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Life Coach Salary: Charge by the Calendar, Not by the Clock

Posted by Julia Stewart

Life Coach Salary - Ben Franklin .jpg

 

Recently, a colleague requested a life coach salary quote from me concerning average hourly coaching rates. Most surveys, books, and blog posts on life coach salary focus on coaching hourly fees, but I don't know a single coach who charges by the hour.

Why is that?

I think most people looking for information about life coach salaries are either new to coaching, or they're thinking about becoming a coach, and assume coaches charge by the hour like most professionals.

Coaches aren't like most professionals.

Master coaches are really unlike other professionals in many ways, but virtually all successful coaches, who run their own businesses, charges by calendar time, not clock time.

What do I mean by that?

Most professionals charge by the hour. That's clock time. For example, if you hire an attorney, they will charge you by the hour, usually in 5-minute increments. So, if your attorney charges $250 per hour and you call for a three-minute conversation, you'll be charged $20.83 for that conversation. I've never heard of a coach doing it that way. And I know a lot of coaches.

Coaches charge by the calendar and that allows freedom and customization.

The hallmarks of great coaching are extreme personalization and customization, meaning you and your client are free to co-create the coaching service in real time. Neither of you knows exactly what to expect when the client hires you and you don't want them to hold back on calling you, just because they don't want to pay an extra $20. You want them to call with a question, if it will help them reach their goals more quickly.

Charging by the hour puts money first, clients second.

As every new coach who takes our Certified Competent Coach course, learns on the very first day, coaching is all about the client. Most people have never experienced anything that is all about them, especially as adults, and it is transformative. If you charge your clients for each little benefit they receive with your coaching, you let money become a barrier to their growth and success and you communicate that your business about you and the money you make, more than it is about them.

So how do real coaches charge for their coaching services?

Most coaches charge by the month and everything that is included with the coaching is covered by that one fee, which is paid in advance and is usually automated. That way, you and your clients never have to think about the money. Some coaches charge by longer chunks of time, such as three or six months. This is common in business and executive coaching, but even if you're a life coach, who charges by the month, require a minimum time commitment from new clients, such as three months, so they make substantial progress with you.

Get the money out of the way and focus on coaching your client.

Want everything you need to know about life coach salary? Get the FREE Life Coach Salary eBook:

Get the FREE Life Coach Salary eBook

 

Topics: executive coaching, life coach salary, becoming a coach

What is Life Coaching?

Posted by Julia Stewart

what is coaching?

 

Definition of Coaching:

School of Coaching Mastery (SCM) definition of coaching: Coaching is a customized conversation that empowers the client to get what s/he wants by thinking and acting more resourcefully.

International Coach Federation (ICF) definition of coaching: Coaching is partnering with clients in a thought-provoking and creative process that inspires them to maximize their personal and professional potential

Whether you call it life coaching, executive coaching, or business coaching, the profession of coaching is the byproduct of a new paradigm in human development. Scientists, philosophers and regular people are asking questions about life, such as, “How can people reach their full potential and enjoy greater happiness and success?”


As a result, new possibilities are opening up for many of us. In a very real sense, new questions create new realities and new realities lead to new opportunities for our happiness, success and fulfillment. Coaching is all about asking those new questions.


This new approach is empowering, but because it is new, people often have trouble understanding what it means. For this reason, sometimes it’s helpful to explore what coaching is not.


Coaching is not the same as counseling or psychotherapy, professions which evolved out of the disease model of traditional psychology. Clients generally seek out therapy or counseling when they are distressed by a problem and may need to heal.


Clients seek coaches when their lives are already okay, but they want to be even better. Coaching assumes clients are already “whole, complete and perfect” and are capable of making empowering choices. Having a skilled coach who believes in them, can help clients grow, act resourcefully, reach their goals and discover their greatness. Healing from a disease or problem is never the central focus of coaching.


