For some reason, in coaching this can often feel a little taboo. People come in to coaching to help people in different ways and there can be, for some people, a discomfort around charging money. However, the reality is that we all have bills to pay, lives to support, and exciting things we want to do. And if you’re earning your income outside of coaching, then you have less time to coach, you’re making less impact with your coaching and less people benefit from working with you.
So. Let’s talk about money for a moment.
It can be difficult to give a good answer to the question of how much a coach earns or how much they charge since there are so many variables. However, we can offer some useful guidelines.
Coaching income can range from simply a supplemental income of a few thousand pounds per year all the way to several hundreds of thousands in exceptional cases. This depends so much on the desire, attitude, needs and aspirations of each coach. As described below, however, recent research has been done by the Association for Coaching to get a sense of the average.
Equally, how much coaches charge per session, or coaching contract, varies widely. To some degree, the amount a coach can charge will depend on their level of experience. But more typically, fees and earning will be more related the kinds of clients the coach works with and their own sense of confidence.
Anecdotal information from our own Animas coaches, suggests that in personal coaching (as opposed to executive coaching, see below), the following is fairly typical. A new coach will charge around £30-£50 per hour upon qualification and relatively quickly, as they gain confidence, they will charge £50-£100 per hour. More experienced coaches as they head in to their third year and beyond will frequently charge around £150-£200 though many will remain around the £80 range for longer.
In the executive coaching arena, we find Animas coaches charging typically £200 per hour, though sometimes significantly higher. Often their work will be on contracted on a daily basis of £1500+.
These figures are not set in stone and each coach will need to find where they want to operate, sometimes overcoming their own limiting assumptions about money and worth.
According to the Association for Coaching’s UK Coaching Rates Report, the majority of coach sessions are priced between between £50 and £250 per hour which tallies with our experience at Animas.
The ICF’s 2016 Global Coaching Study quotes that in Western Europe, coaches earn an average of £42,000 a year for their coaching. Again, as mentioned above, so much of the potential income from coaching will come down to whom you choose to work with and how committed you are to making it a success.
It’s also important to think about how coaching will support the kind of life you wish to lead.
The question we believe you need to ask yourself is not so much which pays most or where will you most easily find clients, what you actually want to do and whom you really want to work with? What would make your heart sing and brain buzz with energy?!
Of course, coaching fees are just one of the benefits of running your own coaching practice. There are many other empowering aspects to a coaching career which are equally, or even more, attractive including the ability to work remotely, independently, and flexibly. We use an acronym at Animas called LIFE which stands for Lifestyle, Impact, Finance and Emotions to describe the outcomes you need to consider when planning your coaching business. We believe that your journey as a coach needs to fulfil your aims for all four areas of life.
It’s also worth noting that the coaching market is expanding (by 19% in the last five years) and internal coaching positions, as well as careers as coach supervisors, are increasing.
Give yourself a head start by gaining an accredited life coaching qualification which will help you build your experience and reputation by choosing the Diploma in Transformational Coaching with Animas.