It’s more expensive than you might think. The average coach’s annual salary goes up $3,000 to $6,000 a year.
What you can save:
Most coaches save most of their money.
The average annual salary for a business coach, an education coach, a personal development coach, and an energy coach all went up by $1,000 or more between 2012 and 2016.
But not all coaches make nearly these sums. There can be a lot of variables working in your coach’s favor. The number of clients you get, and your current level of effectiveness, are just two things that can make a coach a lot more or less money.
The best part? There is money to be made anywhere. In fact, experts have long estimated that the majority of people who invest in coaching can earn significant money in one way or another through coaching.
Why coaching is becoming so important?
Some people think that coach training costs the government money. It’s true that most coaches pay tax on the money they make from coaching. But as with investment, the majority of coaching money is actually tax-deductible.
When a business owner invests in an entrepreneur, they’re not paying tax on the money they make in one way or another. However, if they do the same for a coach, they will be on the hook for income taxes on that money.
In other words, even though it’s a good idea for us adults to be learning new skills, most people haven’t made the connection, yet, that it’s good to invest time in a coach for free. There are people who are doing all they can to save their coaches a bunch of money, but those people are doing so for a few other reasons, such as personal motivation or the belief that they can make a lot of money.
And don’t get me started on my college friends who think they can “make it in coaching” but in return don’t even have time to study for their classes.
For some people, the idea of saving money through paying money to improve yourself seems like a bad thing. Sure, I’d like the opportunity to help people (but I need a schedule of work, not a time commitment). And many people are looking for a way to make an immediate income from teaching (and I’ve never been able to help any of them).
But if you spend any time thinking about the long term impact of coaching, you probably
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