Let’s just put it out there: the life coaching business is growing fast. And those brave enough to enter it are cashing out big.
If you’re already leaning toward this career path, the question is, how much do life coaches make?
For starters, the coaching industry is worth over one BILLION dollars– and that’s just in the US alone. Worldwide, this industry is raking in a whopping $14 billion.
According to IBIS, the market for life coaching is still expanding, and demand will be high in the foreseeable future.
If you know your onions well enough, you, too, can win a handsome slice of this money pie.
So, how much can you expect to earn as a life coach, and what is the average life coach salary in the US?
In this article, I am sharing all the juicy stats alongside insider secrets that’ll help you charge what you’re worth – six figures and beyond.
How much do life coaches make?
According to ZipRecruiter, the average annual salary for a life coach in the United States is 61,950. The average hourly rate is approximately $29.78, $1,191 per week, and $5,162 per month.
Keep in mind: these figures can vary quite a bit depending on various factors such as:
- Your level of experience
- Your location
- The type and number of clients you work with
- Your pricing strategy
For example, a life coach in the beginner stage may make as little as $20,000 per year, while a highly experienced coach with a large client base may earn upwards of $100,000.
Remember that certain cities provide a higher earning potential for life coaches. For example, people who live in the following US states tend to average more life coaching income than those in other states:
- Kernville, CA $77,390 yearly
- Sunnyvale, CA $75,894 yearly
- Frankston, TX $75,532 yearly
Additionally, some life coaches charge by the hour or session, which can also impact their overall earnings.
The Financial Times estimates that life coaches earn an hourly wage of $231 in the United States.
Here’s something worth noting: Most coaches have a small number of core clients and don’t bill for forty hours per week. Instead, they take on roles that complement their life coaching job, like business consulting, to make extra money.
Coaching is such a lucrative field because it focuses on helping clients think and act in more resourceful ways, leading to tangible growth and success. Therefore, how much a life coach makes is usually higher compared to consultants or advisers.
That said, if you’re a new coach just starting, you can expect to charge around $100 – $200 per hour. Meanwhile, seasoned coaches with a proven track record can easily charge between $250 – $600 per hour.
Best Life Coaches of All Time to Get You Inspired
On your journey to becoming a life coach, it is only normal to seek inspiration from those who have walked the talk. Here are the big guys in the life coaching industry that you can look up to if you want to learn how to become a life coach and how to make money as a life coach.
If you want to learn from the best and unlock your earning potential as a life coach, Tony Robbins is a name you need to know. His legacy is one of inspiration, hope, and transformation, and he continues to inspire and motivate people worldwide to live their best lives.
What sets Tony apart is his unique and dynamic approach to coaching. He has helped many top athletes, CEOs, and politicians unlock their full potential and achieve their goals.
His teachings are practical, actionable, and designed to help people overcome their fears and transform their thinking.
Brene Brown is the queen of vulnerability, shame, and courage. As a researcher, speaker, author, and life coach, she’s been on a mission to help people be their most authentic selves.
And let’s face it: in a world full of filters and social media perfection, we could all use more vulnerability and authenticity.
But here’s the thing: Brene isn’t just a “feel good” coach. If anything, she will challenge you to confront your fears, own your story, and do the hard work of living a courageous life. And that’s what makes her so compelling.
Robin is the master of personal and professional development, with a gift for distilling complex ideas into practical and actionable steps.
He’s written numerous best-selling books, including “The Monk Who Sold His Ferrari,” and has helped countless people reach their full potential.
Consider Robin the Energizer Bunny of coaching – always on, constantly pushing you to be your best self, and always ready with a witty quip or inspiring anecdote.
If you’re looking for the perfect blend of inspiration and sass, you should meet Lisa Nichols. You’ll learn a lot about how to earn money as a life coach from her.
Lisa is a master of empowerment, with an uncanny ability to help people break free from their self-doubt and step into their power. She’s the author of several best-selling books, including “No Matter What!” and has been featured on numerous media outlets, from CNN to The Steve Harvey Show.
Lisa is known for her no-holds-barred approach to coaching. She’s like your best friend, sister, and personal cheerleader all rolled into one. She’ll give you tough love when you need it, but always with a smile and a side of humor.
Marie founded B-School, an online business school that’s helped thousands of entrepreneurs grow their businesses. She is also the author of the bestselling book “Everything is Figureoutable.”
Marie has an unusual ability to make business fun. She’s the queen of “multi-passionate” entrepreneurs, encouraging everyone to bring their whole selves to their work and embrace their quirks.
Marie’s energy is contagious, and she’s the perfect coach for anyone who wants to build a profitable and purposeful business.
She’ll show you how to build a brand that’s uniquely you, attract your dream clients, and have a blast along the way.
How to Make 6 Figures as a Life Coach
A little honesty?
Life coaching success isn’t just about setting up shop and racking billable hours. It takes real effort and dedication to make it happen.
The good news is that you can turn your passion for helping people into a thriving career.
Here are our top strategies for making six figures as a life coach.
In the age of social media, having a loyal following can catapult even the newest life coach to the top. It’s like having a superpower – you instantly gain leverage, credibility, and new ways to rake in the dough.
