It’s a fair question that burns in the mind of many aspiring coaches. Can you get rich as a life coach?
Most life coaches have income goals and many want to make it big, freeing themselves from soul-sucking jobs that don’t provide enough fulfillment.
But, can you really get rich as a life coach?
Doubts have a way of settling in, right? And there’s a healthy place for some skepticism here. What if you get life coach training, investing all the time and money, only to fail in the end?
What if making a lot of money as a life coach turns out to be just a pipe dream? Shouldn’t you get your head out of the clouds and keep your day job?
To settle some of the doubts, in this post we will:
- Define “rich” with actual statistics
- Outline six-figure coaching scenarios
- Get real about what success requires
How much is considered “rich”
Let’s look at what annual income is considered “rich.” The only consistent source of data is the governments.
A Charles Schwab survey revealed that “rich” is having an average net worth of 2.4 million dollars. But how much money do you need to bring in each year to be considered rich by the United States Government?
It turns out that “rich” is different in every state in the U.S. and the same principle will apply anywhere in the world. Business Insider published detailed findings from surveys and U.S. Census Bureau data to nail down numbers for the largest city in each U.S. state.
To be considered rich according to US government standards, you need to make at least twice the average income. Rich in Seattle means you make at least $148,916. In Detroit, you’d only need to bring in $52,498.
For many, making “six figures” ($100,000 or more) is the magic number. Interestingly, 100K may be the figure that lands you at twice the median income across the board.
So let’s ask it this way:
Can life coaches make at least $100,000 per year?
That’s an easy one. Yes. Life coaches can make 100K with plenty of room to grow.
Here’s a scenario:
- Average billable hour: $150
- Client hours per week: 20
- Total for 48 weeks: $144,000
Even if you took a month off each year and charged only $100/hr in the above scenario, you’d bill $96,000 annually.
Here’s another scenario that incorporates group coaching:
- Ongoing group with 10 people @$300/mo each: $36,000
- Individual coaching: $150 per hour
- Average hours per week in group: 1 hour
- Billable hours per week (individuals): 10
- Total for one group and 48 weeks of individual coaching: $108,000
- ($36,000 / year for group and $72,000 from individual coaching)
The opportunity goes on and on. Let’s say you create an online personal development program that doesn’t require your time after enrollment. If that program brings in $100 per sale, selling five per week will generate $26,000 in annual revenue. Add in individual and/or group coaching as upgrades and you’re golden.
Doesn’t all this sound great?
But there’s more to the story of being successful and getting rich as a life coach
Given what life coaches can charge, there is more than enough room to get rich as a life coach. At $150 per hour or more, you can literally write your own ticket. Just determine how much you want to make and build a coaching business to match.
Here’s the catch: Building a coaching business in the real world is not as easy as it might appear, especially when you’re just dreaming. Life coaching is like any other business. You must do it right and it takes time to grow. You’ll need to plan well so you don’t run out of money before your business takes off. If you plan right you can certainly get rich as a life coach.
It can be tricky to predict how quickly your coaching business will grow and become a stable source of income. The worst thing you can do when starting a life coaching biz is to plan only for the best-case scenario.
How serious are you about making a lot of money as a life coach?
We love to help our students understand specifically how to grow a life coaching business and support them every step of the way. Here are some of the things we do:
- At the start of your life coach training, we help you (individually) identify your niche and show you how to create coaching services that people love to buy.
- Throughout your training, we show you how to apply the coaching skills to people in your niche.
- We train you to create custom coaching packages that make your offerings understandable and attractive.
- You’ll learn the specific reasons anyone invests in coaching and reflect them in your coach offering.
- We can teach you how to build your website, how to use it, and how to get it to rank on Google.
- Unlimited consulting: We’re always here for students to help them individually with any element of building a life coaching business.
Principle One for Building a Coaching Business
Model yourself after successful coaches. Don’t reinvent the wheel. Hang out with people who have already done what you want to do. This literally makes the difference between success (lots of money) and failure (back to the job you hate).
There’s no guarantee that you’ll make six figures as a life coach. But getting rich as a life coach becomes a real possibility, however, when you do the following:
- Learn from coaches who already make six figures
- Plan well and not only for the best-case scenario
- Be prepared to work hard
- Ask us for help when you need it
How the iNLP Center Helps Students Succeed as Life Coaches
Our trainers are successful coaches with their own coaching practices. With full access and over 25 small-group live sessions per week, you’re able to get as much direction and help from them as you need.
Starting from Module one, we are invested in your success, helping you discover your niche and a path to building your practice. Throughout your training, and even after, your trainers are there to answer your questions and prepare you for a successful coaching career.
If you’d like to learn more about our training, there are a few things you can do now:
- Give us a call right now: 951-428-4264
- Schedule a video call to see our training platform
- Learn about our Life Coach Training
- Download our Guide to Becoming a Life Coach:
