Almost everyone wants to better themselves, but many people struggle to make significant improvements. Life coaching business help people make the changes they want to see in their lives, whether those changes are related to their careers, health, relationships, or some other aspect of life.
A life coach is there to speak with clients about any issues the clients have, help clients set motivating goals for themselves, navigate through important personal and professional decisions, and much more. Though most life coaches help coach clients in various aspects in their lives, it is possible to specialize your coaching to an area about which you are really passionate. A few examples of specialized life coaches include health coaches, special needs life coaches, relationship coaches, career coaches, and executive coaches.
What are the costs involved in opening a life coaching business?
Starting up a life coaching business is a low-cost endeavor. Business owners need reliable transportation, a phone, a computer and internet access. Other expenses include marketing costs and insurance.
To keep initial expenses minimal, most business owners use their personal vehicle, phone and computer when starting out, and they meet clients in public places (e.g. coffee shops or business centers).
What are the ongoing expenses for a life coaching business?
The ongoing expenses for a life coaching business, like the startup expenses, are low. Ongoing costs include expenses for insurance, marketing, transportation, internet access and a phone. Coaches that hire employees and open offices also have labor, rent and utility expenses, but coaches don’t have to take their business in this direction.
Who is the target market?
Your clients will be people that are looking to make improvements in their lives. They may be people who feel like they are caught in a slump and need a kickstart to start succeeding the way that they want to, or they may be already successful individuals that are looking for someone to help coach them through successfully managing the various tasks and situations that they have to handle.
Regardless of the situation in which your clients find themselves, they will be looking for a life coach who gives off an aura of success, confidence, and support.
How does a life coaching business make money?
A life coaching business makes money by charging clients for coaching services. Coaches often either charge an hourly fee or request a retainer. (A retainer is when a client is guaranteed that a professional, such as a coach, will be available for a certain amount of time in a given week or month.)
How much can you charge customers?
Top life coaches charge as much as $3,500 per hour to help CEOs and other executives, but few are able to command such high salaries. Most life coaches’ hourly rates fall between $75 and $200 per hour coaching a client, which doesn’t typically include prep time. When working on a retainer, coaches typically charge a client between $500 and $2,000 per month.
How much profit can a life coaching business make?
Citing an ICF study, the Bureau of Labor Statistics reports that the average life coach earned $61,900 in 2015. This is substantially higher than the median annual wage of $36,200 that year.
How can you make your business more profitable?
Life coaches can increase their revenue by offering coaching online, or running classes or seminars. Online coaching doesn’t require traveling to meetings, so life coaches are able to serve more clients. Classes and seminars also help coaches reach more clients, as they can speak to several people at once in each setting. Classes and seminars can be especially successful after a coach has a list of established clients to recruit to a class or seminar.
What will you name your business?
Choosing the right name is very important. We recommend checking if the business name you choose is available as a web domain and securing it early so no one else can take it.