Curious about the life coach career route? Get it right the first time. In this post, we’re showing you how to become a life coach and rake in the dough.
Recently, a close friend of mine told me she had been seeing a life coach. My immediate reaction was one of surprise. I’d never met a life coach and wasn’t quite sure what they even did.
Skeptical as I was, my friend was in an excellent place. She was making huge strides towards a promotion at work and overall, really had it together (no small feat for us millennials!) My interest was piqued, and I just had to learn more.
I took to researching the profession and was shocked at what I had learned. First and foremost, I learned life coaching was not only a rewarding job but some that could be quite profitable as well! My next step was to learn how to become a life coach.
Curious about life coaching? Want to know if it’s right for you? Read on, and I’ll share everything I learned about how to become a life coach.
How to Become a Life Coach
When looking into how to become a life coach, you need first to take a personal inventory. Below are just some of the qualities necessary for the job.
- Desire to help people
- A high level of self-awareness and empathy
- Good communication skills
- Active listening and organizational skills
- Strong sense of integrity and standards
If these kinds of skills are in your wheelhouse, life coaching may be right up your alley.
Research Training Programs
With many options on the market, be sure to do your research thoroughly. You’ll want to choose a program that not only gives you access to the best training available but will also give you a marketable certification as well.
Many people who are currently in a full-time position may be thinking “How can I become a life coach with my busy schedule?” The key is to find a program that best fits your needs and schedule.
Pro Tip:
Online courses are an excellent way to continue your studies while not putting a strain on your existing schedule.
Niche Down
More important than “how to become a life coach,” is “what kind of life coach do you want to be?” The title “life coach” can be somewhat vague but often coaches will specialize in an area or niche.
When picking a niche, it’s good practice to take your existing work and life experience into account. For example, if you have expertise in the business world, becoming an executive or business coach may be an avenue you would want to explore.
We have seen such a rise in popularity in people using a life coach that it’s more important than ever to find an area to become an expert in so you can dominate your field.
Below are just a few of the niches available for life coaches. Keep in mind; this is just a limited list.
- Career
- Retirement
- Time-Management
- Relationships
- Health and Wellness
- Family
- Executive
- Business
- Personal
When I started looking into how to become a life coach I came across a plethora of niches. This indicates a need across many topics. Find which one best suits your experience.
There are many reasons why people look to hire a life coach. If you have the desire to help others, but none of the above topics jump out at you, look at the need. In what areas do people most seek out help? How can you supply the demand?
Professional Development
In addition to training and certification, professional development is vital to becoming a well-rounded and efficient life coach.
This means keeping up on new trends in your field and being in a constant state of learning. To be the best you can fully immerse yourself in the culture.
Pro Tip:
Join groups of like-minded individuals with similar goals. Some of the best ways to learn how to become a life coach is to learn from others who are already on that path.
How to Make Money As a Life Coach
If you’re seriously looking into how to become a life coach, you also must be wondering how to make money doing it as well, right? Look no more!
Traditionally, life coaches meet with clients once a week or a few times monthly. They can work through telephone sessions or hold office hours. The way life coaches provide their services depends a lot on the type of niche they’re in and their clientele.
For example, many executive coaches will travel to their client’s office to render their services and better accommodate their clients’ schedule. Life coaches that focus on more personal issues may have clients who feel more comfortable working over the phone or in a private office setting.
Marketing Yourself
One important aspect of becoming a successful life coach is learning how to market yourself. As I mentioned before, having a certification is one way to show potential clients your worth and credibility.
Another selling point for hiring a life coach is the return on investment potential clients will see. In a study done by The Economic Times, clients who used a coach saw a 77% improvement in relationships and a 61% improvement in job satisfaction.
By showing potential customers know what a significant return on investment (also known as ROI) they can expect from hiring a life coach, you exponentially grow your chances of being hired.
Pro Tip:
Remember, potential clients, are more likely to book a service if they see that service as both credible and beneficial.
Multiple Revenue Streams
When looking into how to become a life coach, choosing how you want to make money as a life coach is just as important.
While the traditional set up of one-on-one coaching is still very popular and some say, the cornerstone of life coaching, there are many avenues you can explore to maximize your profit.
For example, even if business isn’t your niche, many companies look to hire individuals to hold motivational speaking seminars for their staff. These workshops can focus on work-life balance issues or interpersonal relationships around the office just to name a few.
If you can spend the time and money, offering web-based services such as online courses or video series are both very profitable ways to run your life coaching business. Additionally, E-Books are becoming increasingly popular and are a relatively cheap way to bolster your brand
- Coaching packages
- “How-To” Manuals
- Subscribers to newsletters
- Audio series
- Books
- Coach Training
- Seminars/ Webinars
- Group Coaching
Many life coaches use a combination of revenue generating avenue to turn a profit, so don’t feel limited to just one!
You may have to learn a new medium such as website building, to implement some of these revenue streams, but the ROI is worth it!
Speaking of money…
How Much do Life Coaches Make?
When I began looking into how to become a life coach, one of the first things I looked deeper into was “How much money can I expect to make?”
Compensation ranges quite a lot when it comes to life coaching. On average, new coaches can make up to $100 an hour while more experienced coaches can make between $250-600 an hour.
While a brand-spanking new coach should expect to start small, according to Forbes.com, 20% of 10,000 coaches saw a six-figure annual salary.
There is such a wide range of considerations to take into account when looking into how much you can make from coaching. Some coaches choose to package their services and will offer a standard rate rather than hourly rates.
A large number of life coaches I can across, ran their coaching business mainly part-time. How much you can make will also depend on how much time you have to devote to the business.
Compensation will also depend on the niche in which you are working. Executive coaches tend to make more than, say, retirement life coaches as the budgets for a coach greatly vary.
Pro Tip:
On average, larger companies will have a bigger bottom line for motivational speakers or group employee sessions than smaller companies.
What’s Stopping You?
When I first started looking into how to become a life coach, I was amazed at how many opportunities were out there. There are so many areas that life coaching covers; there truly is something for everyone. Add in the many avenues you can make a profit as a coach, and the possibilities are endless.
Whether you’re looking to be a life coach part-time or full, the first steps are to niche down and find a training and certification course that fits you.
Are you interested in learning how to become a life coach? Get started today!