The School of Coaching Mastery estimates that the average executive coach makes $325 per hour, the average business coach makes $235 an hour, and the average life coach makes $160 per hour. I charge around $250 per hour. With over 2.5 billion people online daily, the amount of revenue made through coaching can be significant, and enough to quit your day job.
The money’s there, but coaching isn’t for everyone. More than that, most people have questions about how to start or grow a coaching business. We are in a series about practical strategies you can use to build a business that supports your family, and do it by the end of 2015. We’ve talked about hosting your own conference for little or no money, and getting booked on TV. Let’s talk about how you can build a profitable coaching business as a part of your arsenal.
You can coach
One of the biggest objections I hear from people who want to start a coaching business is the question of their credentials. We question our self at one point or another as to whether anyone should or will listen to us.
First, realize that the best “training” you can get is experience. If you have experienced something and triumphed through it, you’ve been trained on the most important part of coaching. Learning something in a book or course is not the same as going through that situation in real life. If you have the experience, you can learn how to help people in the most effective way. You have what it takes to be a coach. Don’t let haters keep you from making an impact in someone’s life.
The “free” consultation call
Since August of 2011 I have given away 127 hours of free coaching. Yes, that’s an accurate number because I keep track. One could look at all those hours as a lost opportunity, but I view it as my training on how to coach. I am a better coach because of that on the job training. I don’t however, recommend you do the same. (more…)