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Life Coach Salary: How Much Money Do Professional Coaches Make?

Posted by Julia Stewart

Life Coach SalaryWant to know what kind of salary a life coach makes?

I wrote about international coaching salaries in the 2012 Trends in Business and Life Coaching post, based on the new ICF coach survey, which sheds light on the parts of the world where coaches earn the most. But a Sherpa Executive Coaching Survey of international coach salaries just came out, so here's some new info, broken down by type of coach.

It's important to note that executive, life and business coaching incomes vary wildly, (anywhere from free to thousands of dollars per hour) so these averages may not represent what most coaches actually make. However they do offer some clues.

Average coaching salaries according to Sherpa:

  • Executive Coaches make $325 per hour
  • Business Coaches make $235 per hour
  • Life Coaches make $160 per hour

What's the difference between a life coach, a business coach and an executive coach? Sherpa's definition of an executive coach is someone who coaches executives on behavioral issues, which basically means an executive coach is a life coach for executives.

I take issue with Sherpa's definition that business and life coaches are consultants and advisors. Real coaches are neither consultants, nor advisers. Real coaches help their clients think and act more resourcefully, resulting in personal growth and achievement and for that reason, coaches usually make a lot more money than consultants or advisers.

In my experience, new business and life coaches can charge $100 - 200 per hour and veteran coaches with established results can often charge $250 - 600 per hour. What makes the difference is the skill of the coach and who they coach.

It's pretty extraordinary that someone who coaches by phone in their jammies from their home office could charge more than a Park Avenue lawyer, but it happens - if their clients get incredible results and can afford to pay for them.

Here's how: most successful coaches only have a few clients. According to Sherpa,  coaches average between 6 and 6.5 clients per week. When you only coach a few clients, you can be at your best virtually all of the time, which makes it possible to give incredible service and results. That's when you can charge a lot.

So average annual incomes, according to Sherpa, range from $55K to $116K. That's pretty close to past ICF survey averages for a life coach (or business or executive coach) salary.

Learn more about life coach salary rates and how to set your own coaching fees:

 
Get the FREE Life Coach Salary eBook

Topics: business coach, executive coaching, money, Coaches, ICF, Business Coaches, Life Coaches, business consultant, life coach salary, Life Coaching

Coaching vs. Consulting: What's the Difference?

Posted by Julia Stewart

Business Coach If you're a business consultant, then you may be wondering if you should get some coaching skills.

Or you may wonder if you're already coaching, now. Many people wonder what the difference between business consulting and business coaching really is.

The truth is, the difference depends on the coach, or the consultant. Both professions are about as varied as the individuals who call themselves coaches and consultants. Here are some differences, from my point of view.

1. Coaches ask more than they tell. Savvy consultants also ask a lot of questions, but they usually are in the "information gathering" mode. A good coach is just naturally curious. This is one of the reasons coaching is so effective. Even though your client hired you for your expertise, they will probably feel uncomfortable sharing their (or their business') problems and weaknesses with you. Chances are, they'll cover up what's really going on. But the same client will open up with a coach who is naturally curious.

2. A Consultant's expertise is usually the main thing they share with clients. Coaches have expertise too, but it's usually the last thing they share. That's not to say that expertise isn't important. Sometimes it's the thing the client most needs. By following their curiosity and the curiosity of their clients, coaches find out what's really going on and what the client really wants. Then they can share expertise in a customized and targeted manner, providing exactly what the client needs, when they need it.

3. Consultants often do a lot of measuring and testing. They then have metrics to share and specific recommendations about what to do. A coach may administer assessments, but they are less about the raw data and more about the meaning behind the data. Sometimes what a client really needs is the hard data. That's when they need a consultant. Other times a client needs to get clear about where they really want to go and what they really value. If that's the case, the data may be extraneous and they are better off with a coach.

4. Consulting is mostly a left-brained activity. It's about taking linear steps toward a specific goal. Coaching is predominately right-brained. It's about growth and evolution. That said, most consultants and coaches, use both sides of their brains, when needed!

5. Consultants usually offer training to their clients. So do coaches.

6. The truth is, most consultants do a little coaching and most coaches do some consulting. Both professions require practice to master. Good training can speed that up.

We offer a training program for non-coaches who want to add coaching to their current professions. It's called Coach Launch.

Topics: business coach, Coaching, coach training, coaching clients, business consultant, coaching skills, consulting

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