The life coaching industry has spiked in recent years, with approximately 4.3 million coaches globally. The demand also continues to rise and has an expected growth rate of about 5.4%. (1)
Life coaches are considered wellness professionals. They help their clients develop various aspects of life––from personal relationships to careers and other areas. Leadership, financial, and mental health coaching are some of the common types of coaching available today. (2)
Life coaching is a viable option if you’re looking to supplement your income. In 2019, global revenue from coaching reportedly hit USD$2.8 billion, so it’s a relatively lucrative industry to dip your toes in. (3)
Although you can start as a life coach right away––without needing additional licenses and permits––it’s still better to have the right credentials. Conveniently, you can enroll in an accredited online life coach certification program so you can be equipped with the skills and knowledge to become the best coach for your clients.
If you’re still unsure whether a life coaching career is right for you, weigh the following pros and cons before making a decision.
These are the pros of becoming a life coach:
1: Help others achieve their goals
Perhaps the top benefit you can get from becoming a life coach is the sense of fulfillment after seeing your clients become the best version of themselves. Being able to help others achieve their dreams is rewarding in itself. You get to witness first-hand how they overcame the obstacles they’ve struggled with for years and finally live the life that they’ve always wanted.
Irritability, anxiety, and dissatisfaction are rooted in unresolved issues, whether in the present or past. Often, these are the hurdles that hinder your clients from achieving their goals. However, they might not be aware of them. That’s why they need an unbiased perspective from someone who can be objective about their situation. As a life coach, you can offer fresh insights that’ll help them break bad habits that are pulling them back from making their dreams a reality.
2: Merge your expertise with your life coaching business
Life coaches don’t have to know everything. Rather, they can be experts in a specific area or industry and use their knowledge to help their clients succeed in that particular aspect. For instance, you can be an accountant or financial advisor and aid people to become financially stable. You can also be a gym instructor and start a life coaching business that focuses on physical wellness, as it’s crucial for your client’s holistic well-being.
Knowing this, you can utilize your expertise and start your own side hustle. Additionally, you can continue to hone your skills to further improve your craft.
3: Be your own boss
Lastly, there’s nothing better than building your own business and being in full control of the hours you render as well as the income you receive. Even if you start life coaching as a side hustle, you can work around the schedule of your main job, which is less stressful than having to accommodate another part-time job where you don’t have a say on your assigned shift.
You can also set a price that matches how much value you can offer to clients. You don’t need to sell yourself short, especially if you know that you have a lot of knowledge to impart on a particular niche. Moreover, you can jump right into life coaching in your home. You don’t need to have a physical office or storefront, which means no additional overhead costs. This type of business is also highly scalable, so you can add more products or services when you see fit.
On the other hand, here are the cons to mull about before starting a career in life coaching:
1: High competition
As mentioned above, the life coaching industry has grown in recent years. Although the demand is high, you’ll have a lot of competitors if you decide to take this path. You need to set yourself apart from other life coaches. It can be particularly daunting to think about having to wrestle your way to the top.
Nonetheless, it still isn’t too late to jump on the bandwagon. All you need to do is trust in your skills and determine your value proposition by asking these questions:
- Who can you help? – You must have a target audience in mind. For instance, you can help working moms balance their responsibilities at home and in the office or teach them how to manage their finances properly.
Identify potential clients by using your past experiences and see which demographic sparks an emotional connection with you. This way, you’ll be more passionate about helping them reach their dreams.
- What do they need? – After determining your target audience, you can then evaluate what that particular group needs. Ask yourself what struggles they may be having and the emotions that they’re experiencing right now. Having knowledge in psychology, such as limiting beliefs, can also help you empathize with your ideal clientele and offer life coaching services that solve their specific pain points.
- How can you help them? – Your value proposition is less about your credentials and more about what you can do to help your clients. While your licenses and certifications can boost your credibility, your prospects must be able to see how your specific set of knowledge and skills can help them overcome their own struggles. Knowing this, you need to personalize your pitch for each client, depending on their needs.
2: Longer sales process
Life coaches may be seen as a luxury rather than a necessity. Most people may even think that they don’t need one if they aren’t looking to start a business or become an executive. They’ll also view your services as a hefty investment, so you can’t expect a quick turnover and conversion. Knowing this, you can expect a longer sales process, which means that it might be challenging to get your business off the ground initially.
3: Tact and non-verbal communication
You’ll need to develop your communication skills and learn to be tactful since you’ll be interacting with different types of people. Being exposed to their vulnerabilities and weaknesses can make your clients defensive, so they need to know they can trust you. Non-verbal communication is also crucial, so you must master your body language before facing clients.
Life coaching is a lucrative industry and viable option if you’re looking for a business or side hustle idea. You get to help others achieve their goals using your expertise and become your own boss. However, competition is high, and you need to be patient since there’s a longer sales process involved. Plus, it can be challenging to keep a professional stance if your clients have ideologies that you don’t agree with. That’s why you should consider these pros and cons to see whether this career path is the right one for you.
- “84 Key Life Coaching Statistics For 2022”, Source: https://coachfoundation.com/blog/life-coaching-statistics/
- “What Is a Life Coach?”, Source: https://www.verywellmind.com/what-is-a-life-coach-4129726
- “88 Key Life Coaching Statistics in 2022”, Source: https://www.luisazhou.com/blog/life-coaching-statistics/
- “Your Unique Value Proposition as a Coach”, Source: https://choice-online.com/your-unique-value-proposition-as-a-coach/