The average salary for a life coach depends on their qualifications, experience, location, and marketing efforts. A certified life coach’s salary isn’t necessarily more than what coaches without credentials earn.
However, there are a few strategies that you can apply to price yourself right and increase your earnings.
The secret to charging the right life coach salary
The salary of a life coach isn’t set in stone. You can always earn new credentials, learn new marketing tactics, and expand to new markets.
Ultimately, the price you charge is determined by the value you can deliver to your clients. To increase your life coach salary, you need to look for better ways to serve them.
Whether that’s learning new coaching techniques or restructuring your packages, your coachee should walk away seeing tangible positive changes in their lives. If you can deliver that, you’ll no longer compete with others on the market; you can reach as far as the buyer potential of your audience.
But there’s another secret to bumping up your earnings: taking confidence in the value you can deliver.
If you truly believe that you are competent and that you can create massive transformations in the lives of others, you’ll feel more self-assured about asking for a higher price. You’ll be more assertive when you’re selling your services because you know you can fulfill your promises.
4 pricing strategies for coaches
Now, with the right mindset in place, let’s look at some practical ways you can price your coaching services.
1. Reverse engineering
One way to determine the price of your packages is to break down how much you want to make in a year and the time you want to spend working on your business.
This will give you an average hourly rate. Keep in mind that this isn’t the same as your hourly coaching session rate; you also spend time preparing for those sessions and managing your business.
This process gives you clarity on how you want to allocate your time and energy to earn the salary you want.
2. Listen to your gut
Now that you have some numbers down, don’t forget to listen to your intuition as well. Evaluate your worth and the energy you bring to each client relationship.
Before you commit to a client, ask yourself, “Does working with them at this rate excite me?”
If you feel you’ll be spreading yourself too thin, think about what price would make you feel comfortable committing to that contract.
And if you still feel icky about it, maybe the person isn’t your client. It’s always better to say no to someone who isn’t the right match and make space for someone who is.
3. Charge for results
The best alternative to having an hourly rate is to charge based on the results you promise your client.
If you can create a permanent change in their lives, they will see your rates as an investment in their future and will be more likely to refer other clients to you.
Focus your marketing strategies on proving the results you can deliver. You can do this by collecting success stories from past clients, sharing anonymous case studies, and talking about your credentials.
The more you build up your brand, the more you earn the trust of your audience, which means gradually increasing your rate every year.
4. Consider industry standards
After you’ve priced yourself according to your business goals, compare your rates with what other coaches charge.
Although it’s not an aspect to solely base your pricing strategy on, you do need a reality check to see how the market is evolving around you.
As a local coach, other professionals in your area may be more relevant. An online life coach’s salary is better compared to the global target markets the business is targeting.
Remember, you can always identify new strategies to stand out in the industry and increase your rates as you grow in your career.
Build a lucrative and fulfilling coaching career
You can always come back to these four strategies to iterate on your pricing structure every year.
If you want to dive deeper into how you can increase your earnings as a coach, join us in the free Become a Mindvalley Certified Life Coach masterclass.
In it, you’ll learn how you can capitalize on the surging demand for coaches to build a lucrative career—no matter the economy.
