Thinking of starting your own business? Before you dig any deeper here, you should know… I’m biased.
Becoming a “CoachPreneur” was the single best choice I ever made.
Let’s see what you think after reading this…
Every discussion on starting a coaching business should begin with profitability in mind.
It’s a hard fact of life,
But it’s impossible to give your best to help others when you’re worried about how you’re going to meet your own needs.
So we’ll begin with a recent study that sheds light on the current market rates coaches are charging. This one was published by Practice, a web-based workflow platform designed exclusively for coaches.
The study breaks down fees self-employed coaches charge per session and per type of session.
On average, respondents in this study reported charging between $100 and $300 for a one-on-one session and about $284 per participant for a group session.
It’s worth noting that the one-on-one session rates are believed to be closer to $100 due to several coaches who reported higher than average rates.
(Note: that’s what I want for you: a higher-than-average rate!)
The report went on to cite additional sources of income through course fees and similar add-ons. These average about $800 per session or individual use, though some reportedly charge much more.
As you can tell, opportunities are abundant as a coach when you become your own boss. This snapshot speaks to the creativity of coaches who not only work one-on-one but offer group programs and digital products as well.
Multiple, diverse options are an essential element to your success as an independent coach. In fact, variety is equal in importance to being creative and strategic.
Similar to the success achievable when working for others, there are factors that make it possible for “CoachPreneurs” to achieve more impact and INCOME too!
They are:
- A coaching business model that “works” for you
- Professional coaching certification and an ICF credential
- Marketing savvy (…and no, I’m not talking about sleazy, “BUY NOW,” marketing practices)
1.) A coaching business model that “works” for you
As a coach, your individual services are not the only avenue through which you can make a living. Once established, many coaches lean toward passive streams of income like books, coaching programs and other digital products.
Others may offer virtual zoom-based group coaching programs, retreats, or promote themselves and their services through speaking engagements. Even more work their way into team or group coaching as I mentioned earlier.
This brings us back to the importance of having a coaching model that allows you to build your business exponentially.
Training to cultivate change on an individual basis is an essential skill, and a critical first step.
As a savvy CoachPreneur, though you build a customized business model that incorporates one or more of the following to evoke change your way:
- Individual Sessions (Serve 1 at a time)
- Mastermind Groups (Serve 4 to 12 people)
- Workshops & Retreats (Serve 12 to 60 people)
- Hybrid Online Coaching Programs (Serve 12 to hundreds of people)
- Digital Coaching Programs (Serve thousands of people)
- Coaching Products: Books, Journals, Cards, and Games (Serve a limitless audience through passive income)
- _____________________________ (Your ideas here!)
My point is: you can champion change in a wide variety of formats. And with the support of a program like CTW’s CoachPreneur Academy, you don’t have to guess which are going to work best for you. You build a business plan holistically out of your own desires and the needs of your audience.
2.) Professional coaching certification and an ICF credential
ICF credentialed coaches reportedly command nearly three times the pay when compared to their non-credentialed counterparts. Data from the Practice study, cited above, backs this up.
What this means for you as a self-employed coach: Businesses and individuals alike are looking for coaches who have professional training. In fact, coaches without certification reported average fees of about $75 for a one-on-one session, compared to $349 per one-on-one session for those who had earned a certification.
These requirements deeply underscore the value placed on credential within the industry and by clients across the board. Again, this is true whether you choose to work internally as a coach or within your own coaching business.
3. Marketing savvy (…and no, I’m not talking about sleazy, “BUY NOW,” marketing practices)
Many people never learn how to effectively market or sell their services. Instead, they rely on what they garner from the Internet or superficial courses that focus on a single dimension of generalized marketing (How to place a Facebook Ad… How to leverage social posts… Create content with AI… Whip up that sales page in less than 5 minutes).
But the process of selling your services to the right audience is as multifaceted as you and your services are.
Add to that the complexities involved in selling a future outcome, which is substantially different than marketing other goods and services. This places a premium on coach training programs that offer business development with a dedicated focus on entrepreneurship.
One of the biggest mistakes we see in coaches is they focus on getting certified then expect their clients to magically find them. Yet no one will discover, let alone understand, the value of your many business offerings if you don’t market yourself efficiently and strategically.
A core understanding of the marketing process – one that’s specific to coaching services – is critical for independent coaches.
Again, this is why we created the CoachPreneur Academy as an add-on to our Coach Certification programs at CTW.
With more than 20 years of experience in coaching and coach training, we’ve all been where you are. We know it can be difficult to get up and running. But it doesn’t have to be.
If you want to master the business of change and not miss out on a single dollar you deserve, the CoachPreneur Academy is your fast track to success as an independent coach!
So… how much can you make as a self-employed coach?
The golden answer is: you have more control over this than you think.
Even when you pursue a coaching job within an organization, the better you sell yourself, the higher on the scale you’ll start.
As a solopreneur in your own business, the sky is the limit. But the responsibility for knowing how to connect with people authentically while delivering your sales message is also greater.
These strategies are also explained in our Coach, Transform & Prosper program. You’ll learn how you can:
- Invest in the best path to achieve your goals.
- Understand coaching credentials, why they’re important, and what each can do for you.
- Bring your whole self into your work (and the world!) through our Whole Person Coaching model and philosophy.
- Test-drive our FootSteps coaching intervention model to cultivate positive momentum in your life and for others.
- Avoid the three biggest barriers that prevent coaches from generating the results their clients want.
- Use our Archetypal Strengths Assessment to figure out where you belong in the field of professional coaching to maximize your economic engine.
- Learn the four most effective ways coaches get started, and how they achieve a six- to seven-figure incomes.
