What to Know About the Coaching Industry Before Earning Your Certification
The coaching and consulting industry is booming across a range of different business sectors. This rise can make it difficult for a new or aspiring coach to break through the crowd.
The Coaching Market Continues to Grow
One would think that the U.S. market is saturated, but demand appears to still be growing. The U.S. estimated market value for personal coaching was $955 million in 2015 and $1.02 billion in 2016, compared to $707 million in 2011. Many expect the market’s value to reach $1.34 billion by 2022.
Average Coaching Income
According to ZipRecruiter, as of Feb 18, 2020, the average annual pay for a Life Coach in the United States is $60,464 a year. ZipRecruiter is seeing annual salaries as high as $148,500 and as low as $11,000, the majority of Life Coach salaries currently range between $26,500 to $70,500 across the United States. The average pay range for a Life Coach varies greatly (as much as $44,000), which suggests there are many opportunities for advancement and increased pay based on skill level, location and years of experience.
Lack of Industry Regulation
The biggest challenge facing coaches today is that untrained and uncertified coaches are damaging the reputation of the industry. The coaching field is unregulated. No certification or license is technically required and anyone can technically call themselves a coach. Currently, there are over 500 training and “certification” programs worldwide, and many of them will certify you if you simply pay them a fee.
Since the Spencer Institute was launched in 1992, it has been our mission to help you become a high-level success in all aspects of your coaching or training career. Our programs are easy to follow, yet properly challenging. Each is developed with your success in mind. We help you build your successful career, regardless how you want to operate your business.
Challenges Facing New and Millennial Coaches
Life coaching is gaining traction in the technology age, which has opened the profession up to Millennials. However, for young life coaches, it can be difficult to carve out a career in an industry dominated by professionals their parents’ age: 37% of American coaches are 46 to 55 years old. A 25-year-old isn’t going to convince a 50-year-old to be his client. It’s hard when you don’t have enough life under your belt and you don’t know what it’s like to be 40.
How to Stand Out as a Coach
Invest In Your Skills
Today’s market is crowded with individuals appropriating the coach title without the proper training. The most important thing that can serve a new coach is to invest in their ongoing development to stay on top of the market trends and to acquire the best tools to support your clients. As you build your expertise and accompanying resources, your credibility will grow, and so will referrals.
Share What Makes You Special
To break through the noise in coaching, you must deliver truly transformative services and begin the foundation of a strong word-of-mouth referral business. It helps to specialize in a niche, and clients have to believe that you truly care about them and that you’re committed to making a difference.
Find a Mentor
One way new coaches stand out is to ensure their new clients that they receive regular mentorship from a veteran coach. Having a mentor lets clients know you consistently invest in your career development. It informs them that a coach with more experience is available to help you work through challenges.
Ask For Testimonials
In order to stand out, get plenty of practice and become a confident coaching professional. A testimonial is the best way to build your coaching practice, so use a variety of testimonial processes including audio recording, written, LinkedIn and video.
Understand Who You’re Serving
To stand out you must be clear about your clients and their needs. Are you a health and wellness coach? Are you more confident as a life coach? Coaching and consulting require a commitment to continuing education, and without clearly defined goals you cannot acquire the right resources that keep your expertise in line with expectations.
Getting Your Coaching Career Started
Every one of your coaching clients wants results. That’s exactly why becoming a Certified Results Coach is a great choice. You will learn very high-level, yet easy-to-follow, strategies and methods for helping your clients achieve the exact results they desire.
The Online Coaching Certification is your step-by-step blueprint to build a highly profitable online coaching business.
If you are passionate about helping people and living a fulfilling life, we can help you achieve your dreams right now. The Life Strategies Coaching Certification Course combines the latest advancements in human potential and neuroscience with proven methods of success used by the world’s most productive people.
There is always something exciting about earning a new training or coaching certification and applying that new knowledge of how you train your clients. This also helps you hit the reset button.
Our programs are open to anyone with a desire to learn and help others. There are no prerequisites.
That’s it for now.