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How Much Money Do Life Coaches REALLY Make? (Real Numbers) · Six Figure Certified

0:00
[SPEAKER_00]: if you have ever googled, ask chatGPT, or maybe we're just quietly wondering or talking to your friends or whatever.
0:09
[SPEAKER_00]: If you can actually make money as a life coach, the short answer is 100% absolutely yes.
0:16
[SPEAKER_00]: But I made this video for you today because I want to give you a much better and more comprehensive answer than that and help you discover not just like can you make money as a life coach but can you you the person watching or listening to this and what numbers are realistic for you and what separates the people who build a sustainable career in the coaching industry from the people that don't.
0:42
[SPEAKER_00]: I started out doing career coaching, and which later transitioned into executive coaching.
0:49
[SPEAKER_00]: Back in 2013 was when I started this whole process.
0:52
[SPEAKER_00]: I had a lucrative career coaching practice.
0:55
[SPEAKER_00]: I made over six figures my first year helping professionals who wanted to switch jobs, change jobs, move up in their jobs, who hated their job at a very basic career coaching package called.
1:15
[SPEAKER_00]: I know we can all cringe together, or I pay that first six-figure coaching package.
1:21
[SPEAKER_00]: But that worked really well being a career coach in D.C. and 2013 worked really, really well.
1:29
[SPEAKER_00]: And I didn't do anything crazy.
1:31
[SPEAKER_00]: I barely even had an Instagram or social media presence, and while those things have changed and shifted and become more of a requirement over the years, the basic business model has not.
1:40
[SPEAKER_00]: at all.
1:41
[SPEAKER_00]: It has not changed and highly professional, highly respected, highly paid coaches are really following the same path that I followed over a decade ago and that you can start doing today to get into the coaching industry and make a really great career for yourself.
1:56
[SPEAKER_00]: The first thing is, so you need to understand what you're actually building.
2:00
[SPEAKER_00]: I said this before, and I'm a broken record.
2:03
[SPEAKER_00]: Coaching is a profession.
2:05
[SPEAKER_00]: It's a professional skill.
2:07
[SPEAKER_00]: In and of itself, it's not a business model.
2:09
[SPEAKER_00]: And I talked about this a lot in our last episode around like Ken Coaching be a real career, but I want to reiterate it because this is where so much of the confusion starts.
2:20
[SPEAKER_00]: coaching is a professional skill.
2:22
[SPEAKER_00]: It is something you learn, you practice, and you get really good at.
2:26
[SPEAKER_00]: So being a coach does not automatically mean you just start a social media account and you start selling coaching packages or coaching sessions or whatever.
2:36
[SPEAKER_00]: I mean, that is one business model, and I gave this analogy before, but if you think about accounting and account in my own accounting firm, they might work inside a corporation, they might specialize in taxes or become a CFO, maybe they consult or they teach.
2:52
[SPEAKER_00]: This skill can be applied in a lot of different ways.
2:56
[SPEAKER_00]: That's not in question.
2:57
[SPEAKER_00]: coaching is the same.
2:59
[SPEAKER_00]: So coaching is the skill and you decide what you want to do with it.
3:03
[SPEAKER_00]: You can build a private coaching practice, which I believe to be one of the most lucrative options and opportunities.
3:10
[SPEAKER_00]: And that's one of those things where it's like the fastest way to revenue.
3:13
[SPEAKER_00]: You can coach inside of organizations which you absolutely want to be certified and credentialed to be able to get those kind of contracts.
3:21
[SPEAKER_00]: You can work with individuals in leadership or people development.
3:25
[SPEAKER_00]: You can add coaching to an existing service like consulting or even therapy.
3:30
[SPEAKER_00]: You can facilitate workshops.
3:32
[SPEAKER_00]: You can coach executives.
3:33
[SPEAKER_00]: You can incorporate coaching into your existing career.
3:37
[SPEAKER_00]: So we have a lot of people in management positions that go through
3:43
[SPEAKER_00]: all of these things become possible when you have this skill.
3:46
[SPEAKER_00]: And yes, you can absolutely build a lucrative online coaching business.
3:50
[SPEAKER_00]: That is one of the most popular ways to use your coaching credentials.
3:54
[SPEAKER_00]: But when somebody asks me how much money the life coach is make, it's hard to just give you one answer.
4:00
[SPEAKER_00]: My question really comes back to you and says, what kind of coaching career are we talking about?
4:05
[SPEAKER_00]: because there isn't one salary attached to becoming a coach.
4:09
[SPEAKER_00]: I can give you all of the averages in the world.
