How Much Money Do Life Coaches Make?
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Are you curious about how much money you can make as a life coach?
As the founder of Life Mastery Institute, I’ve trained well over 1,200 life coaches, not only on how to be coaches but on how to put an economic engine around their coaching business. I teach those who have a passion for helping people, to create a business helping people and to prosper financially.
So when people ask me how much they can expect to make as a life coach, my answer is: It depends.
It depends on the income model you are using.
Some life coaches use the income model of selling their time for dollars. That means that for every hour they spend with a client, they charge a certain amount of money, anywhere from $100 to $250 an hour. While this is a common model, it is the most limiting way possible to produce income. If you want to produce more income from this model, you’d either have to work more hours or charge more per hour, and no one gets more than 24 hours in a day.
There are other income models that allow you to make more and not limit yourself to exchanging time for money. These models involve training small groups, putting on events and online classes. This is called “leveraging your time” for impact and influence on greater numbers of people. When you pursue this income model, you can expect your income to grow exponentially, anywhere from $50,000 to upwards of $120,000 or more. I’ve seen successful coaches who use the leverage model make as much as multiple six figures annually.
Not everyone uses the leverage model. Some people really prefer selling their time for money, and in that case their income is tied to how many hours they work and what they charge per hour. It’s the least profitable way to run a coaching business.
The important thing is, as you’re starting any business—particularly a life coaching business—you want to design a lifestyle that fits you. If you like to travel, you may want to design a coaching business you can do anywhere, as long as you have access to a phone and internet, and coach clients from a beach, or while enjoying a cup of coffee on the deck of a mountain cabin. It’s important that you design your business around a life you love living, since as a coach, you’re helping others design a life they love living. You always want to be an example to your clients of someone who is putting their words into action.
When you understand the economic engine behind the passion you have for helping people, it liberates you to live the kind of life you’ve always wanted. You’ll be able to work from anywhere, in any capacity you want. You can consult with clients over the phone, in person, or in groups through live events or online classes. You can make your coaching business as intimate or as expansive as you’re comfortable with, and your income can reflect that.
Whatever direction you choose, the most rewarding thing about being a life coach is that you’ll have a deep influence over every person you have the privilege of working with.
Here’s to your success,