Are you wondering about the executive coach, life coach, and business coach salary? Well, this post is worth reading…
Professional coaching gained respect as a career over the last couple of years. This is because of the fact that many people face drastic career changes and economic uncertainties. These people find relief in hiring a life coach or a business coach who helps them overcome their struggles.
Statistics on Business Coach Salary
The ICF Global Coaching Study conducted a survey among 15,380 coaches in 137 countries. These include coaches from Asia, Africa, Europe, Australia, South America, and North America. Below are the average salaries of a business coach/life coach in the respective locations. These figures will make you understand why coaching is becoming a thriving career.
- Oceania – $73,100
- Middle East and Africa – $35,900
- North America – $61,900
- Latin America and the Caribbean – $27,100
- Asia – $37,800
- Western Europe – $55,300
- Eastern Europe – $18,400
Survey participants were either solely providing coaching services or doing it part-time. Moreover, part of their coaching services includes counseling, facilitating, teaching, consulting, and mentoring.
Average Hourly Fee for A Coaching Session
The survey also revealed that the average hourly fee for a coaching session is 231 USD. Although, experience plays a vital role in determining the right quote for a 1-hour coaching.
Those with less than a year of experience charge $128. Coaches with 1-2 years of experience can charge $152 hourly. For those with 3-4 years of experience, the hourly rate can go up to $194. Those with 5-10 years of experience offers coaching session at $256 per hour. Lastly, coaches with more than 10 years of experience have an hourly rate of $321.
Out of the surveyed respondents, coaches can keep an average of 10 clients at a time. They also work an average of 13 hours a week. Multiplying these numbers, you will realize how lucrative the coaching industry can be.
Coaching Salaries Surveyed by Sherpa Executive
Sherpa Executive divided their coaching survey into 3 main niches – executive coach, business coach, and life coach. Their 2018 survey revealed the following coaching salaries per niche:
The annual salary of an Executive Coach is $104,700 USD. A Business Coach earns $61,000 per year. Lastly, a Life Coach earns about $37,000, which decreased sharply compared to the last two years. Executive coaching and business coaching, on the other hand, had around a $10,000 and $6,000 increase respectively.
When it comes to hourly rate, Executive Coaches still earn the highest at 386 USD. Business Coaches earn $279 per hour. Lastly, Life Coaches earn $190 per hour.
Data from 2013 also revealed that Executive Coaches and Business Coaches have around 6 clients per week while Life Coaches had meetings with around 8 clients weekly.
Self-Employed Life Coach Salary
The above statistics involved coaches who are hired either by a company or an individual with specific employment clauses. Self-employed or freelance life coaches have an average salary of $46,678 according to PayScale.com. The lowest salary of a self-employed life coach is $27,019 annually while the highest is $210,933 per year.
How to Diversify Life Coach, Executive Coach, and Business Coach Salary
There are many ways life coaches, executive coaches, and business coaches can diversify their salaries. These include providing other services other than one-on-one coaching sessions. These include:
- Group coaching
- Training others to become a coach
- Email course
- Hosting seminars
- Video series
- Audio series
- “How-to” manuals
- Coaching packages
- Motivational speaking
A strong coaching business has more than just years of experience to offer. Coaches should also have a wide range of coaching products, a powerful income-producing website, and a strong marketing plan.
Remember, the more value you offer to your clients, the more revenue you can have. Apart from the monetary side, you also get to enjoy your time back as a coach.
Want to Start your Coaching Business?
Coaching is one of the businesses you can start this coming new year. But first, you need to have the necessary training to become an effective coach. Allow me to help you achieve your dream of becoming a coach so you can help others too! Book your NO COST Strategy Session today!