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.
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?
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.
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:
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:
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?
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.
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:
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:
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:
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