One way to think of the distinction between psychotherapy and coaching is their relationship to health. Therapy takes a client from an unhealthy or negative state ( - ) and brings them up to a healthy or neutral state ( 0 ). While coaching begins at that neutral state and moves the client toward their full potential or positive state ( + ).

 

Therapy vs Coaching formula

Coaching is also not consulting. A consultant is an expert in a particular field who assesses a client’s situation in relation to that field and makes recommendations on what to do to improve the situation.

A coach generally assists clients to assess their own situations and think - and act - more resourcefully about how to improve them. In other words, a coach helps the client to grow so they can reach their own goals independently, now and in the future, rather than become dependent upon an expert for help. Most consultants also do some coaching and most coaches also do a small amount of advising, so these professions are often confused, but generally, coaches help their clients be their best, while consultants advise clients on what to do.


Because coaching is popular and not regulated, people who are not coaches sometimes call themselves coaches. The following services are not coaching: consulting, training, seminar leading, counseling, therapy, internet marketing, selling, bill collecting; or offering advice on financial or legal matters, health issues, or religious teachings. Be suspicious of anyone who calls himself a coach, but who offers services in any of the foregoing areas.

Sometimes people who are unqualified to be licensed in a regulated profession will call themselves coaches to get around legal requirements. This is not only unethical, it is a red flag that the person is unqualified in that area.

 

Become a qualified coach and get certified:

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Topics: business coach, Coaching, professional coaching, executive coaching, become a coach, get certified, what is coaching, what is a life coach, Life Coaching

2014 Executive Coaching Survey: Neuroscience Soars

Posted by Julia Stewart

Coaching with Neuroscience

Interest in neuroscience as a part of business, executive, and life coaching is soaring. Sherpa Coaching just released the results of their 2014 annual executive coaching survey, and noticing a trend toward neuroscience in coaching, they for the first time, asked questions about neuroscience and coaching in their survey:

  • Should neuroscience have a role in coaching? 

  • How much should executive coaches know about neuroscience? 

  • How much should clients know about neuroscience?

  • Does a working knowledge of neuroscience alter coaches' credibility?

Sherpa defines neuroscience as "a combination of medicine, applied science and research that explains human behavior and the way it changes."

I'd define it differently: Neuroscience studies what goes on in the brain during thoughts, behaviors and emotions, often using technology, such as EEGs, PET scans, or fMRIs. It discovers the physical correlates that underly human psychology. 

In any case, here are some of the survey responses from coaches on the topic of neuroscience and coaching, beginning with a quote from one respondent:

"Justin Kennedy, professor of neuroscience at South Africa‟s University of Pretoria, says: 'With the proper knowledge and training, you can use your conscious mind to change your physical brain. Really change it, so the way you think, the way you act, the way you feel can all be made better.' He tells us about neuroplasticity, which refers to the brain‟s ability to change and adapt. 'You really are in control, and you really do have choices. When you think new thoughts, you are actually changing the geography of your brain, changing the electric patterns that create and carry thoughts, changing the chemicals that control moods and energy levels.'

  • 76% of executive coaches say that neuroscience should have a role in executive coaching. 
  • 62% of executive coaches believe they and their peers should have a full understanding or at least a working knowledge of neuroscience. Both internal and external coaches agree. Female coaches support this notion more often than male coaches do, by about a 10% margin. 
  • 34% say their clients should have a full understanding or at least a working knowledge of neuroscience. Internal coaches favor this at a slightly higher rate than external coaches do. 
  • 49% say a background in neuroscience improves a coaches‟ credibility. Less than 10% feel it is a negative.

School of Coaching Mastery recently launched its new Introduction to Coaching with Neuroscience course in response to the rise in coaching with neuroscience. It's part of the new Certified Positive Psychology Coach Program. We explore the thrilling possibilities of coach-assisted neuroplasiticity and the underlying reasons why positive psychology has the power to help people be happier and more successful - often in very surprising ways.

Learn more about coaching with neuroscience and positive psychology:


Become a Certified Positive Psychology Coach

Topics: business coach, executive coaching, Coach Training Programs, Life Coaching, certified coach, Positive Psychology, positive psychology coaching, coaching with neuroscience

Should Life, Business, or Executive Coaching Be Government Regulated?

Posted by Julia Stewart

Is coaching regulated?
Written by Julia Stewart

 

People often wonder if the coaching profession is regulated. And professional life, business, and executive coaches often wonder, with trepidation, if coaching should be regulated. This article will help answer those questions, but the conversation about coaching regulation will likely go on for years.

 

To be clear, these questions have different meanings depending on whether you're thinking of hiring a coach, or you're thinking of becoming a coach, or you're already a professional coach:

 

  • If you're thinking about hiring a coach, then you want to know who will be the best coach for you, whether they should be licensed or certified, and whether there are training requirements for professional coaches. If you've been given a great recommendation for a coach from a trusted friend, these issues may matter less to you, but they still matter.
  • If you're thinking about becoming a coach, then you want to know what requirements you have to meet before you can accept paying clients and whether jumping through those hoops will be worth it for you.
  • However, if you're already making a living as a coach, you may regard these questions as threatening, because any changes in regulations or requirements where you live could impact your ability to keep making a living doing what you love. That's frightening. And if you're in the US (or anywhere else), witnessing the current Federal government shutdown, then the idea of getting government involved in your livelihood probably makes you apoplectic!

 

To professional coaches: relax. Your government isn't coming for you.To my knowledge, and I keep my ear to the ground on this, no government is currently regulating professional life, business or executive coaches (If you have knowledge to the contrary, please share it in the comments section, below). There have been attempts to regulate coaching in countries where it is widespread, but so far, coaching has established itself as a profession that doesn't target vulnerable populations, nor those who are in crisis, nor do coaches give advice on health, mental illness, or finance; three areas that usually require credentials. If you're a new coach, you can begin charging clients whenever you like. There are no legal hoops for you to clear.

 

To potential coaching clients: the onus is on you. Caveat emptor: let the buyer beware, is the rule of law that governs coaching. There's a huge variance in the effectiveness of professional coaches, so be sure you hire a good one.

 

By the way, some professional coaches are dead set against government regulation, while others are hoping for it. I put myself in the middle. Responsible coaches owe it to our clients to help them understand what to look for in a good coach. I think the ICF and IAC are in the best position to do this, but all of us need to pitch in, including coach training schools.

 

New professions can best prevent government interference by taking responsibility for their own standards. This Coaching Blog is widely read, so here are a few standards I believe you should look for when hiring a coach. Usually, the more of these you find in a coach, the better. 

 

1. Get recommendations from people you know well and trust. Did your best friend have a great experience with a coach? Then begin there. But ask your friend if the coach paid them for the referral. That's a common practice. A reputable coach will always tell you, up front, if they paid for your referral.

 

But what if you don't know anyone who has worked with a coach?

 

2. Look for coaches who are certified by the IAC or ICF. Yes, there are good coaches who aren't certified by these organizations, but increasingly, better coaches are getting these certifications, because they are a stamp of approval from a trusted source.

 

3. Look for coaches who have joined a professional organization, such as the IAC or ICF, that requires members to sign a code of ethics. Of course, unethical coaches can sign codes, but if the coach is upfront about the ethical code they are bound by, then you at least have something with which to measure their behavior. The good news is that these organizations have online coach directories of their members.

 

4. Only work with coaches who use written coaching agreements. Your agreement should give you an idea of what to expect and will likely reflect the code of ethics followed by that coach.

 

5. Work with coaches who have a substantial amount of coach-specific training. Most genuine coaches have had coach training, including the ones who've been practicing for decades. The ICF only allows coaches with at least 60 hours of coach-specific training to join their organization, so that's a good threshold to consider, but their entry-level certification requires 100 hours. If your coach is in training, but shy of that number of hours, most likely they will charge you less. Generally, you can expect to pay more to coaches who are trained, certified, and experienced.

 

6. Be especially careful of 'coaches' who offer get-rich-quick schemes. Most complaints about coaching involve non-coaches, who leverage the public's ignorance about coaching to sell snake-oil. They often focus on wealth, money, or that euphamism for money, abundance.

 

I'm sure some professional coaches will disagree with the above standards. You're welcome to your opinion, as I am to mine. Perhaps you'll help educate consumers by writing about it on your own blog.

 

Here are some places to find coaches:

 

Find a Coach Here

 

Photo by Mr Mo Fo

Topics: life coach, executive coaching, become a coach, ICF, Business Coaches, IAC Certification, coach training schools, Million Dollar Coach, FIND A COACH, coaching ethics

New Stanford Study Says CEOs Want a Lot More Executive Coaching

Posted by Julia Stewart

Executive Life CoachingEverybody knows that CEOs and Executives are the folks who all have high-priced executive life coaches. But a new study from Stanford University says there's a big gap between the number of executives who want coaching and the number who actually get it.

How many executives want coaching? According to Stanford, virtually 100% want coaching and consulting. How many actually get it? Only 34%. That's a lot of need for executive coaching services that's not being met.

By the way, what's the difference between life coaching and executive coaching? Not much, according to Sherpa. Executive coaches use many of the same communication and awareness-building skills that life coaches use. The difference is largely in who gets coached and how much is charged for it, with executive coaches averaging roughly double what life coaches charge. 

To become an executive coach it's important to have a recognized coach certification. Currently ICF certification is preferred by large organizations. You also need experience, a great track record and training in areas like positive psychology. Understanding corporate politics may matter, but some coaches say it's more advantageous to come from a background that's completely different from that of big business. To understand why, read the four main reasons CEOs and executives want coaching...

Why do 100% of CEOs and Executives want coaching?

  1. They want to learn how to handle conflict better. 
  2. They want to learn to mentor and develop talent.
  3. They need to learn to share leadership and delegate.
  4. They need to improve team building.
These skills are all about cooperation, not the competitive, swim-with-the-sharks approach that the upper echelans of business are known for.

 

What are CEOs and Executives NOT interested in? Motivation, compassion, empathy; these life coaching 'soft' skills aren't sought after by executives, but can be powerful add-ins when combined with the more tangible wants, above. Smart coaches have always marketed and sold what clients want, while adding in important soft skills as their 'secret sauce'.

 

CEOs and executives also want advice, because they make big decisions daily and they know they don't know it all. But there's a big difference between wanting advice and taking the advice given. That's where coaching skills trump consulting. Coaches communicate in ways that make it far more likely that clients will act upon good ideas.

 

For more on why CEOs value executive coaching, watch this Forbes video interview of Google CEO, Eric Schmidt, who says the best advice he ever got was to get a coach.

 

Want to become an executive coach? Get the coach training and certification you need. If you're a high achiever, get your own executive coach, as well.

 

Learn About Elite Coaching for High Achievers

Topics: executive coach, executive coaching, ICF, life coach salary, Coach Certification, Become a Certified Coach, Life Coaching, Positive Psychology

Life Coach: Why It Doesn't Mean Anything Anymore

Posted by Julia Stewart

Certified Life Coach

It's almost impossible to the miss the story about the two 'life coaches' in Brooklyn who committed suicide this week. That story is everywhere, because it's so ironic. The two actually co-hosted a radio show called, The Pursuit of Happiness!

Apparently, they failed to find it.

This post isn't about them. They clearly were in a lot of pain and their passing is tragic.

This post is rather about the subtext of the media frenzy (okay, it's a small frenzy; let's just call it media attention) surrounding this story.

The subtext asks...

