As a life coach, you will not be paid a set salary. It will ultimately be determined by the type of service you provide, your experience, your qualifications, the country you are in, your confidence and marketing ability, and the fee structure you have chosen. Look at what other similar services in your area charge to get an idea. You may choose to “undercut” the market price to gain clients, or you may choose to provide an elite service that is significantly higher than the going rate.

How you price your service may influence people’s perceptions of how good it is; the higher the price, the higher the perceived value – but be careful not to overprice yourself and price yourself out of the market.As a new life coach, you will likely start with lower fees and gradually increase them. Another way to boost your potential salary is to offer group life coaching sessions. You can charge a lower cost but serve a more significant number of clients at once.

You can also include a program structure in your fees so that people can pay a fixed rate for a one-time consultation or a fixed rate for a set number of sessions. A client will need to come and see you more than once, so offering a fixed price for a certain number of sessions is probably the best way to go. You can arrange for your clients to pay in full or over time.

In addition to providing a flexible course of sessions where the coaching continues indefinitely, you may consider creating a program with a set structure and purpose. For example, you could design a 12-week health program that includes weekly one-hour sessions with pre-determined topics in the first month (for example, nutrition in week one, exercise in week two, psychological aspects in week three, and healthy lifestyle tips in week four), followed by fortnightly one-hour maintenance sessions for the next nine weeks.

In addition, developing a business plan in life coaching is a method of formalizing your thoughts and ideas to establish a framework and direction for your business. It describes the new venture’s culture, vision, goals, and objectives. It enables you to consider all aspects of organizing and running a small business and assists them in determining whether the company will be viable or if new directions should be pursued. It also allows you to examine the outcomes of various strategies and decide what resources are required to launch (or expand) the business. This is a critical tool for your success in the life coaching business.

You must know how you intend to achieve the goals and objectives you have set for yourself. You can accomplish this by creating an action plan. This plan should be prioritised and clearly outline who will be responsible for completing each activity within the time frame specified.

The following are the primary advantages of creating a business plan:

• It makes you justify your goals and actions
• It aids in determining the viability of the business
• It demonstrates your ability and level of dedication.
• It identifies the company’s strengths and weaknesses.
• It aids in the maintenance of business operations, particularly in focusing attention on the goals and objectives.
• It enables the company to be proactive rather than reactive.

You will only have a general idea of where you are going, what you hope to achieve, and how you intend to achieve it if you do not have a business plan. Business plans must be adaptable and frequently revised to account for any changes.