LIFE COACHING CAREER OUTLOOK AND SALARY
The U.S. Bureau of Labor Statistics’ 2012-13 Occupational Outlook Handbook classifies life coaches as social and human service assistants and finds that this occupation can anticipate a 28 percent job growth rate through 2020.
Much of that growth will happen in private agencies and will result from factors such as greater numbers of retirees and the public’s increased emphasis on personal and mental health.
LIFE COACHING SALARY
A Certified Life Coach Salary is between $26,000 – $274,000
According to PayScale.com the average median self-employed life coach salary is $52,595. The lowest $28,198 and the highest $274,314.
The above figures represent a life coach salary generated solely from coaching. To ensure an increase in his or her client base and thus their income, life coaches may offer other services such as consulting, hypnotherapy, mentoring and training.
EXPERIENCE AND VERSATILITY OF SKILL SETS COUNT
Experience and versatility plays a key role in what life coaches earn. According to the U.S. Bureau of Labor Statistics’ 2012-13 Occupational Outlook Handbook, the median national annual salary for social and human service assistants is $28,200.
Those who find life coaching jobs with an employer usually earn a regular salary that might include benefits such as health insurance and retirement plans.
The average fee for an 1 hour coaching private session is $229.
Life coaches in private practice typically bill clients by the hour, taking home a portion of that rate and using the rest to fund their business operations. Coaches who run their own business have the potential to earn a six figure income. Actual salaries may vary greatly based on specialization within the field, location, years of experience, the expansiveness of their education, and a variety of other factors such offering complimentary services.
Hourly rates are based on experience and versatility of services
- 10+ years: $321 per hour
- 5- 10 years: $256 per hour
- 3 – 4 years: $194 per hour
- 1 – 2 years: $152 per hour
- 1 year or less: $128 per hour
- The average number of clients that a coach maintains at one time is 10.
- The average hours per week a coach works is 13 hours.
- 76% of Coaches expect to see an increase in clients and revenue within the coming year.
The average yearly salary of life and business coach salary who operate their own practices
Average Salaries Per Regions
- North America: $50,400
- Latin America: $34,400
- Western Europe: $52,100
- Eastern Europe: $24,000
- Middle East & Africa: $39,600
- Asia: $36,500
- Oceania: $66,200
Average Salaries Per Specialty
- Executive Coach Salary: $103,800
- Business Coach Salary: $ 74,550
- Life Coach Salary: $ 49,890
Average Per Hourly Session
- Executive Coaches: $320
- Business Coaches: $240
- Life Coaches: $130
YOU TOO CAN BE A LIFE COACH
There is no license required to practice as a life coach and the field is largely unregulated. As a potential life coaching student, you should avoid being misled by schools who claim there is a licensing board or federation that governs life coaching. There simply is none.
LIFE COACHING MARKET AND CAREER OUTLOOK
Marketdata Enterprises, Inc., a leading independent market research publisher, has released a new 321-page market study entitled, The U.S. Market For Self-Improvement Products & Services. This is the ONLY publicly available national market study about this $11 billion business.
The study traces the market from 2003-2014, examining: Infomercials, Holistic Institutes, Books & Audiobooks, Motivational Speakers, Websites, Seminars, Personal Coaching, Online Education, Weight Loss, and Stress Management Programs.
According to Research Director, John LaRosa, “It appears that small, entrepreneurial companies often fare better in this market than large corporations.
“Personal/Life coaching is becoming more popular. Marketdata estimates that 40,000 people in the U.S. work as life or work coaches and this $2.4 billion market is growing 18% per year. It’s becoming a status symbol to have a personal coach.
Most charge $200-500 per month for a weekly phone call, but corporate coaches charge more. Many of the top motivational speakers perform coaching or have “certified” coaches to work under the company name.There are even fitness-by-phone coaches and love/dating/relationship coaches. No license is required and the field is largely unregulated.”
NLP IS AN IMPORTANT SKILL-SET TO BE A SUCCESSFUL COACH
In addition, this research reveals that the top 12 speakers of personal development combined are making $328 million. What do you think is the secret behind these super coaches? The answer is Neuro-Linguistics (NLP).
Unlike the average life coach or business coach, the professional coach trained in Neuro-Linguistics has a greater understanding of language and the unconscious human processes that are critical in achieving greater success with clients. Neuro-Linguistic Coaches receive comprehensive and powerful training that other coaches can only dream about.
NLP based Coaches master the art of rapport and deeper level communication to break through barriers of communication and are skilled in resolving conflict, optimizing sales and marketing efforts, and working one on one with leaders to get real results.
According to a recent article on Forbes.com, Life Coaching is “Exploding.” In fact, nearly 20% of Life Coaches reported year-end six figure salaries.The difference between the life coaches that are hugely successful and the other 80% is blending the knowledge of Neuro Linguistics in to their practices.
IS A LIFE COACHING CAREER RIGHT FOR YOU?
Life coaching jobs require a high level of independence and exceptional communication skills. Compassion, understanding, and the ability to keep people motivated and focused are also essential to life coaching jobs. Of course, you’ll need business skills to market your practice and continuously build a client base.