  1. How could these life coaches help anyone find happiness, when they were clearly miserable, themselves?
  2. Were these life coaches hypocrites?
  3. Would you want a life coach who is suicidal?
  4. Aren't there any requirements to calling yourself a life coach?
  5. How can you trust anyone who calls him/herself a life coach, when they might be depressed, mentally ill, suicidal, or who knows what?

In answer to number 4: No. There are no legal requirements to calling yourself a life coach. Yet.

That means my dog could be a life coach. She may be more qualified than some human life coaches.

And I'm not just singling out life coaches. Business coaches, executive coaches, career coaches, health coaches. None of these titles means anything. In today's world, everyone, including bill collectors, can and do call themselves coaches.

The guy selling vitamins at the health-food store is a nutrition coach. The woman who works  at the dress shop is a retail coach. The manager at a telemarketing company is a sales coach.

None of these phrases means anything, because they have come to mean whatever anyone wants.

Right now, there is maximum freedom in the coaching industry, because there are no real legal requirements. That allows massive creativity and growth and that's great for coaches. Although the situation appears to be changing and the suicide story may speed up that change.

The real problem these days is for the consumer who doesn't know whom to trust.

The answer, of course, is credentialing and industry oversight, but a lot of 'coaches' are fighting it.

  • They say it's an evil plot by established coaches to keep out the competition
  • They say a piece of paper won't help them coach any better
  • They say it's an effort to control coaches, or to sell them training and certifications

Really?

That first argument is just paranoid. The second is true. Although, I've seen hundreds of coaches learn to coach much better, while on the way to qualifying for a piece of paper. And the last may, or may not be true, but it's not a good enough reason to not get certified.

Life coaches get certified because they want to be the best they can be. Because they are committed to their profession. Because they feel it is the right thing to do. Because they are proud to be certified. They also get certified to distinguish themselves from the worst of the worst.

Consumers look for assurances that they can trust the life coaches they hire. And they deserve some assurance. That assurance often takes the form of a certification.

I got my first coach certification a decade ago and have qualified for several more, since. I've learned something new with each one. I'm not finished.

Although I believe more in learning than I do in credentials, I've noticed that the goal of credentialing is an effective way to stay focused on learning. It has worked for me and for thousands of other good coaches.

I sell training and certifications to coaches mostly because I want to help good coaches distinquish themselves from ineffective or dishonest coaches. It's an honor to work with people who are committed to being their best. Whether you get certified by my organization or some other, get certified.

Certified Life Coach means something. SCM, IAC or ICF Certified Life Coach really means something.

It's time to stop calling yourself just a life coach.

If you want to explore the path to our entry-level certification, click below:

Become a Certified Competent Coach

Topics: business coach, life coach, executive coaching, ICF, Life Coaches, Become a Certified Coach, life coach certification, certified life coach, sales and marketing coaches, Life Coaching, life coach training, IAC

How Professional Coaches Make More Money

Posted by Julia Stewart

I've written previously about how executive, business and life coaches make money. And we have a free eBook that goes into detail about life coach salaries. But here's something we don't often write about: How else do professional coaches make money?

Average salaries for executive, business and life coaches range between $50,000 - 150,000USD for COACHING services. But most coaches have a few other services that they also offer, which can boost their salaries well into the high six figures.

The ICF has just released this helpful infographic on the "Extras" of coaching. In other words, extra services. Below it, you'll find a link to sign up for the Life Coach Salary eBook, to learn more about how coaches make money and how to set your coaching fees.

 

The "Extras" of Coaching

To get the FREE Life Coach Salary eBook, click below:

Get the FREE Life Coach Salary eBook

Topics: business coach, life coach, executive coaching, money, make a living as a life coach, make a living as a coach, ICF, Life Coaches, life coach salary

Why Business Coaching Works

Posted by Julia Stewart

If you're a business, executive or corporate coach, you need data on how and why coaching works in order to make effective proposals. The ICF is an ongoing source of good data on coaching.

