The Life Coaching Industry is Growing
This is the BEST time to become a coach! And, in fact, the future is going to be an even better time to be a coach—but more on that later. Today, the life coaching field is a 2 billion dollar industry with a 5.5% yearly growth, according to Forbes. Seven hundred million of that comes from the United States.
So that also means that this is a field that is thriving worldwide. Keep in mind that the coaching field is only about 30 years old and has exploded in the last 10 years. In fact, the National Post states that it is the second fasted growing field.
Life Coaching Salaries are Good (Especially for Niche Coaching)
According to market research the average salary of a coach is $62,000. The top ten percent of earners, who earn 6 figures, have been found to have one thing in common—they focus their coaching on one specific market—aka they are offering niche coaching.
In other words 90% of the other coaches are doing general coaching. So what does that tell you? That as you develop your practice you should look at how you fit in this coaching space and what specific outcome you want to create and population you want to serve.
While most coaches work with individuals—and in most cases being a life coach is a BUSINESS, not a job, there is growing interest in the corporate world in the benefits of hiring coaches for their employees. This trend is especially prevalent in Fortune 500 companies.
Manchester Consultant study stated that companies that hired coaches for their employees saw a 6 times return on their investment. They also found a 73% improvement in relationships, a 65% improvement in Team building and a 45% improvement in productivity and output by those employees. These are great results that enhance the value of the field of coaching.
Technology Makes it Easy to Be a Coach
Another reason it’s a great time to be a life coach is that technology has made it EASY to be a coach! Coaches can work with clients all over the world, meaning they’re not limited only to people in their local market.
Because they can meet virtually through free programs like Skype and Zoom, they don’t need to rent an office and can keep their costs low. Plus, other programs make running a coaching business easy, such as online scheduling software and the ability to take payments online. And, marketing has become easier too, with do-it-yourself website creation and low-cost online advertising.
Economic Shifts Will Lead to Future Growth
So, as I mentioned, it’s an amazing time to be in the life coaching field—and the future is even brighter! Follow me for a minute as we look at the future of our economy. The reality is that we are in one of the biggest shifts in our economy that we have seen in human history. In fact, the McKinsey report states that by 2030 30%-50% of jobs will be displaced by AI (artificial intelligence), automation, and robotics. These new technologies are experiencing exponential growth and they will change every aspect of our lives.
We don’t say this to scare you, we say it because this shift represents opportunity. We truly believe we live in the best time in our history and that these advancements will improve many aspects of our lives to an extent that we cant even imagine today.
The Death and Re-birth of Industries
So lets tackle the elephant in the room, what does it mean to you if 30%-50% of jobs will be displaced? It means that you are either preparing for the future in your career or that like dinosaurs you may be in a field that may go extinct.
But we want to make sure you understand that this does not mean that up to half the population will lose their jobs and not get new ones. It means that up to half the population will need to CHANGE jobs. EVERY SINGLE TIME industries have died, new ones have been born.
Ice used to be the biggest industry in the United States. Yes, ICE! Automobiles replaced horse-drawn carriages in only a few years when Ford released the Model T. We’ve been here before. While robots and AI may replace human labor in some industries, this period of rapid growth and expansion is CREATING new jobs. Entire new industries are being created.
If you have young children or grandchildren right now, chances are the careers they will have as adults are in jobs that haven’t even been thought of yet. The good news is that these changes will actually be beneficial for the coaching field. This is because the fields that will experience significant growth—up to 150%—are the educational field and helping fields, like coaching.
You may be wondering why these fields will grow, and there are 2 reasons. First, high-touch fields cannot be easily automated because the human connection is needed. Second, as these changes disrupt people’s careers and lives, they will be redefining their identity, seeking meaning, creating life changes, and learning new skills—and they will need a coach to help them through it.
So, as you can see, being a life coach makes you perfectly positioned to thrive through the upcoming economic and social changes—in fact, it prepares you to help be part of the solution and be one of the ones who supports other people through the changes. There has never been a more important time to be a coach!
The Perfectly Positioned Life Coach
After looking at the life coaching industry today, and the expected growth in the field in the future, as well as the income potential and the technology that exists to support you as a coach, we hope you are excited about the field and ready to join the movement! Being a life coach is a great way to fulfill your greater purpose while making a difference in the world—and getting paid to do what you love!
Life Coaching 101
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Joeel & Nataile are co-founders of Transformation Academy®, where they train leading-edge entrepreneurs, leaders and life coaches how to master their mindset and create a purpose-driven business. They have started more than a dozen businesses, and trained over 500,000 coaches from 200_ countries and territories. Joeel is a former psychology professor with a Master’s Degree in Counseling and Education is currently completing his dissertation on eudaemonic happiness for a Ph.D. in Psychology.