Most coaching falls into one of three main categories: life, business, or wellness coaching. While they're relatively new to the general public, thanks to the Internet, titles like “life coach,” “wellness coach,” and “business coach” have become household terms.
The multi-billion-dollar coaching industry has grown at warp speed over the past decade, as tens of thousands of people hire coaches for support in reaching goals related to these various aspects of their lives.
There are no signs of slowing down, either. Study after study has shown that while only a small percentage of people have hired coaches, a huge percentage of people plan to do so in the near future.
The International Coach Federation places the number of people working as coaches worldwide at upwards of 53,000, and demand only keeps growing. Some experts predict that coaching will grow at a rate of 6.7% through the year 2022.
What's behind the industry's fast growth, and how does it affect you, if you're considering a career in coaching?
Here are some of the biggest factors behind the coaching industry growing so quickly. Below, we've included our thoughts on what this all means for YOU.
- Coaching is effective.
The International Coaching Federation surveyed people who'd worked with coaches, and a staggering 99% of them reported being satisfied with the overall coaching experience. As many as 96% of those respondents said they'd repeat the process.
More than two-thirds of the people who responded said coaching helped them improve their work performance, and 80% said it helped them improve their self-confidence. A Manchester Consulting Group study of Fortune 100 executives found that coaching resulted in an ROI of almost six times the program cost!
The proof is in the numbers: coaching works! So it only makes sense that word would spread—and more and more people would hire coaches.
- The options are endless.
No matter what a client is seeking help with—finances, relationships, health, productivity, career moves—there is a coach for it! Prospective clients have almost limitless options when they are choosing a coach whose certification and/or specialty matches with their needs. And again, thanks to the rise of the Internet, geography isn't necessarily a factor when it comes to selecting a coach. Video chat, email, and great software can provide an experience similar to meeting with someone in person.
- The coaching life is a great life, as long as you have the right certification and business plan.
It is definitely possible for coaches to make great money. A Sherpa Executive Coaching Survey of international coach salaries found that life coaches make about $190 per hour, while business coaches and executive coaches make $279 and $386, respectively. Of course, the amount of money you can charge depends on your level of experience and education, and your target market, among other factors.
Coaching also offers flexibility. Whether you're a parent who wants to coach and still be able to pick your kids up from school, or a corporate exec who wants to start a coaching business on the side, or you want to be a world traveler as you coach your clients to success … you can!
- Celebrities have brought increased awareness of coaching.
Some of the most famous people in the world have hired coaches, and gone on to talk about the experience. These famous coaching clients include Oprah Winfrey, Metallica, Serena Williams, Leonardo DiCaprio, Bill Clinton, Hugh Jackman, and Andre Agassi. And the software magnate Bill Gates even gave coaching a good word when he said, “Everyone needs a coach. We all need people to give us feedback. That's how we improve.” Just like so many other things, celebrities are often the first to start a trend.
So what does this mean for you, if you're an aspiring coach?
Opportunity is endless! You have the chance to get in on the upswing as people are excited about hiring coaches and getting results. You can live the life you want to, while making the difference you want to make.
On the other side of that same coin, the industry's rapid growth means you've got to stay at the forefront—get certified, get educated, and choose a specialty so you stand out. If you show the utmost professionalism and provide results, people will choose YOU.
If you'd like to learn more about how we can provide you with the training and support you need, contact us here.