Do you enjoy helping people? Does the idea of people fulfilling their personal and professional goals fill you with joy? Do you wish you could make a career out of mentoring people towards their life goals?
If so, then perhaps a career as a life coach is your calling. The life coach industry is worth more than $2 billion and is growing every day. It does not require a degree, only some motivation and independence to get started, as well as a deeply rooted desire to help people.
We are going to cover what life coaches do and talk a bit about how to make money as a life coach.
What Do Life Coaches Do?
Life coaches are, essentially, professional motivators. They help motivate people and help them stay on track to their goals. This could be in the form of helping them find their dream career, develop more loving relationships, find a sense of self-worth, or improve overall physical and mental health.
Since life coaches do so many things, there are a lot of different paths you can pursue as a life coach. The best life coaches find a calling that is deeply related to a niche they are passionate about.
So, if you have a passion for good relationships, then maybe a career as a relationship coach would work. If you love fitness, then maybe you could find work as a fitness life coach. The possible kind of life coach you can be is only limited by your imagination.
Life coaches usually perform their duties via face-to-face talk sessions. These sessions can be done in person, over the phone, or through the Internet. During these sessions, life coaches will talk to their clients to clarify their goals, identify obstacles, and formulate strategies to reach their goals. Coaches usually provide “homework” to clients, which could involve verbal or motivational exercises.
How Do You Get Started as A Life Coach?
The process of becoming a life coach is different for everyone. The profession requires no degrees or special certifications, and many life coaches get started just by drawing from their personal experiences and reflections.
Step 1: Learn the Basics
As with any profession, a great place to get started is by looking at what other life coaches have done or written. Books like Best Self by Mike Bayer or The Life Coaching Handbook by Curly Martin are a great entry point to get a grasp on the kinds of techniques that life coaches use to motivate clients. You can also take an online life coaching course to receive an unofficial life coach certification.
Step 2: Find Clients
Probably the hardest part of building a career as a life coach is finding a reliable clientele. There are several ways you can go about this—networking at professional events, joining life coach organizations, and asking family and friends for leads.
Social media offers a powerful tool to hook life coaches up with clients. It is always a good idea to create a website or social media page for your coaching business and try to connect to clients via the Internet.
You can also lookup local life coaching events to see if you can bag a speaker spot. You might have to work and talk for free at first, but this exposure is just a marketing expense you will have to eat to get your business off the ground.
It also helps to immerse yourself in local groups related to your life coach expertise. Are you a fitness life coach? Then maybe you can find clients at the local gym.
If you are a career life coach, a job fair is a good place to find clients. Finding clients is the most difficult part of the job, but once you find a reliable clientele, you will see regular business.
Step 3: Set up a Formal Business
Once you find some clients and get some starter experience under your belt, the next step is to formalize your business. While forming an official business is, strictly speaking, not necessary, business owners get a lot of nice legal protections.
Setting up a formal business will also help down the road if you ever want to hire any employees.
How to Make Money as a Life Coach
There are many things you can do to earn money as a life coach. If you are new to this business, here are some of the most common methods that renowned life coaches do:
The majority of life coaching is done on a one-on-one basis between client and coach. These sessions usually take place one to three times a week and involve helping clients assess their problems and talking through options.
The best method to use in these life coaching sessions should be the Socratic dialogue, in which the coach asks the clients leading questions to help them formulate their goals and motivations in their own words.
Most life coaches charge anywhere between $200 and $1,000 for a month of 60-minute sessions four times a month. The top 1% of life coaches can charge up to $100 per hour of coaching.
Along with one-on-one coaching, there is also group coaching. Group coaching is similar to one-on-one coaching except that it is performed with groups of two or more clients.
Group coaching has some benefits over one-on-one coaching as clients can interact with each other and get peer feedback. However, group coaching does mean you have to give less individual time to each client.
Group coaching can also be done in a corporate environment. Several companies will hire life coaches to offer corporate training seminars where life coaches teach employees about things like time management, conflict resolution, health and wellness, leadership, and team management.
Prominent life coaches can also get into the consulting business, where they offer expert advice in a corporate setting. If you want to be a business-focused life coach, then business consulting is a lucrative market to tap into. Business consultants can charge by the hour or for long-term retainer consulting services.
Seminars and Webinars
Once you have built up a solid clientele, you can offer special seminars to clients that focus on specific topics. The benefit of seminars is that you can host as many as you want, whenever you want.
You can host a traditional seminar or, thanks to the Internet, host a webinar so that people can attend without having to come to you in person. You can then publish these seminars on Youtube or some other video streaming service.
Special seminar topics you could cover include time management, public speaking, building confidence, or whatever topic you specialize in.
Mentorship is a long-term relationship in which a more experienced individual gives tutelage and guidance to a less experienced individual.
Career mentors, leadership mentors, and youth mentors are all examples of the mentor-mentee relationship. Mentors can work one-on-one or in group settings.
Write a Book
After a certain point in your life coaching career, you will likely want to compile all your life coaching advice into a comprehensive guide. Many life coaches publish books documenting their strategies and general philosophies of success.
Writing a book is not only a great way to promulgate your ideas to the masses, but a successful book can also generate a sizable income from royalties.
Thanks to the Internet, you can now publish books all on your own online. E-publishing is usually cheaper than traditional publishing and has lower publishing fees. E-publishing also gives a format that clients can read anywhere—on their phone, tablet, Kindle, etc.
There is also the option to build an online life coaching course and charge students. You can package all of your recordings, writings, and general tips and strategies into a single file and have clients download the package for a small fee.
These online courses can be reserved for those who might not be able to afford your individual coaching fees.
Start a Membership Program
Once your website starts to build up steam, you can create a special member-only section. Those who pay for membership can get access to special lectures and advice not available to the general public.
Membership programs can also offer members rewards to incentivize them to stay longer. If you want to have a thriving member community, you need to stay on top of generating special content for them.
There is no one set path to becoming a life coach, and everyone will do it differently. The key thing is to find something you are passionate about and translate that passion into an apparatus that generates money.
If you learn how to make money as a life coach, you can earn up to six figures annually, so don’t hesitate. Life coaching is a lucrative career that is full of meaning and satisfaction.