look at the easiest and quickest way to build your practice. Many people start doing groups one or two nights a week or on the weekend as groups can generate a nice financial return and create a springboard for creating a successful practice. Speaking to large groups can also generate a number of clients at one time. Others reach out to those they know and build a referral business.
- Eliminate anything that is taking up extra time. Perhaps you can leave your job on time rather than putting in the extra half hour or hour you usually do. Hire a cleaning service rather than cleaning your house yourself. Set limits with friends and family when they want to discuss all of their problems.
- Stay inspired. Remember your vision. Stay connected to your passion and purpose. Serving others is what you are meant to do. The effort you put in will be well worth it for the emotional satisfaction you will receive and the positive contribution you will make in others’ lives.
Can I make a living as a Coach?
Absolutely. Many people are now making over 6 figures in coaching. Coaching is now a multi-billion dollar industry. Even during a pandemic, coaching businesses thrived and generated more income than previous years. If you set your mind to it and learn some marketing skills, you too can thrive as a coach.
Some people prefer doing this work part time and doing other things as well. Coaching is so flexible you can work as little or as much as you like. The nice thing about coaching is that you can generate a high hourly fee compared to other professions so part time or full time you will probably make more per hour than other jobs you’ve had.
How much can I make?
There is a huge range of pay. Some coaches start at $50 an hour, and then there’s the Tony Robbins of the world that charge $10,000 an hour. The average Life Coach charges $150 an hour. The average executive coach charges $250-500 an hour depending on which part of the country they are in. Coaches often charge per month for example, a coach could charge $750 a month including e-mail support.
You’ll see lots of packages and groups. One dating coach has a 6 month program for clients to find the love of their life for $5000 in a group setting. Another coach had a group for women in transition and she charged $3000 for a 4 month package. Some coaches charge considerably less than that amount for a group or package.
Once you clarify your “irresistible offer” you can charge higher fees and offer so much value your clients will pay you for packages and special programs you create.
Start with an amount you’re comfortable with. If you are not congruent with your fee, you’ll find it hard to get clients to pay you that fee. Be patient in the beginning as you first get yourself out there. Over time, you will gain confidence, skills, clarity about your niche or area of expertise and what you could put in a package or program to be more comfortable in charging higher fees.
In conclusion, it’s up to you how long you will take to transition into being a part time or full time coach. You will need to market yourself in a way that’s natural for you and set aside the time to do so. You’ll need support from a marketing professional who can give you feedback help you speed up the process. You’ll need to set boundaries with your time and energy in order to make the time to market yourself. You know you can make a living as a coach and you understand it will take some time to be able to charge the kind of fees you’d like to. You know your efforts will produce results in positive rewards from the emotional satisfaction coaching will give you, the impact you will make, and not to mention the high financial rewards.