Life coaching has been increasing rapidly in popularity over the past few years. Its upward trajectory is not going to stop anytime soon. On the contrary, evidence shows that demand for life coaches is only going to rise. However, there is still great speculation as to how much a life coach earns. Is it a profitable profession or not?
Price Rates Vary
First and foremost, it is worth pointing out that price rates for life coaches vary significantly. Since there is no set price for life coaching services, every single professional can charge as much as he feels like. The truth is that the market has not been trained as to identify the affordable and the expensive life coaching options. So this means that there is great room for injustice.
On an average, life coaches earn about $80,000 a year. However, there is a huge dilemma to consider. Should a professional charge by the hour or by the month? In hourly charges, price rates typically go higher. You can find hourly rates stretching from $150 to $350 and even more. This is considered really generous, of course. But these charges are out there, and there are many clients willing to pay that much, in order to get the services they need.
More Money for Special Niches
Professionals who have specialized in a specific niche tend to get paid more. This is obviously justifiable. Especially if you consider that they are experts in their field. So you can find life coaches that have been specialized in divorce or grief management, weight loss, and relationships. These professional life coaches will earn more than those who do not have special niches to showcase.
Certified Life Coaches for the Win
If you are wondering who earns more in life coaching, you should definitely check out certifications. When it comes to certified life coaches, prices skyrocket. This is a growing profession, and sometimes so-called experts do not have what it takes. In avoidance of such negative consequences, people tend to rely on certifications.
How to Earn More as a Life Coach
Whether you are just starting out your career as a life coach or wish to expand your horizons, you should make the most of your skillset first. By adding a niche or two to your resume, you will become a true expert in life coaching. People will come to you, rather than go somewhere else.
As a result, you will be able to charge higher for your life coaching services. Your hourly rate will increase substantially, because of the increased demand. If you get certified, too, then you can be sure of the optimal charges in your profession.
So instead of settling for less money, why don’t you strengthen your career assets and aim at increasing your charges over time? This is going to help you out in the long run and keep you satisfied as a professional full-time life coach!