If you’re considering Life Coach Training, you may be wondering what a life coach salary would be. And because most people have a background of working for someone else, they automatically think salary instead of income.
So when people ask us, “What is a life coach salary these days” I must admit it does give us a chuckle. But, in reality, there is no salary because the sky’s the limit for income if you:
- Care about helping people
- Pick the right niche
- Get the right training
Life Coach Salary
Salary is “a fixed, regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee.”
When you’re a Life Coach, you’re the boss, and you set your own rates, so there is no life coach salary. Therefore it’s essential to get the best coach training for your needs and know the key points to run a successful coaching business.
Coaches can charge too much for their specialty area, and they can also charge too little. Either way, you can find yourself going out of business and end up back in the rat race working for someone else again.
Your Niche Is Important
What determines how much you charge varies from person to person. And contrary to public thinking, it’s not what you’re worth that determines your “life coach salary.” Instead, it’s what someone is willing to pay for your coaching if you can deliver on your promise to help them.
Let me give you the first coaching example:
Let’s say your niche was helping people stop smoking, not one I’d recommend, by the way, but I’ll use it as an example. Because most smokers have already tried various devices and gimmicks at very low prices, they are not eager to pay you the coach a decent fee.
Even though most rational thinkers know stopping smoking could save their lives, many smokers don’t buy into that thought.
They are more likely to spend $69 on the promise of a hypnotic miracle seminar, get the “patch,” or try the new e-cigarettes than take a chance on you, the coach.
Why? Here are three reasons:
- Because many smokers don’t really want to quit
- Big Pharma can outspend you in advertising
- Smokers don’t put a high value on the outcome (see # 1)
What’s Coaching Worth To Them?
So let’s use a second coaching example.
What if you were a life coach looking to increase your income? You wanted to make more money in your business, and you knew an expert coach out there could help you.
How much would you be willing to pay the right coach?
If your business income would increase by $25,000 next year, would you be willing to spend $2,000 or $5,000?
Perhaps even $10,000? But what if you thought you could increase your business income by $100,000 or more?
Would you be willing to pay four times more? You’d be crazy if you didn’t. (don’t worry, there are coaches for that:)
The total cost for my first coach was a bit over $1,800. And I only got 5 hours of coaching. But it changed my life so much I would be willing to spend that every month without hesitation – for a coach with the right training.
Here’s a third coaching example.
One of my first clients was a 72-year-old lady who was having nightmares.
This lady was a rock-hound. She hunted rocks. And the old mountain nearby is where she spent most of her time. Oh, and she didn’t have much money.
The nightmares that haunted her were due to being raped repeatedly by her father around the age of eight until about age 12.
Her outcome was simple. She was desperate for peace of mind. That is to say; she wanted the nightmares to stop.
She had tried various professionals and many different techniques over the years, but nothing worked for her. The nightmares always continued.
We had two sessions, and I can’t remember how long they were. But I do remember my client thanking me when the nightmares stopped.
And I remember her paying me with this priceless rock that she removed from the mountain.
It has been on display where I have seen it every day for over 20 years. It’s about 7? by 7?, and yes, that is the original dirt on the top right side.
And it also reminds me why I do what I do and the importance of getting the right training. Because without the right training, My client would have added me to her long list of failures. Worse, her painful nightmares would have continued.
Caring, Niche, and Training
So as you can see, your coach’s income is not based on the value of the coach as in the coach themselves, but rather on the value they can deliver to the right client.
Remember, the sky’s the limit for income if you:
Care about helping people
Pick the right niche
Get the right training
And who knows, perhaps you will be lucky enough to be paid with a priceless rock someday like I was.