How much do Business Coaches make?
After writing in my blog post titled “How much do Executive Coaches make?” and “How much do Life Coaches make?”, I got a lot of requests from my readers asking for some insights into Business Coach incomes.
Before I go into that, what exactly is a Business Coach? A Business Coach is a professionally trained coach with a background in business issues who oversees, assists and guides you—the small business owner—in developing, starting, and growing your business. The Business Coach helps you clarify your business goals and objectives and helps you develop the skills and acquire the resources needed to operate a successful enterprise. Your Business Coach meets with you on a regular basis, either in person or over the telephone, to discuss the current and future business and life issues you are facing. This structure keeps you and your business on the track you have set — continuously moving forward toward your goals and objectives. The results are that you experience clarity of what success means to you, and the means to create success!
So, what can a Business Coach do for you? A Business Coach can: –
- Helps you look at the big picture for your business and life
- Guides you in enhancing your business skills and intellectual development
- Provides candid feedback to you about your strengths and weaknesses
- Helps you identify business opportunities
- Links you with professionals and organizations that can assist you in solving problems
- Helps you through the transitional periods in starting and growing a small enterprise
- Assists you balancing your personal with your business life
- Listens to the problems you are facing, helps you set goals and develop a plan, and requires you to carry out and implement your plans
- Encourages and motivates you, building your sense of self-worth and confidence
What are some characteristics of a great Business Coach?
- Professionally trained in coaching skills by an ICF recognized Coaching School. The ICF is the International Coach Federation, which is a professional association for professional coaches. See the list of accredited schools at http://www.coachfederation.com/
- Experienced in identifying and solving the issues facing small businesses, particularly in the areas of small business in which you are seeking assistance; able to offer guidance on the resolution of the issues you are facing
- Supportive of your business needs and aspirations, encouraging you to accept business-related challenges and to overcome the difficulties of operating a small business
- Patient and willing to provide adequate time to interact with you to ensure the success of your business
- Respected by other business professionals and business owners
- People-oriented with a genuine interest in people and a desire to help others and knows how to effectively communicate and listen actively
- Good motivator who inspires you to reach your fullest potential through encouragement, feedback and effective guidance
- Effective teacher who helps to manage and guide your learning — that is, actively recognizes and uses teaching and learning opportunities to enhance your performance in operating your small business
- Self-confident and appreciative of your developing strengths and abilities; enjoys being involved in the growth and development of your business
Business Coach Salary
Just like any coaching niche, there will be a few individuals who will make over hundreds of thousands of dollars and others who will make way less than that. It all depends on your geographic location, industry experience, training and education.
However, we can still discuss the averages. As of as of 2017, according to PayScale — the average pay for a Business Coach is $75,500 per year with a median pay of $62,766. Please see the graph below for US Averages for 14 individuals reported. The total pay (with bonus) ranged from as low as $39,368 to as high as $253,419.
While according to Glassdoor, the average salary for a Business Coach in the US is $52,125 with a minimum of $43,000 and a maximum reported salary of $68,000.
Please feel free to discuss below from experience or industry insights you may be familiar with. And what trends you expect to see in the future.