The life coach profession is one that lets independent professionals make great money while helping people make progress in their lives in order to attain greater fulfillment. Life coaches empower their clients to improve their relationships, careers, and day-to-day lives.
Life coaches are focused on what clients need to change about the present in order to achieve goals for the future. While people might talk about the past with a therapist, life coaches are very focused on the here and now; what can we do to meet our goals moving into the future.
Life coach is a broad term—you can also find business coaches, executive coaches, leadership coaches, and health coaches under this same umbrella. A life coach is typically most helpful when you’re thinking about your overall future.
Coaching is about helping people identify the obstacles that keep getting in their way, assisting them with finding motivation, and pinpointing any resistance to change.
No matter what type of life coach you are, this post is all about how to price effectively, fill your client book and meet a goal income whether that is $100,000 per year or some other number.
The Life Coach Environment
Becoming a life coach offers you the flexibility to work whenever and wherever you want—while getting paid to serve others. You get to create as much value as you want while living the life of your dreams. There’s no other career like it.
The life coaching lifestyle is about helping people reach their goals in life, no matter what those may be. Many life coaches will specialize in certain aspects of life. This can be business, parenting, entrepreneurship, or anything where people would want help with reaching certain personal or professional goals
In this profession, it is recommended to have a meeting space away from home and to create an environment that is conducive to your life coaching practice. Having your own space helps create a maximally professional environment that allows you to control the space. In today’s busy digital age though, it is also an option to offer video conferencing appointments. Have a professional looking space set up in your home where you can sit and call your clients
However you create a safe and professional environment in your practice, paying attention to the spaces where you meet with clients is an important aspect of creating a loyal clientele who keep booking you. Having a roster of regular clients is one of the most important things a life coach can do to stay booked and meet a goal income.
Economics of the Life Coach Industry
According to Career Explorer, 32% of life coaches work in full-time roles while 68% work part-time and IBIS World states that there are currently 22,263 Life Coaches working in the US with an estimated annual growth of 6% per year.
The Life Coaching industry is set to grow significantly over the next few years, and if you are currently a coach, that means you are perfectly positioned to start making over 100K per year from your Life Coaching business.
In the past few years, more and more people have been seeing the importance and value in hiring a Life Coach in order to help them meet their personal goals. As more people start to seek out Life Coaches, you will start to see a significant increase in your annual income.
Life coaches have a standard model, free initial consultation, then a package of at least three months to create change in someone’s life. Once someone buys that package, you’ll be doing 1:1 and or group sessions while working on your client’s goals.
The average life coach using PocketSuite is making about $51,944.77 per year. However, the top 10% of life coaches using PocketSuite are making over $146,000 per year.. Here are some insights on how these top pros run their successful businesses.
First, let’s talk numbers. The average rate for a 60 minute coaching session for a life coach on PocketSuite is $102 dollars. The best rate for your coaching business is based on the market in which you practice, area of specialization, and the size of your practice.
When it comes to reaching your goal income as a life coach, it all comes down to your hourly rate and the number of appointments you take each week. In the following charts we will explore the number of appointments you need to fill per week at different price points to reach your goal income. This should be a handy guide for determining the number of goal appointments you need to fill in a week. All of the charts assume you take off 3 full weeks per year with no coaching work.
Text Marketing for Life Coaches
Most life coaches have a big book of past clients and that is a business asset. You can use text messaging to send out seasonal promotions and deals to your entire list of past clients. It’s a great tool for filling your appointment book in lagging weeks.
PocketSuite has a great tool called smart campaigns that lets you segment and text deals to your overall client list. While it does have a small cost associated with texts, for every dollar life coaches spend on text marketing, they get back an average of $18 in bookings. It’s a great way to make sure you are reaching your goal income every week.
Getting New Clients for a Life Coach
Every business needs to bring in new clients. Here are a few strategies you can try as a life coach.
Referrals: Most coaching businesses grow by word of mouth but that doesn’t mean referrals always just happen on their own. You can incentivize your clients to tell their friends. Offer your clients a discount on their next session when someone they referred books their first session with you.
Testimonials: New prospective clients want to know you’ve done good work for other people in the past. As a result, it can help you get more leads if you have strong testimonials to share on your website and social media.
It’s common for life coaches to ask a client for a testimonial. For best results, make the ask after a client break-through or achievement.
Social Media: Life coaches serve a large variety of clientele. Many of your clients are likely either stressed out business owners, people who want to make advancements in their career, or simply just people who are looking for their purpose in life. No matter who you serve, you can find and inspire those people on social media. Being active and engaged on social media can help you build a community and bring in new clients.
Remember this clientele is looking for something that will improve their lives, so remind them of how much more motivated they will feel when they finish an appointment with you.
Hiring Life Coaches And Building a Bigger Coaching Business
Life coaches are trained to help clients see the big picture. Once you have filled your own book of clients, there is every reason to keep going. After all, you have proven you are good at building a life coaching business. You can help other life coaches by hiring them and using your skills to fill their book of clients as well.
PocketSuite Teams has a tool for managing teams and organizing the booking for all of your coaching staff. You can also mentor your staff to provide the atmosphere and the quality your business demands. When your business has multiple life coaches working with full books every week, the sky is truly the limit in enjoying your life and making a great living.
The road to $100K will look different for everyone, but this road map will help you get where you want to be while growing your life coaching empire.