Many people view life coaching as a vocation, which allows them to help others live better lives. However, many aspiring life coaches struggle to balance assisting others and earning enough to pay the bills. If you are looking to pursue this path, this article will help you discover how to make money as a life coach.
- According to IBISWorld, the life coaching industry has a market share of $1 billion. It is one of the select sectors that continue to post growth despite the challenges brought about by the COVID pandemic.
- Life coaching is a vital service regardless if the economy is booming or contracting. People seek life coaches’ support to help them grow professionally and personally to match the overall economic state.
- Although people initially seek life coaches for leadership and career coaching assistance, they get support on family and personal relationships.
- There are various niches for you to join. If you can’t find any, then maybe you can establish your own specialization.
- According to Forbes, life coaches can earn hundreds of thousands of dollars. Some don’t have special certifications but established expertise in a particular field does help build credibility.
1. Personalize coaching sessions.
Get started with one-on-one sessions with your clients. Focus on giving them the attention they need and on their specific concerns. Work with them in addressing challenging areas.
A pro tip is to keep sessions short yet conclusive. Try not to stretch your meetings unnecessarily. By being mindful of the time, you give the impression that you value results and not the hourly income. Your clients will soon schedule more sessions with you because they will be ready to share their progress.
You’ll be surprised when you check your bank account and realize that you are earning more from shorter, more focused sessions than traditional long-winded ones.
2. Organize group sessions.
Before you do so, make sure that you are confident to do so. Managing a group is different in contrast to individual sessions. Group sessions have a different atmosphere, but this is another income channel if you know how to make the most of this energy.
By nature, people like to interact with others. Getting validation from as many people as possible can help boost our confidence. That is the secret to group coaching sessions. You are allowing your clients to gain peer validation. On top of this, they will also see how successful you are in helping others grow.
Not only are you able to establish a new way to earn money, but you are also adding significant points that solidify your reputation as a life coach.
3. Set up webinars.
Start with short and free sessions to test the market and gain a following once you have piqued your target market’s interest. Then, you can host short, informative paid webinars. Avoid lengthy sessions which run the risk of losing the attention of your audience. The key is to keep them short, and this is another effective strategy when thinking about how to make money as a life coach.
Paid, well-planned webinars will help bring money to your business. Interactive versions make discussions more enjoyable, so you can also consider this type. Remember that you can re-use them on your website and social media pages when you record sessions. Aside from this, webinars can increase traffic to your business pages and potentially give you new clients.
4. Accept motivational speaking gigs.
John Maxwell, a world-renowned speaker, started as a pastor but now speaks to Fortune 500 corporate leaders. If you think you still have a long way to go before you get to his level, know that John Maxwell began his journey in a small church. However, he steadily fueled his passion for helping others.
You can go ahead. Be a speaker and share what you know. Seminars are also terrific learning opportunities for you because you get to interact with people with varying understanding levels when it comes to life coaching. You can use the stage (no pun intended) to talk about what you do, what you have accomplished, and why you can help them achieve their goals.
5. Work with companies.
Instead of looking for individual clients, you can link up with corporations. Even established companies need life coaches to ensure their management team can manage their workloads and live full lives. Corporations consider this to be essential to avoid employee burnout and to reduce turnover.
Some life coaches start out working with executives, but they get to expand their client base by working with the junior members who need assistance in climbing the corporate ladder. The opportunities are countless. On top of this, you get to strengthen your credibility while expanding your network. Another incentive to working with companies is that the people you work with are more accountable since they also need to report their progress to you and their managers. This is another superb solution when thinking about how to make money as a life coach.
6. Set self-paced sessions for busy professionals.
People have different learning styles and various comfort levels. Why don’t you offer self-paced programs for those who cannot carve out time for individual or group sessions with you? This approach is also an excellent opportunity to work with potential clients who are not comfortable voicing their issues.
You can help them work on their comfort level while setting them up for success through your self-paced programs. To ensure success, do incorporate checkpoints that allow you and your clients to evaluate progress and address challenges. Make your self-paced coaches feel that you are still accessible to them through personalized coaching sessions once they are ready.
7. Develop digital courses.
Based on your niche and experience, you can design digital courses that provide clear and actionable steps to succeed in specific areas. Examples to consider are how to make money as a life coach, achieve work-life balance after the pandemic, and work from home and still be efficient.
The list goes on and on. What is excellent about these digital courses is that you can talk about them on your social media pages, which generates traffic and interest. Not only does it help you earn more, but it also builds your reputation as a life coach.
8. Come up with books, ebooks, and audiobooks.
It is unnecessary to come up with new materials here. You can convert all the topics you used for your webinars and courses into books, ebooks, and audiobooks.
Don’t believe that traditional book formats will not help your business. Many people still prefer to read books, especially when they want to unplug from the digital world. Whether you work with established publishing companies or pursue the self-publication routes, you can undoubtedly earn from this channel in book sales and reprints. Some authors even develop newer versions of old books by adding new content or improvements to old strategies. You can certainly do this.
What is good about books is that you can also offer them as incentives to people interested in signing up for your digital courses. You don’t need to think of additional marketing materials because you can use something you already have. Now that is a winning strategy.
9. Coach coaches.
If you have established your name in this industry and have a decent base of clients and followers, now is the prime time to bring your business to the next level. Empower the next generation of life coaches by sharing your skills through a paid program.
You have the experience, know-how, and success stories to share. In other words, you know the full lifecycle. These aspects give credibility to your discussions.
You can now guide life coaches and help them become successful in their businesses. More and more people will look at this booming industry every year. Be a consultant and leverage your expertise.
10. Establish a members-only program.
When you become busier and more successful, you can better manage your activities by establishing a membership program. Paid members get access to you when they need assistance or are ready to share their progress.
Subscription-based programs help you to have a steadier income flow as you increase the membership base. Aside from this, a more extensive base elevates your position as a life coach.
Partner With Hope and Healing Solutions
Although our team has simplified how to make money as a life coach, we understand it can still overwhelm aspiring life coaches. Hope and Healing Solutions have a team of professionals who can work with you in starting or growing your life coaching business and set you up for success.
We have fantastic designers who can help develop high-converting websites and landing pages that attract your target market while communicating your brand successfully. Our content creation team can help you design materials for your blogs and websites. We also have a social media and ad team that will maximize your social media strategy to consistently attract clients and increase your income potential.
Partner with Hope and Healing Solutions to clarify your message, reach the right people, and build your business.