Do coaches actually make money? It's a question that many aspiring life coaches ask, and the answer is yes. With the right training, experience, and hustle, you can make a great living as a life coach. The salary of a life coach compares very well with similar careers. There are no educational requirements to be a life coach, but employers, such as companies, non-profit organizations, and government agencies, expect training and sometimes credentials.
It's worth noting here that while the life coach and therapist may seem like similar professions, their roles are actually quite different. A life coach helps clients move forward by setting and meeting goals, while a therapist helps clients look back to recover from past trauma. The International Coach Federation (ICF) expects that an important area of growth will be internal and organizational life coach positions, says Luke Davis, vice president of coach training at the ICF. A recent study conducted by the ICF and the Human Capital Institute, which helps companies develop leadership, team and organizational performance, shows that an impressive 83% of organizations surveyed plan to use staff instructors and consultants to train managers to use coaching to raise leadership, team and organizational performance.
In anticipation of this growth, the ICF has created a new division to lead the advancement of coaching in organizations and to transform the way people and teams work and thrive. Jenny McGlothern, owner of Mama Needs A Refill, points out that individuals and organizations want to “proactively focus on improving in areas such as health and well-being, mindfulness, performance, relationships and transitions.”As a new coach, you'll want to think about the best way to start your career. If you start your own business without much experience, you're likely to find yourself competing against life coaches who have years in the field, a strong client base, and an established reputation. If you follow this route, it could be promoted in an area where there are few living coaches.
As McGlothern points out, “If you have a phone and Internet, you can work with anyone, anywhere.”Starting out as a coach for an organization or company might be the best way to gain experience from the start. In some settings, you can work alongside other coaches and have the opportunity to learn from veterans and gain valuable experience. The ICF is recognized by the coaching industry as a leader in setting standards for the profession, and earning an ICF credential could give you an advantage among job candidates. Job offers for companies, large non-profit organizations, and government coaching positions often require an ICF-certified coach credential, Davis says. If you have your own coaching business, you can work anywhere you want - from an office in an executive building in the city center to your favorite lounge chair by the lake.
Experience will be key to advancing your career. As you help your clients achieve their goals, you'll build your reputation and this can help you get referrals. If you work for a company or organization, you'll find yourself in a variety of environments. As you help your customers achieve their goals, you'll build your reputation. This can help you take on broader training functions and gain referrals from satisfied customers.
Another way to move forward is through training. There are several ways to do this - including obtaining a coach credential from the ICF or from a specialized organization such as the National Health and Wellness Coaching Board. A credential demonstrates that you are recognized for your experience, knowledge and professional standards. Luke Davis/Vice President of ICF Trainer Training Programs; Jenny McGlothern-owner of Mama Needs A Refill; Angelina Corbet/founder of The Mobius Company. Can you earn money as a life coach? The simple answer is yes. In fact, you can earn a lot of money by training and helping people achieve their goals in life. I see many people leaving perfectly good jobs and giving up perfectly good skills because they've decided they want to start a life coaching business to help other people realize their dreams and become their most authentic and powerful self (or some other generic version of the typical life coaching message).
And I totally understand where all life coaches come from and why they think it should be fairly easy to build their new coaching business. That figure doesn't even take into account the myriad possibilities available through the sale of digital products, virtual group training programs, in-person retreats, talks, e-books and more. VERY grateful for this post and I'm glad you mentioned that you HAVE a job to launch your coaching business because that's what I have to do. As a result of this growing trend towards personal development through coaching services more people around the world are discovering the value of having a coach in their life who can help maintain and improve all areas of their life. Coaching is not an easy business model - it requires more hustle and bustle than most people realize - but it can be incredibly rewarding if done right. The fact is that more people are hiring personal trainers than ever before - both individuals looking for one-on-one guidance as well as companies looking for professional trainers. As a rookie who had just started with a paid training program and about to start (next Sunday), I felt quite defensive with your words at first - but again I like the idea of doing the course “anyway” to learn more skills - I miss the training opportunities offered by my old job managing teams etc. I joined networking groups; interviewed more than 20 local coaches; coached for free; created group training events; when I didn't see paying clients knocking on my door I changed my game plan; thank you also Karen for confirming my opinion that the combination of high school & coach training is a fantastic platform for building my successful business.