 By Laurel Elders, MCC, CEC
I recall that inspiring moment. I was a young mother with very little savings and finishing up a degree in Organizational Psychology (costing me around $35,000). One afternoon, I landed on a coach training advertisement. I was so curious! What is that? So, I could get certified to help people elevate their lives, and I didn't need a therapy degree?! Wow. I clicked on the link. The school touted how coaches made six-figure incomes and that it was such meaningful work. I remember thinking, 'Well, if that is true, why isn't everyone shifting into this lucrative career?' I signed up, put the tuition on my credit card (on top of my student loan debt), and couldn't wait to start! That was 2005. It is now 2024. Over the years, I've learned a few things about the coaching industry, coaching income, and the perception of coaching. I've seen coaches launch successful practices while still in training and make six figures within their first year. I've also seen coaches struggle to make what they needed. So, it can feel flustering to wonder which camp I'll fall into if I pursue a coaching education. When determining what you will make as a coach, here are the top considerations to help you earn what you desire and multiply your educational investment. Managing the Six-Figure Expectation I'm going to cut to the chase. Making six-figures as a coach is very possible. There are many many six-figured coaches. However, your actual coaching income will depend on a few factors. Here are four key considerations:
Other things to consider: You can have multiple streams of income as a coach. You can sell workshops and classes that put you in front of your ideal clients. In 2023, the International Coaching Federation's research concluded the median income of a coach in North America was $67,800 a year ($52,800 was the global median). Coaches charge anywhere from $75/hr to $500/hr, depending on the population you serve and how much experience you have. As a newer coach, you may start on the low end to get the ball rolling, then increase from there. Ultimately, growing a coaching business is in your hands. However, a good program will teach you how to be successful. For example, in our LEVEL TWO coach training, we include a Business Launch blueprint and program add-ons so you can launch your practice while in training. #2 – Coach Education is HIGHLY Cost Effective When we look at the cost of a degree, they run $20k - $50k. When we look at the time it takes to obtain a degree, it is anywhere from 2-5 years, depending on the degree. When we look at coaching education, we see that a credential in coaching takes approximately 6-12 months and is only a fraction of the financial investment. When we look at coaching education, we also see that the skills you are trained and mentored in go into every aspect of your life, expanding beyond your career. Coaching competencies elevate everything from communication and emotional regulation to leadership and team building. Coaching education also equips you to be hirable or promotable. The coaching industry is growing rapidly, and the demand for credentialed coaches is expanding to meet the growth. According to PricewaterhouseCoopers (PwC), as of 2022, coaching became the second fastest-growing coaching sector globally, a 62% increase.** While this is excellent news for those who feel called to coach, it does come with one challenge to consider. Private institutes, not colleges, are running the top-tier programs out there. Many college programs are minimized to skill development only to run under government funding. Obtaining high-caliber mentoring and training from a private institute makes coaching education a self-financed investment for most professional coaches. To help combat this, many private institutes provide payment options that mimic student and private loans. Some institutes also offer scholarships and other funding options. This is great news! This means that professionals do not have to attend college to receive a coaching education. One way to gauge if the investment is worth it for you is to examine what you feel is a realistic end goal. For example, if you want to open a coaching business and make the median income as a coach of $70,000 a year, would the $12,000 upfront investment have been worth it? Or, if you wanted to add coaching to an existing career path and invested $7,500 in Level One training, how much of a raise would you get with a promotion due to the new skill sets? Would that be worth it? (Also, many companies reimburse or cover tuition costs for coach training, making it VERY worth it). Or if you want to apply for a coaching job. When you are hired as a coach, you make less per hour than a coach in private practice, but you have no marketing or extra administrative processes to oversee, saving you time and money. So, if the initial investment of $12,000 allowed you to make $50,000 as a hired coach, would that be worth it to you? #3 – There Are Many Paths to the Top Top of what, you might wonder? Top of your unique vision and career progression. What does success in your career look like? To some, it is adding coaching to their leadership toolkit. To others, it is running a highly successful full-time practice. Yet, to others, it is being hired as a professional coach. Each has its unique considerations and benefits. You will want to adapt your path to your life goals. Really consider what the investment will bring you in life and in your career. This can help you assess the worth and value before making a decision. The other thing to consider is that the path can always change. I began as a part-time coach, then became an internal coach at the company I was hired at. Later I became a leadership coach. The starting point tends to expand as you expand. What path with coaching makes the most sense to you? In Conclusion I hope these considerations have been helpful to you as you explore coaching options! The return on investment can be very high if you are intentional about your path. I will say, though, that even if you aren't clear and you feel the call to coach but are feeling unsure which path is best, that is ok, too. Many of our students find that path while in training, or sometimes the path finds them. What matters is that you invest when you feel confident that coaching would add immense value to your career trajectory and are open to seeing what is possible. ............ Let us help you! The good news is that we help you navigate through the options to discover what approach is the best fit for you! The great thing about our team is that they help you explore all of the options and things you want to consider. Interested in learning more: Sign up for a 30 Minute Discovery Call with Bryant, our outstanding Admissions Coordinator. Bryant can answer all of your questions and get you the additional information you need to decide if you want to begin your coaching journey with us. ........... **Coaching Industry Report: www.robinwaite.com/coaching-industry-report#:~:text=As%20of%202022%2C%20the%20coaching,totaling%20%244.564%20billion%20in%202023
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