How much do life coaches make today? And what changes can you do to increase your revenue?
Life coaches make an average of $45 per hour as a start. But this industry is filled with opportunities and your income can change depending on your expertise, target market, and approach to your prospects.
In this post, we’ll talk about the current rates for life coaches and the tools you can use to scale up. You’ll find strategies to make your services better whether you’re just starting or have been coaching for some time.
Read on to learn more about your potential earnings as a life coach!
In this post we’ll cover:
- Life coaching and its benefits
- How much do life coaches make
- Online life coaching business
- Setting your rates
- Opportunities in the coaching industry
- How can life coaches scale up
Life Coaching and Its Benefits
A life coach helps clients map the steps to achieve their goals. You are expected to give expert advice and guide your members through their personal development process.
Corporations spend thousands to pay for a life coach for their employees. It boosts productivity and helps members transition to leadership roles.
Being a life coach allows you to focus on your passions and share them with like-minded individuals. It allows you to monetize your knowledge and skills and network with more people.
As long as you like to impart learning and build solid community support, you can thrive as a life coach.
Start a life coaching business today
How Much Do Life Coaches Make
Payscale estimates a life coach’s hourly earnings to be around $45 per hour on average. It could be as high as $200 or as low as $18 per hour.
Some factors include your location and employment status. Companies hire full-time life coaches for their employees. This route offers a stable income of roughly $67,000 per year.
However, this can be limited by binding contracts and might not allow you to reach a wider audience.
If you’re looking for more flexibility and control of your coaching business, taking it online will be our best recommendation.
Online life coaching business
This approach may be different from traditional coaching practices. Online life coaching gives you more freedom to design your own business framework.
Building an online community is the best approach for this business. Unlike traditional coaching, you can gather all your students in one place where they can book 1:1 sessions, attend your events, and interact.
There are community platforms like Nas.io that support this feature.
They can help you manage your logistics, like booking and payment. Nas.io even has integration features for third-party apps, so you can manage everything in one place.
Start a life coaching business for free
Online life coaching services to offer
Coaching is broad. And the industry is huge. Some life coaching services popular today are career, fitness, finance, spirituality, and tech.
You can funnel these themes and come up with a niche. A niche helps you develop targeted and authentic content because you know who it is for.
For example, fitness coaches can be a lot of things. If you have developed a diet plan that works for a specific health condition, you can offer these as online courses or in one-on-one consultation.
Check out Moonhunter, a Web3 community with coaching programs that help their members onboard from Web2 to Web3.
Or Dhairya Decodes provides a 45-minute career guidance service for individuals searching for their passion.
Setting your rates
Your rates vary depending on your niche.
If you’re a career coach, you can help fresh graduates get a headstart on their careers. They will need mentoring for resume building and preparing for job interviews. Because your target market is younger, it’s reasonable to set a lower rate.
The state rate for a life coach goes between $50 to $100 for a 45-minute consultation. You can also create coaching packages of 3-4 numbered monthly sessions for around
However, if you’re an expert at coaching managers or C-level roles, your rate is definitely a lot higher. Top life coaches with premium service can make about $284k annually.
It’s the same case with any other niche.
While it may sound challenging for a starter, online coaching provides more avenues to increase your income even with the average rate.
Your earnings as a life coach depend on your billable hours. To increase this, you can explore other programs you can earn from without sacrificing your billable hours.
Subscription ensures sustainable monthly income on top of digital products and paid events you can launch.
Start a life coaching business for free
High-ticket life coaching rate
Aside from your regular life coaching rate, you can develop a high-ticket program.
It could be online courses, consultations, or subscriptions that give your clients a deeper understanding and produce the results they want.
This can significantly increase your income in the same amount of time as your regular rates.
Payment Proces
When you set up your rate, your next agenda is payment collection.
Use a platform that lets your clients book a consultation with a smooth check-out process.
Giving them payment options that suit them, like credit or debit cards, or local payment gateways is great.
Nas.io, for example, currently has localized payment methods in countries like India, Brazil, and the Philippines. Community members can use their digital wallet to pay with no hassle.
Opportunities in the coaching industry
The coaching industry is valued at $20 billion in 2024 by the IBS World. Roughly $1.4 billion of that is made up of life coaches.
Today, coaching is no longer limited to your billable hours and the number of clients you can cater to. Online courses and community subscriptions have become significant parts of life coaching.
How do you scale up your life coaching business?
Migrating online will help you scale up your coaching business in many ways. Virtual coaches today are earning six-figure revenue because their audience is larger and sustainable.
Here are some of the ways you can boost your business:
- Simplify booking process
- Integrate powerful messaging apps
- Community newsletters
- In-depth analytics
Simple booking process
Most online life coaches create websites just to have a landing page. This takes time and has regular expenses for domain hosting. To save time and money, you can look for a platform that gives you both with no upfront fee.
In Nas.io for example, your members can easily find your available date and time for a consultation. Unlike stand-alone scheduling tools like Calendly, they can book and proceed to payments right away.
Integrate powerful message apps
You don’t need another messaging app to communicate with your members. Choose one that they are already using and integrate them into your community platform.
WhatsApp is an in-demand messaging app for coaching communities because you can create groups, make 1:1 video calls, and launch targeted campaigns.
Another app is Telegram, where you can create channels for bigger communities of around 200,000 members.
Open rates are also way higher in these messaging apps compared to emails.
Managing your group chats
Community group chats can flood with messages, especially for bigger communities.
Platforms like Nas.io have AI tools that provide you with a weekly summary. This way, you are updated with topics and activities even when you’re busy.
Having options for messaging offers flexible communication between you as a life coach and your member.
Community newsletters
You can share updates on events, new online courses, or bits of lessons with a community newsletter.
You can use an email marketing tool to send out your newsletter.
Nas.io is powered by Magic Reach which tracks your newsletter’s open rate.
In-depth analytics
Every successful business has great insights from its analytics.
Analytics will help you make decisions to optimize your strategy.
Choose a platform that will give you a clear perspective on your earnings, active membership rate, and best-selling digital products.
Start a life coaching business for free
Conclusion
Life coaching is a great feat because you play a role in your member’s personal development process.
You are here to use your expertise in helping other people achieve their goals, which is valuable.
Life coaches can earn from a wide income scale. From the lowest to the most premium rate, the possibility is there.
You just need the right tools that can maximize your profit but are also easy to use. One that can give you a landing page with your booking details, lets you host paid events, and sell digital products.
If you found great insights on how much life coaches make in this post, you might like our review on the Best Online Coaching Platform in 2024.