4:11
[SPEAKER_00]: I can tell you everything that our clients and graduates have created and what they've made, but you really have to have an idea of how you want to use your coaching certification to be able to determine if you are truly going to make this into a lucrative career.
4:27
[SPEAKER_00]: Genuinely and generally is just math, but let's do a little bit of that now.
4:34
[SPEAKER_00]: number one, which I highly recommend anyone does before they scale it into a group program, before they pitch it to an organization or a company or go speak on it or build a course around it is starting with individual coaching clients.
4:50
[SPEAKER_00]: Let's say you're building a private practice.
4:52
[SPEAKER_00]: If you charge $150 per coaching session and you coach five clients a week, that's $750 a week.
4:59
[SPEAKER_00]: that's roughly $3,000 a month before expenses and that's only five clients.
5:06
[SPEAKER_00]: 150 is a very introductory rate.
5:08
[SPEAKER_00]: I started in 2013 at 125 a session.
5:13
[SPEAKER_00]: I don't really know why.
5:15
[SPEAKER_00]: At the end of the day, the price is made up.
5:16
[SPEAKER_00]: I felt really comfortable selling coaching at that price point.
5:19
[SPEAKER_00]: I was really confident in it, which made it easy for me to tell someone.
5:23
[SPEAKER_00]: This is how
5:26
[SPEAKER_00]: Typically, and this is really best practice when it comes to being a coach, you do want to be meeting with your clients weekly, especially when you're a newer coach.
5:35
[SPEAKER_00]: It really helps to meet with them weekly to keep the progress going, to be able to monitor their progress, to be able to hold them accountable, keep track of, you know, the project plans that they're working inside of their coaching contract with you.
5:48
[SPEAKER_00]: So weekly sessions are what I always recommend.
5:51
[SPEAKER_00]: You have to figure out what you want to be charging weekly,
5:56
[SPEAKER_00]: Again, you get to decide, but you're watching or listening to this, so I'm going to give you some recommendations.
6:02
[SPEAKER_00]: You want to have your clients locked into at least a 90 day contract, meaning that they're meeting with you weekly for a minimum of three months, that means they can, you know, pay you.
6:13
[SPEAKER_00]: three times, right?
6:14
[SPEAKER_00]: Like monthly payment plan, or they can pay you up front for all 90 days, but anytime we're working in coaching the minimum best practice as a 90 day coaching contract, we cannot cultivate change in one session to the level that most people want, right?
6:30
[SPEAKER_00]: We can't cultivate change in one session.
6:32
[SPEAKER_00]: Let me run it back.
6:34
[SPEAKER_00]: But typically,
6:36
[SPEAKER_00]: Coaching clients achieve more over regular coaching over time.
6:40
[SPEAKER_00]: I don't even think you need to meet with people much longer than three months But three to six months is a pretty average coaching package and pretty introductory coaching package.
6:49
[SPEAKER_00]: Let's say you are now
6:51
[SPEAKER_00]: trained and certified all right.
6:53
[SPEAKER_00]: So maybe you've started at one 50 session.
6:55
[SPEAKER_00]: Maybe you take your first five clients.
6:57
[SPEAKER_00]: Maybe that's an introductory rate.
6:58
[SPEAKER_00]: But then you go through IGC coaching school and you receive your PCC credential in just a matter of months.
7:05
[SPEAKER_00]: And now you're charging maybe two 50 per session.
7:08
[SPEAKER_00]: This is still on the conservative side for a credentialed coach, the ICF, North America, average per session per hourly coaching session is actually $2.97 an hour.
7:19
[SPEAKER_00]: But let's be conservative.
7:21
[SPEAKER_00]: Let's say $2.50.
7:23
[SPEAKER_00]: So now you're charging $2.50, maybe you have 10 clients.
7:27
[SPEAKER_00]: That's about $2,500 a week, approximately $10,000 a month.
7:32
[SPEAKER_00]: And I want you to notice something.
7:33
[SPEAKER_00]: I didn't say anything about needing hundreds of thousands of followers on social media, I didn't say anything about needing to go viral.
7:41
[SPEAKER_00]: I didn't say anything about needing to reach hundreds of thousands of people in any capacity.
7:46
[SPEAKER_00]: You don't need 50 clients.
7:47
[SPEAKER_00]: You need 5 to 10 to start.
7:50
[SPEAKER_00]: Now, obviously, there are some expenses, right?
7:53
[SPEAKER_00]: And it's not just financial.
7:54
[SPEAKER_00]: There's time.
