Start A Life Coaching Business - Business Ideas

Start A Life Coaching Business - Business Ideas
Start A Life Coaching Business

Life coaching has become an increasingly popular career choice. A life coach helps people in various areas of their lives using a combination of emotional intelligence, professional knowledge, and experience.

Life coaching is a global industry worth over $2.85 billion, and the number of life coaches has gone up 33% between 2015-2019.

This is a very profitable business and can be started at virtually no cost. You'll need a computer, a high-speed Internet connection, and a LinkedIn account to get started. You can begin coaching part time in your spare time until you build up your clientele.

Starting a life coaching business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell life coach, or selling life coach online, you can use this page as a guide for everything you'll need to know.

Want to learn more? You can check out our full guide on how to start a life coaching business ➜

Key Stats

revenue (monthly)
$25.5K
starting costs
$19.1K
gross margin
32%
time to build
240 days
growth
Word of mouth
business model
Software
time investment
Full time

Startup Costs

Min Startup Costs Max Startup Costs
Office Space Expenses $0 $7,000
Employee & Freelancer Expenses $151 $352
Website Costs $223 $7,215
Business Formation Fees $5,600 $20,400
Software Expenses $162 $3,094
Total Startup Costs $6,136 $38,061

Successful Businesses

Business URL Rank
TONY ROBBINS tonyrobbins.com #15,301
GrowthMentor growthmentor.com #59,752
Grow Your Agency growyouragency.com #93,774
The Art of Charm theartofcharm.com #141,570
Co-Active Training Institute (CTI) https://coactive.com #141,945
Life Coach Hub lifecoachhub.com #291,795
Self Improvement Blog invajy.com #305,630
Life Coach Training Institute ilifecoachtraining.com #334,635
Erickson International erickson.edu #445,185
LifeCoach lifecoach.com #616,588
Personal Growth Base personalgrowthbase.com #647,057

Pros & Cons

Pros Description
Flexibility You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.
Ability to start your business from home It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!
Little startup costs required The cost to start a life coaching business costs significantly less money than most businesses, ranging anywhere from 62 to 38,061.
Rewarding work Starting a life coaching business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.
Scalable With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.
No overhead costs To get your life coaching business started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!
Cons Description
Crowded Space Competition is high when it comes to your life coaching business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.
Motivation of employees If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.
Longer Sales Process A life coaching business can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.

Marketing Ideas

  • 1

    Affiliate Program

    Affiliate marketing is a great way to bring in a new revenue stream, especially when you don't sell products or services.

    Simply put, an affiliate program is an agreement where a business pays another business or influencer ("the affiliate") a commission for sending traffic and/or sales their way.

    The affiliate typically gets a unique link where clicks and conversions can be tracked.

    Learn more about affiliate program ➜

  • 2

    Direct Sales

    Direct sales strategy implies a direct contact between a seller and a consumer without the involvement of any third party. Direct selling is popular in sectors where sellers communicate with their clientele personally. The sales technique occurs at non-store locations which include at home, work, or online.

    For direct selling to succeed, hire a few (or many) salespeople to support the sales conversion process. It's critical that you assign them specific roles and responsibilities to nurture the client and provide excellent support.

    Learn more about direct sales ➜

  • 3

    Word of mouth

    Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.

    Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.

    According to Nielsen, 92% of people trust recommendations from friends and family.

    Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.

    Learn more about word of mouth ➜

Pat Walls,  Founder of Starter Story
Want to find more ideas that make money?

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