If you want to join the ranks of the social media-savvy coaches, set your sights on the big four:
These platforms have large, active audiences that are ready to chomp at the bit for your expert advice.
But here’s the thing: effective social media marketing is more about being relatable than it is about tooting your own horn all day. Share stories of how you helped a client overcome a challenge, or regale your followers with a hilarious anecdote from your latest coaching session.
And hey, don’t be afraid to poke a little fun at yourself – it’ll make you even more endearing.
2. Choose a great location.
“Go where the money flows.”
That’s one piece of advice you’ll find helpful as an aspiring life coach because where you live can also impact your earning potential.
For example, coaches in large metropolitan areas may command higher fees than those in smaller towns or rural areas.
Data shows that North American life coaches earn the most annually, at an average of $62,500. Oceanian life coaches follow closely behind, earning an average of $61,100 per year, while Western European coaches earn an average of $51,100 annually.
If you’re not in any of the “top locations,” don’t worry. There are many ways to scale your coaching business and increase your income, irrespective of where you live.
3. Build and educate yourself.
Another secret to earning top dollar as a life coach is upgrading your skills and staying unique. The best coaches constantly expand their knowledge and find fresh ways to bring value to their clients. By doing this, you can offer more value to your clients and increase your earning potential.
Your level of expertise and skills needed to be a life coach will also significantly impact the coaching fees you can charge. Coaches with ten years of expertise in the field can request as high as $330/hour, compared to $120/hour for coaches with less than a year of experience.
4. Upgrade your pricing strategy.
How much should a life coach charge? If earning six figures is your goal, you might want to up your pricing game or revamp your coach package fee. How do you do this?
- Charge per quarter: many coaches are abandoning the old per-hour pricing model in favor of quarterly or semi-annual pricing. This method reduces administrative labor, ensures consistency, and secures your income.
- Offer group programs: most new coaches start with one-on-one coaching programs. The problem here is that this arrangement can be exhausting. Plus, there’s only so much one person can handle. The solution? Consider switching things up with group coaching. You’ll have a chance to share the energy and multiply the impact. Just ensure that you communicate clearly what your program promises and how long it’ll last.
- Offer tiered packages: Offering tiered coaching plans for individual or group coaching is another excellent pricing method. Begin with a low-cost coaching trial period of one to three months, then upsell to a mid-tier price point for longer-term coaching. Keep your top-tier pricing reserved for always-on services.
But don’t stop there; ensure that your pricing corresponds to the availability and accessibility you provide. If you provide weekend availability, charge a premium for it.
5. Design a passive income strategy.
Your time is limited, but your income doesn’t have to be. The trick is to create a passive income strategy around your coaching business. Through this, you will:
- Free up your time and
- Ensure your one-on-one coaching sessions are more potent.
There are plenty of passive income strategies out there for coaches. You can create a blog, write a book, set up an email newsletter or podcast, and monetize through ads.
Or, you can build your online brand on TikTok, Instagram, and YouTube, driving income through affiliate marketing referrals.
However, creating your online courses is the fastest and most scalable method for generating passive income.
Once you’ve set out time to create your coaching course, it can generate income forever without requiring much ongoing effort.
With effective marketing, the courses you create can scale your income without a significant increase in effort on your end.
6. Offer consultancy services
Life coaches and consultants may seem like two different fields, but they share a similar purpose: to provide expertise and guidance to help individuals and organizations reach their full potential.
The demand for professional guidance is only increasing in today’s fast-paced world. If you’re a life coach looking to earn more, business consultancy is undoubtedly a side hassle to consider.
Whether you offer your services to individuals, groups, or companies, the possibilities for success are endless.
Can you make money as a life coach in 2023?
YES, you can make money as a life coach in 2023. For one, life coaching has become a growing industry over the years, and with people becoming more focused on their personal development and well-being, the demand for life coaches has only increased.
Also, many people seek guidance and support in their personal and professional lives, and as a life coach, you can offer them the help they need to achieve their goals and live a fulfilling life.
How much does a life coach cost?
Life coaching packages come in various forms, such as hourly, monthly, and long-term coaching. Some life coaches even offer a retainer agreement, where clients can be billed based on a minimum number of sessions.
If you prefer to pay by the hour, be prepared to shell out anywhere from $100 to $200 per session if you’re working with a new coach. More experienced coaches will charge anywhere from $250 to $600. Most coaches will require a minimum number of sessions (usually three to six) to ensure you achieve your goals.
What is the average life coach salary in the US?
According to recent data from ZipRecruiter, the average annual pay for a life coach in the United States is $61,950. Of course, this number can vary depending on your level of experience and the type of coaching you specialize in, but it’s clear that there is potential for a high income in this field.
The general answer to “How much do life coaches make?” is simple: Life coaches typically make an average of $61,950 annually. However, the money you can make as a life coach can vary depending on your experience level, the services you offer, and the pricing of your coaching packages.
Many successful life coaches have built thriving businesses with six-figure incomes. And though it takes time, effort, and dedication to build a successful life coaching business, you can make a living as a life coach in 2023 and beyond with the right mindset, strategy, and approach.