7:55
[SPEAKER_00]: There is time that goes into this.
7:56
[SPEAKER_00]: There's time that you need to be marketing your services.
7:59
[SPEAKER_00]: There's time that you need to book on your calendar to do coaching sales call, or administrative work, or investing in things to continue developing professionally.
8:08
[SPEAKER_00]: I've never not been investing in my company.
8:10
[SPEAKER_00]: That's why I've been able to grow it.
8:12
[SPEAKER_00]: And again,
8:13
[SPEAKER_00]: any company on the planet, everything is going to either be a big investment of time or a big investment in money, coaching, however, there's not a huge overhead, right, to get credentialed at the PCC level is around a $10,000 investment no matter where you go.
8:30
[SPEAKER_00]: All right, but you have to think about the math when you have 10 clients, you're making $10,000 a month pretty easily.
8:38
[SPEAKER_00]: And I say that
8:41
[SPEAKER_00]: nowhere else where you're going to get that level of ROI.
8:43
[SPEAKER_00]: But I don't want to make it seem like you're not doing anything.
8:46
[SPEAKER_00]: Because you absolutely are.
8:48
[SPEAKER_00]: You are marketing.
8:49
[SPEAKER_00]: You are getting on sales calls or discovery calls.
8:52
[SPEAKER_00]: You're working with your clients.
8:53
[SPEAKER_00]: I've said this before and I'll say it again because I am who I am.
8:57
[SPEAKER_00]: For every one client you need, you need to be doing at least one hour of marketing.
9:02
[SPEAKER_00]: Maybe more.
9:03
[SPEAKER_00]: Sometimes I refer to like a life coaching as like the whole industry, but you may want a nation to something that feels more aligned to you.
9:10
[SPEAKER_00]: I went into coaching from a much more practical perspective.
9:13
[SPEAKER_00]: Like I did a ton of pro bono hours when I was in coach training.
9:17
[SPEAKER_00]: And what I found was that the people that got the best results and the people that I attended to it naturally attract were people who are looking for career coaching.
9:25
[SPEAKER_00]: So although I went to an
9:30
[SPEAKER_00]: I ended up niching into career coaching because it just was the most natural fit.
9:35
[SPEAKER_00]: I had no clue when I started coach training what my niche would be.
9:38
[SPEAKER_00]: It kind of revealed itself over time.
9:40
[SPEAKER_00]: So if you're not sure about that yet, join IGC's coach training.
9:44
[SPEAKER_00]: I can promise you when you get surrounded by other coaches, when you're surrounded by experts and trainers and coaches making well over six and seven figures and their business annually, you will be coached.
9:56
[SPEAKER_00]: enough to figure out what your niche is going to be, you will have experience to figure out what your niche is going to be.
10:01
[SPEAKER_00]: Most of our students and graduates had some type of runway from working full-time and launching their coaching business.
10:10
[SPEAKER_00]: On average, it does take, I would say like six to nine months to get out of one career and fully replace your salary and another.
10:17
[SPEAKER_00]: We've had people do it in way less time, we've had people do it in like a year or two.
10:21
[SPEAKER_00]: It really does depend on how much time you have.
10:24
[SPEAKER_00]: and what your plan is, what your goals are.
10:27
[SPEAKER_00]: Just imagine for a second, like how you're going to feel presenting yourself or introducing yourself as a certified coach, whether it's career executive, leadership, business, marketing, sales, health, relationship, any of that stuff, when you know your excellent at it and you have proven to effectively coach people and you have great testimonials and great feedback, it's going to be so much easier
10:48
[SPEAKER_00]: to get behind your own dream, to announce a publicly to introduce yourself as a professional certified coach at a networking event or at your kid's school or at some type of social event.
10:58
[SPEAKER_00]: That's why I care so much about this because it's like, there is no amount of like Instagram aesthetic that is going to not make you have to be great at actual coaching.
11:11
[SPEAKER_00]: All of that to say, you can absolutely make real legitimate money as a coach, but you have to be really legit and really good at coaching.
11:19
[SPEAKER_00]: That's the episode folks.
11:21
[SPEAKER_00]: If you have any questions, leave your thoughts or questions in the comments, I'm happy to come back to you, and at risk of just being the broken record that I am, you've got to be great at what you do to make money.
11:32
[SPEAKER_00]: And that goes for any career, anywhere.
11:34
[SPEAKER_00]: Feel free to sign up for a free training if you want to see how to become a PCC and effectively create a coaching practice that does really, really make you significant income.
11:43
[SPEAKER_00]: All right, I'll see you next time.