The life coaching industry is rapidly growing, valued at around $2 billion globally. Life coaches have a broad earning range of $30,000 to $300,000 annually. There are 71,000 professional coaches worldwide and 23,000 in North America. Life coaching provides support to individuals and companies.
In 2023, the industry’s value has increased to a $2.85 billion global industry. It is offered at the bachelor’s and master’s degree level. Coaches work with individuals looking to reach goals and act as thinking partners in typically weekly or bi-weekly one-hour sessions. The process often unlocks imagination, productivity, and leadership.
Key Statistics
- 52,905 life coaches globally, up from 33,594 in 2019.
- Estimated $15.2 billion market value in 2023, up from $2.849 billion in 2019.
Becoming a Life Coach
To become a coach:
- Be your own first client.
- Develop standards to ensure quality and ethical practices.
- Use technology for online coaching.
- Specialize in a particular area.
Coaches earn an average of $231 hourly. The industry’s expansion shows no signs of slowing down. While obtaining certification can enhance credibility, it may come with high costs. Additionally, coaches are encouraged to prioritize self-care to avoid burnout. Most coaches hold at least a bachelor’s degree and have an average age of 35.
Coaching serves as an effective method for individuals or teams to reflect on personal and professional life aspects, identify strengths and weaknesses, and devise problem-solving strategies. A good coach empowers clients to find their own answers with appropriate support and guidance.