How Much Does Coaching Cost?
The cost of coaching varies significantly. Coaching is an unregulated industry and literally anyone can call themselves a coach. As coaches, we’re free to charge whatever we want.
I’ve seen everything from $50/hr to $100K for private coaching for a year.
So how do coaches set their rates and price their packages? Here are some of the factors that go into it:
Overall years of expertise
Have you heard that story about a woman who balked at paying Picasso $10K for a sketch he drew on a napkin? Her argument was that it only took him 30 seconds to do it. His retort: No, it’s taken me 40 years to do that.
That’s how to think about this one.
Coaches are bringing their whole life experience and wisdom to your relationship. That's why a former-CEO-turned-coach can command a higher price than a coach who was never a CEO. But it’s also relevant for the type of coaching you’re seeking. That same CEO-turned-coach is worth the investment if you’re an entrepreneur but less so if you’re looking for a health coach.
In my case, I bring 20+ years of experience in the corporate world. I’ve worked across different sectors, companies of various sizes, and in different stages of growth. I’ve had roles across marketing, sales, consulting, relationship and project management. I’ve hired and managed people, and had my share of excellent and less-than-ideal bosses. I’ve made multiple career pivots. I bring all that expertise and lessons learned to help my clients navigate their own career challenges and changes.
Level of coaching experience
Coaching is a rapidly-growing industry. Twenty years ago, there were far fewer coaches, barely anyone knew about coaching (outside of sports), and it was primarily reserved for high-level executives or as a last-ditch effort to improve someone’s performance.
These days, coaching is a lot more common and there are a lot more coaches. OG coaches are likely going to price themselves higher simply because they’ve been doing it longer and have built up more expertise.
While I’ve been informally mentoring people in their careers for decades, I’m relatively new to coaching – and my pricing philosophy reflects that. As I hone my craft, I’ll raise my prices.
The type of coaching
The type of coaching and who is paying for it will impact what you should expect to pay. For example, an executive coach is likely going to cost more than a parenting coach.
If your company is providing coaching, you might get it completely paid for or subsidized. If your company isn’t offering coaching, it doesn’t hurt to ask if they’d be willing to cover some or all of the cost if you can position it as part of your professional development.
Coaching credentials
There is nothing stopping anyone from hanging out their (virtual) shingle and calling themselves a coach. Which is both wonderful and potentially harmful. Coaches are unregulated (unlike therapists), and the International Coaching Federation (ICF) was formed to provide accreditation, standards, and credentialing for coaches.
There are also countless coaching programs of various levels of quality and rigor. They range from a $25, 13-hour class to months-long programs costing over $20K.
When I set out to get certified, I did my research and talked to coaches about where they had been trained (and yes, there may have been an Excel spreadsheet tracking pros and cons).
I ended up selecting iPEC, one of the top three programs in the industry in my opinion. iPEC is an ICF-accredited program, and I had over 175 hours of coach training and practice that spanned roughly 9 months.
Full time or coaching on the side?
Coaches who are doing this as their main job are pricing their work to earn a living. Those who are coaching as a side hustle – either because it's a fulfilling pursuit, they are incrementally building a business, or as a phase-down to retirement – may be willing to charge less, since it’s not their primary way of earning income.
The structure and format of the coaching
In the same way Baskin-Robbins has 31 flavors, there is no shortage of coaching options you can choose from. But unlike ice cream pricing, you’re going to pay differently based on the flavor you select.
Private, one-on-one coaching is typically priced higher than group coaching. Are you paying for a program with 6 sessions or 6 months of weekly coaching? Are you getting an online, DIY program, with the opportunity for some limited coaching access or dedicated time with an experienced coach?
I’ve hired both individual coaches and am part of a group coaching program. There are pros and cons with each. I love to get private coaching that’s specifically focused on me and my needs, and I’ve also loved accessing the hive mind and tapping into the wisdom shared by peers.
Coaches take all of these variables into account as they determine their prices. But at the end of the day, it’s all about what they feel comfortable charging and the value they think it’s worth.
For anyone evaluating coaching, it’s 100% worth it. It comes down to determining what you’re looking for, what matters most to you, who you feel a connection with, and the level of investment you’re willing to make in yourself.