Below is an info-graphic that communicates the value of coaching in the workplace (Click to enlarge):

 

Why Coaching Works

 

Topics: corporate coaching, Coaching, executive coaching, become a business coach, ICF, Business Coaches

Life Coach Salary: 15 Reasons Your Coaching Fees Are Too Low

Posted by Julia Stewart

 

Life Coach Salaryby Julia Stewart, MCC

Last night, I taught a Q&A tele-webinar on How To Set Your Coaching Fees for my clients, students and guests. They asked great questions and I know the class was a real eye-opener for them.

The class was inspired by questions from one of my Elite Mentor Coaching for High Achievers clients and is also included for members of the new Just In Time Coach Training and other School of Coaching Mastery Programs.

Bottom line? Life coaching is an expensive, highly personalized,  high-end service. Attempts to make coaching more affordable and hopefully, easier to sell, tend to fail. Compass Coaching is an example. All logic to the contrary, sometimes a service sells more easily when it's expensive. (Just ask a behavioral economist how logical people are about spending money!) And of course, all of this applies to business coaching and executive coaching, as well.

Long story short: if you missed the tele-webinar, or even if you were there, here's a list of 15 reasons your coaching fees are probably too low. I've divided the list between A. Your probable reasons for undercharging, B. Why that doesn't work for your clients, and C. The reality check. I hope it's helpful!

A. Why You Charge Too Little For Your Coaching:

  1. You don't see the value in coaching. This is way more common than you might think. In fact I didn't see it until I'd been coaching a while. What changed? I worked with incredible mentor coaches who helped transform my life. Then I watched myself transform my clients' lives. Then my clients started saying things like, 'If I weren't paying you $350, I'd find a way to pay you $10,000!'
  2. You have a disempowering story about why people won't pay you more. Yes, a lot of people have been out of work for a long time. But 90% are still working and many of those are making more money than ever. And coaching continues to be the 2nd fastest growing profession in the world. But those are generalizations. The truth is, people who see for themselves the value in coaching will find the money to pay for it. For example, if you're a career coach who has a great track record helping people get hired, an unemployed person will pull together the money to hire you.
  3. You're trying to sell coaching to people who don't value it. For one person, $25 per month will be too much to pay for coaching. But for someone else, anything less than $500 may be too little, because they want the best coach they can afford. Like it or not, people frequently measure how valuable something is by how much it costs. And in the case of coaching, clients actually put more effort into their own results when they pay more, because they want their money's worth. So don't waste time on the 'client' who's interested in coaching with you, but not interested in paying, unless you sense they are that rare person who will knock themselves out even if you coach them for free - and you really want to coach them.
  4. You don't think you're worth it. Okay, let's say you're a new coach and you've seen the credentials and track records of your competition. Pretty intimidating? It may be tempting to compete on price, but will that really satisfy you? A better strategy is to do everything in your power to get results and credentials as quickly as you can, so you can compete, period. Coach a lot of people for free for a set period of time, but be sure each client knows you want a testimonial from them in exchange. Become a certified coach quickly. Join the IAC and ICF.
  5. You're trying to coach too many people. When I first became a life coach, I thought 30-40 clients was a full coaching practice. And to make a good living, I really did need a lot of clients, because I was only charging $100-200 per month for each. That left me in a chronic state of always needing more clients. I wish someone had told me that most successful coaches have less than ten clients
  6. You don't know how much money you need to make. As I showed my class last night, your coaching fees aren't your life coaching salary. When you subtract the money it takes to make money, including your business expenses, taxes, and benefits you'd normally get from a salaried position, it takes a lot more money than you might think, especially if you only have 6 clients. Be sure you do the math.
  7. You want to coach low-income people who could benefit from coaching. Nothing wrong with that, unless you put yourself out of business. Better to charge a fee to most of your clients that's high enough to allow you to offer some scholarships. You can also volunteer your coaching services to an organization that provides coaching to low-income people.

