According to the survey done by the Courageous Living Coach Certification, 70% of Life Coach graduates starts making money after graduation, with the amount varying with the period that someone has been in the coaching business and time they have invested in marketing themselves. The survey further stipulates that the graduates that earn money through coaching business make approximately $200 to $1500 on a monthly basis. Different reports have different opinions, with some suggesting a big figure salary earned by life coaches and some with a little figure. So how exactly do life coaches make money? This article stipulates how much Life Coaches earn, and the tried and tested approach they use to make money.
Creating a defined niche for your business.
Life coaches should put a niche in their specialty for them to prosper in their business. Since the market is broad and wide, a life coach should not cast his net too wide with a hope of catching new well-paying clients, instead, he should focus on determining his specific niche which is important in growth and sustainability of the business. Clients will most probably want to connect with coaches who have expertise and knowledge about their specific issues and problems. Rhonda Hess, a successful strategist on coaching niche surveyed over 1500 life coaches and found that almost 100% believed that lack of niche was their main hindrance to the progress of their business.
To identify a niche, a life coach should start to focus on his passions and what helps him get energized when coaching someone. He should recollect his experiences which have helped him become the person he is today. For instance, if a life coach has a passion and skills in parenting, and he has raised strong, successful and principled children –he might require recollecting memories which eventually determined the future. Bring the experiences to life, and you are ready with a market niche to offer advice on. It will help you to have your population and increase your salary over time. A Life coach with a well-defined niche enjoys benefits such as; less competition, long-term relationship, referrals, building a reputation of the company, effective communication, and enhanced value creation. With this approach, a Life coach can have one client and charge over $2000 and keep him for a long time.
Creating a digital footprint.
The innovation in technology has had an impact on business enhancement and life coaching career is no exception. The power of social media in business marketing means that the target audience is aware of your skills and specialty. Population is aware of the work you do and increases the chances of recommending you to solve their problem or others with similar problems. The use of social media platform is the best and efficient way of reaching to potential clients.
A life coach should create a professional website to generate a targeted traffic. When a client visits a company’s website and clicks on the link displayed on the services offered, he becomes a potential customer. Creating a digital content is essential for a life coach since it increases the chances of recommendations abundantly. Potential clients will know about the specialty, working styles, rates, and even success of a life coach through the website. This method helps a life coach to generate more clients, and he can decide to have a group coach instead of coaching one person per session and potentially helping him to generate more revenue. For example, a Life coach can generate 100 clients through the social media and decide to charge $20 per hour for five hours. That estimate to $10,000 per session.
Focus on Complementary services.
A life coach business should create content on perspectives and experiences he has. He should create video blogs and publish e-books for his coaching business that can be of help in revenue generation. Life coaches who develop and publish their work at advertising sites such as Amazon and Kindle generate great returns. Once a life coach has established his coaching services, he can use his videos to motivate and inspire other aspiring coaches and to generate potential clients. E-good marketing is efficient since it does not require maintenance cost. A Life coach can generate millions of clients with E-goods services such as e-courses and e-books. A smart Life coach will sharpen his skills and go beyond one-on-one coaching. Some hold workshops and seminars to find and meet local potential clients while others lecture on stages.
Building a long-term relationship
A successful life coach starts his career by offering free sessions to his clients to build referrals and gain experience. Then, he can move to charge a low-cost session of about $10 to $20, and slowly he can raise his rates as he gains more experience and more referrals. For this to be successful, he should be an honest, open-minded, and trusted person who should focus on building relationships with his clients over the years. When he has fully established himself, he should be smart enough to offer group coaching to corporate companies to create a long-term relationship and gain more experience in the field. An experienced life coach can charge between $75 and $1500 and a retainer of $10,000 per month. As a report by Animas Coaching School, the revenue generated by a Life coaches depend on his expertise, ability, skills and demand and one should have a talent and willingness to help others to achieve their goals.