March 26, 2021 by Coach Training EDU
When you first started your research on coaching, what were your initial thoughts? Skepticism? Excitement? Perhaps you scrolled through the Instagram profiles of coaches whose messages most resonated with you. They look happy, fulfilled and full of wisdom. Now you’re wondering if this is a career path that might be right for you.
Coaching piques peoples’ interest for a multitude of reasons, but many are drawn to its unique characteristics and proclivity toward autonomy. Life coaching is about empowering people to take control of their lives by increasing their self-awareness and deepening their relationships with themselves. As such, it’s a career choice that offers a greater sense of purpose. It’s work that matters.
There are many reasons to pursue a life coaching career, and we discuss a few below.
A common misconception is that the Life Coach industry is saturated. According to Market Research, the Industry has an average yearly growth rate of 6.7% from 2019 to 2022. Life coaching is a growing industry with a demand and limited barriers to enter. There are no prerequisites to becoming a life coach, so if you’re dedicated to doing the work and making the world a better place, you can become a professional certified coach.
The estimated market size of the Coaching Industry was $15 billion in 2019, with a total of $7.5 billion market value in the U.S. alone. If reservations about the income potential from coaching are holding you back, let it motivate you instead.
Coaching concepts have revolutionized the world by making people more empathetic, better listeners, and more self-aware. In a life coach training school, you’ll learn the psychological principles to help people understand themselves better.
When you work with a client, you become a partner in their growth journey. It’s a process that requires trust, both in you and themselves. The client is trusting you with their fears, hopes, and dreams. At its core, this practice is the deep connection with another human being to walk alongside them as they design their lives.
Here’s what a couple of CTEDU Life Coaches had to say about why they love their career:
Brittany, Certified Academic Coach: “As coaches, we fundamentally believe that our clients are the experts. We are experts in the process, but our clients are the experts on themselves. The most powerful moments are when I see a client step into believing that as well – believing that they have the seed inside them that will create a life with everything they want in it. All they need to do is water it and nurture it. From this place of agency comes confidence, courage, commitment, and so much more.”
Teresa Gallis, CTEDU Trainer: “My favorite part of being a life coach is my client’s “Aha”moments – when they burst through their limiting beliefs and realize that they are capable of achieving far more than they had dreamed was possible.”
Andrew Dormus, Academic Coach: “My favorite part about being a life coach is when a client begins to recognize the power of their agency. A shift in that person occurs, and they go from bystander to active participant in their life.”
Earning a life coach certification puts you in a position as an expert to guide others throughout their growth journey. A common question from prospective coaches is, “How much can I earn from coaching?”
In an ICF Global Coaching Study, they calculated the average annual salary for full-time life coaches:
There’s a massive opportunity to earn a high income! It’s important to keep in mind that these prices vary depending on your region and experience. The more experience you have in this field, the more you’ll earn. Coaches with over 10 years of experience can charge up to $300 hourly in coaching sessions.
Geographic location can also affect pricing if you’re offering in-person services. For example, coaches in New York City and Boston can charge as much as $2000 to $2500 for their coaching packages which usually include 5-10 sessions. Other coaches in areas such as Seattle, Chicago, or Los Angeles usually settle on a package price between $1500 to $2000.
However, one of the benefits of life coaching is that you don’t have to be limited by geography. You can coach over the phone or on a video conference while still having the same impact on your clients.
As a coach, client sessions don’t have to be your only revenue stream. Life coaching helps you develop the skills and learn the tools to take on additional projects. Coaches also supplement their income by hosting workshops/retreats, publishing content such as books or blog posts, and participating in speaking engagements. These additional engagements are also an excellent opportunity to attract prospective clients.
There’s a lot of more for growth that’s not limited to coaching hours.
No matter your current role or your professional aspirations, a coaching skill set can be an asset to your work. It’s applicable in so many different industries because the core competencies acquired in training are about interacting with others. This is a valuable skill set because it is something you’ll use almost every day of your life regardless of your role.
According to a study conducted by the International Coach Federation, there are about 71,000 Coach Practitioners globally. That’s how many people are actively using their coaching skillset to make a positive impact. You could start your own life coaching business, provide these services within an organization, or use these concepts as one of your skill sets to effectively lead your team.
According to the U.S. Department of Commerce/Small Business Administration,
there are 27 million small businesses in the U.S., which generate income for 70 million employees and family members. Small businesses create 4,000 new jobs on an average day. If you’re interested in launching your own coaching practice, it’s well within your reach.
Many people choose to start a practice to have more flexibility. You can choose when you work, how many clients you take on, and how you run your business. The independence that comes with starting a coaching business has made coaching an attractive career option.
With starting your own life coaching business you also have more autonomy in who you serve. Niches have become a hot topic and you can hone in on your passion. There are Executive Coaches, Relationship Coaches, Health Coaches and Personal Development coaches, just to name a few.
Many organizations have professional life coaches on staff to ensure that employees are meeting their goals. Organizations with an in-house coaching team typically adopt a coaching culture that boosts productivity, encourages growth, and fosters curiosity.
The essential skills you learn in coaching can improve your relationships at work and with your colleagues. Deep listening, constant feedback, and empathy will foster a work culture that makes people happy to come into the office every day.
Almost 74% of managers said they plan to enroll in additional coach-specific training in the next 12 months. These skills provide you with the tools you need to deepen your team’s connection, inspire them to do their best work, and maximize their efforts in everything they work on.
Encouraging this kind of open communication and vulnerability on your team can increase transparency, enabling you to be the best leader possible.
A life coaching career will change you. You’ll find yourself using concepts you learned in your training on a regular basis in personal situations, too. We’ve highlighted four major reasons people decide to become a life coach, but it’s different for everyone. Check out our Graduate stories to learn more reasons why people decided to pursue a life coaching career.
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