Recent surveys note that coaches in the US average about $60,000. That compares to about $44,500 overall in all full time jobs, and about $4, 200 less than other people in other professional / management occupations.
That's not enough...
Most professional coaches work hard: I find them to be 'students of their own profession' - always trying to improve their game. They're also very caring people: many will take on pro bono assignments simply to help others improve.
The coaching sector has grown very quickly over the last decade. The number of grads each year has jumped, and others are using other forms of training. This rapid growth of our profession is causing a lot of heartburn; many coaches may never have a successful and satisfying life due to the "competition" who are prepared to outspend on marketing to reach new clients - often in other countries.
Sadly, most coaches were never trained how to grow their 'businesses'.
When I interview a coach who wants to join our network, John McKee and Associates, I ask them about their 'business'. I want to know how many clients they're working with, what their rates are, their success factors,and their net income. Importantly: are they investing to grow their client load.
Based on my discussions:
- about 70% have never been trained in the profit models required to have a healthy coaching business
- most don't even create a business plan each year or even have a income target
- the # of clients they have is too low to make a decent living. And they don't know the optimal # of clients. Optimal doesn't mean "most".
- many solo coaches are disappointed with their results, but are not engaged with others in their chosen areas
If these coaches don't change their approaches, they will not survive. That would be very unfortunate because most of us simply want to help others to become more successful.
The world needs more coaches who are successful.
My advice if you are a coach who isn't achieving your results:
1.Find a peer coach; hold each other accountable
2.Get engaged with the local coach group of the International Coach Federation
3.Take a job in an organization that will pay you appropriately to serve their employee needs
4.Join a coach network of professionals who can help you learn from peer associates and be held accountable to your commitments.
If you can do all of these, it's kind of guaranteed that you'll serve more clients, make a better income, and improve your game. What's not to love?