B. Why Charging Low Fees Doesn't Work For Your Coaching Clients:

  1. People perceive life and business coaching as a highly-personalized, high-end, expensive service. That's what they're looking for and it's usually what they want to buy. When you charge less, you look like a bargain-basement coach (who may deliver bargain-basement results). One-to-one coaching delivers dramatic results and if the price tag is inconsistent with that, you run the risk of confusing people (and confused people don't buy).
  2. When people buy a high-end service, they're saying to themselves, 'I'm worth it!' That feeling is what they want. And when someone decides it's time to get a life coach to help them upgrade their life, that feeling is a big part of their resolve. They may actually be disappointed if you don't charge enough to make a statement that from now on, things will be different for them.
  3. People want their money's worth, so the more they pay, the more value they'll get. Your high-paying clients will work harder and achieve more. And you'll be less likely to slack off, too. As one of my colleagues told me, every time she signs on a client with her new higher fee, she thinks, 'Holy crap! Now I have to deliver that much value!' and that's a good thing.
  4. Your clients deserve better service from you. I tell my clients that it's my goal to give them exactly what they need. They're all high-achievers, so I'm confident they won't become needy just because I'm extremely supportive. But a coach who's trying to make a living with 30 low-paying clients is spread too thin between serving clients and constantly needing to market and sell in order to keep the numbers up. That means less attention for each client. And it may mean that you're needy, because you always need more clients. A needy coach is never at her best.

C. The Reality Check:

  1. Coaches worldwide average around $200 per coaching hour. Even if you choose to discount your fee, you don't need to charge a lot less than that.
  2. According to Sherpa Coaching, most professional coaches average just six clients per week. That means each client needs to pay a hefty fee in order for the coach to earn a substantial salary.
  3. Even if you have only 5-10 coaching clients, you will need to spend some time and expense on marketing and sales and you need to be paid for your entire week, not just the time you spend coaching.
  4. When you add up what it costs to be in business, including business expenses, income tax, retirement investments and, if you live in the US, health insurance premiums and 100% of you Social Security and Medicare payments, you may find that earning a $100,000 take-home salary from coaching may easily require $150,000 in annual income.

Well there you have 15 reasons why your life coaching fees are probably too low. What are you going to do about it?

Set your coaching fees with confidence. Get the new FREE eBook:

Get the FREE Life Coach Salary eBook

 

Image by richiemontalbo

 

Topics: professional coach, coaching business, life coach, executive coaching, money, mentor coach, coaching clients, ICF, Business Coaches, life coach salary, Life Coaching, IAC, Coaching Compass

Life Coach Salary: How to Set Your Coaching Fees

Posted by Julia Stewart

Life Coach Salary

 

Post by Julia Stewart, MCC

A really cool problem to have (in the sense that it's the kind of problem you WANT to have) is to not know how to set your life coaching fees (or business or executive coaching fees, as the case may be).

There are many approaches to setting your coaching fees, some psychological (what's the highest fee you can say out loud without gagging?) to financial (how much do you need to cover your business and living expenses, plus benefits, etc.?) to whimsical (how much do you WANT to charge?).

What most new coaches really want to know is, 'Am I worth it?', 'Am I credible?', 'Will they laugh at me?' These are great concerns to talk about with your mentor coach.

If you don't have clarity about your fees, you probably won't sign on paying clients. Either people will shy away, because you seem uncertain, or you'll hold back on offering your services, because you're confused. That's expensive, so get it cleared up.

One of my EMCHA clients asked me about this recently and I decided to design a class for him that covers it thoroughly, because coaching around a topic like this is important, but sometimes some plain, old-fashioned information helps, too.

This live one-time-only class is free to SCM members and it's also available for a small fee to others.

[UPDATE: This class is now over and is no longer available to non-SCM coaches. However, you can learn some of what we covered by downloading the FREE Life Coach Salary eBook, below]

Learn to set your coaching fees with confidence here:

Get the FREE Life Coach Salary eBook

Topics: business coach, coaching business, life coach, executive coaching, money, coach training, life coach salary

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