The world is moving at an accelerated pace.
As we transition into a new year, people are preparing to make big changes in their life – taking the next step in their careers, finances, health, and relationships.
Big changes like these come with big challenges. People need support in making important transitions in their lives.
This is why there is such a huge demand for coaching right now. People are hiring coaches to help improve every area of their lives.
One of the most common ways is hiring a personal trainer to help them with their fitness goals – someone to keep you accountable and hitting your targets.
It’s no wonder that coaching is the number one career growth opportunity and trend in 2018.
Coaching In 2018 By The Numbers
Coaching has become a $2.4 billion USD global industry. It is considered one of the fastest growing professions worldwide, and has grown 35.2% since 2011 in North America.
Along with its rapid growth, coaching is an extremely lucrative career.
According to the 2016 ICF Global Coaching Study, the average annual salary for a part-time professional coach is $61,900 in North America. The average fee for a 1 hour coaching session is $234. Numbers don’t seem to add up? Keep reading.
Compare this to the 2017 Bureau of Labor Statistics median salary for full-time employees in the United States of $44,668. That comes out to $21.50 per hour for a 40-hour workweek.
Now, an important thing to note here is time – the same study from 2016 by the ICF shows that a coach with 11 active clients works on average 13.9 hours per week. That’s about a third of the number of hours of a full-time employee.
What Is A Coach?
A coach is a paid expert that helps a client reach a specific personal or professional goal by accelerating their transformation to the next level.
Coaching is supporting another person through transition and transformation.
Traditionally, coaching has its roots in sports. The role of a sports coach is to develop the team’s athletes to their maximum potential.
“All coaching is, is taking a player where he can’t take himself.” – Bill McCartney
However, coaching is a catalyst for change in many industries and areas of life – not just in sports.
“Part therapist, part consultant, part motivational expert, part professional organizer, part friend, part nag – the personal coach seeks to do for your life what a personal trainer does for your body.” – Kim Palmer
Coaches provide valuable support that people are willing to pay for in order to reach their goals faster and smarter.
“I absolutely believe that people, unless coached, never reach their maximum potential.” – Bob Nardelli
Coaching is all about performance, success, and achievement.
“Executives and HR managers know coaching is the most potent tool for inducing positive personal change, ensuring better-than-average odds of success and making the change stick for the long term.” – The Ivy Business Journal
Coaching is used by winners, leaders, high performers and successful people in every industry.
“Who, exactly, seeks out a coach?…Winners who want even more out of life.” – Chicago Tribune
A common reason for individuals to seek out a coach is to assist them in getting to the next level in their careers – whether it is to attain a higher position in their current vocation or to switch industries altogether, a coach can walk a professional through this important and pivotal change in their careers. The return on this sort of investment is both monetary and meaningful.
“People who want to stand out at work or face a job crisis increasingly turn to career coaches. There are now an estimated 10,000 coaches nationwide, up from 5,300 in 1998.” – The Wall Street Journal
There is a misconception about coaching that it is the same thing as counseling or therapy. While counseling or therapy focuses on guiding a client through personal, social, or psychological distress, coaching focuses on taking specific steps to solve a clearly defined problem, and achieve a measurable personal or professional goal.
“A coach can play any number of roles – mentor, consultant, motivator, but one thing she or he is not is a therapist. Coaching deals with the “how”: how you can move on from where you are and make change. It’s action-oriented, and concerned with the present and future, not the past.” – Shape Magazine
“My expertise is bringing out the best insights and action plans in each of my clients. It’s not about hiring an expert to tell you what to do. You hire a coach to help you discover how to make effective choices,” said Marian Baker
Coaches hold you accountable. Once you have gained clarity about your present situation and future goals, your coach will help you establish a clear plan of action – a path that will lead you to your goals. In order to get there, your coach will check in with you to ensure you are taking the steps to reach your goals. They hold you accountable, week after week, until you successfully achieve your goals.
“Procrastination is one of the most common and deadliest of diseases and its toll on success and happiness is heavy.” – Wayne Gretzky
Coaches help you understand yourself. The role of a coach is not to instantly diagnose you of your shortcomings and tell you your strengths. Instead, they guide you with questions and make observations to allow you to discover yourself. This process will walk you through a journey of self-discovery and show you what it is you need to work on within yourself, in order to gain clarity about what you need to focus on in your personal or work life.
“Know yourself and you will win all battles.” – Lao Tzu
Why Become A Coach?
As a coach, you have the opportunity to create transformative change in another person’s life.
You also have the opportunity to change your own life.
Coaching gives you the freedom to choose to work with more clients and generate a higher income for yourself and your family while having more time to spend with them, traveling, or other hobbies.
You can charge $200-300 per hour right out of the gate.
You can work hours that you set for yourself.
You can work with people you want to work with, and none that you don’t.
You can take vacations when you want to, and as often as you want to.
You don’t need formal training.
You don’t even need to work with your clients in person.
You can work from home or anywhere in the world.
The Internet has made this more possible. With tools such as Skype, you can reach clients anywhere, and be anywhere yourself. Coaching can be a fully remote career that you run from your laptop. All you need is a solid Internet connection.
How Do You Know If Coaching Is For You?
Ask yourself if you exhibit these qualities of a good coach:
- Find joy in helping and supporting people on their professional and personal journey
- Excellent at listening and understanding another person’s situation
- Take pride in seeing other people succeed as a result of your advice or support
- Have a high level of empathy and intuition
And if you find value in these benefits:
- Ability to set your own schedule
- Freedom to choose who you work with
- Time to spend with family, traveling, and personal hobbies
If these resonate with you, coaching may be the best career opportunity for you.
Want To Learn How To Become A Coach?
If you’re interested in learning about starting your own coaching business, or you are currently a coach and want to get more clients and take your coaching business to the next level, book a Breakthrough Session with John.
We’ll help you:
- Clarify Your Vision and Goals
- Create a Step by Step Action Plan
About the Author: John Payne. Author, Speaker, and Peak Performance Coach known for his impactful style of speaking on how Confidence and Sales Skills relate to achieving success in Business and Relationships. In 2016, he began Selling With Honor to help other coaches attain their dreams.