Contrary to popular thinking, a life coach isn't a therapist. Rather, they are a wellness professional specializing in helping individuals improve their self-confidence and self-awareness and achieve their professional goals.
If you just decided to contract a life coach's services, one of the things you are probably worried about is the exact rates that professional life coaches charge for their services.
While your concerns are valid, it's essential to know that most times, the cost of life coaching packages vary depending on several factors such as the frequency of the coaching sessions, length of coaching engagements, the reputation of the professional life coach, method of life coaching, etc. Want to find out more? Then keep reading this blog post!
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To have a better insight into what life coaching fees might be, here are a few things that you might need to put into consideration:
After hiring a coach, the number of life coaching sessions assigned to you majorly depends on the goals you intend to achieve at the end of the day. A few examples of these goals are:
Short-term goals are often quite tasking for many coaches because of the limited amount of time they require. If you have given yourself a few weeks or months to sort out your mental health issues and attain a whole new level of emotional well being, it can be said that you have a short-term goal.
As mentioned earlier, these set of goals often has a deadline attached to them. This means that any life coach involved would need to expend Tripple energy to ensure that you meet your target, which ultimately increases the life coaching cost.
Therefore, a life coach might price their personal coaching for short term goals between $400 to $700.
This is the direct opposite of short-term goals. In a case where you feel like a three months timeline won't be enough to attain your personal and professional goals, you can opt for life coaching monthly packages that can last between six to twenty-four months.
The multiple sessions you have, the more money you will need to pay for the life coaching services. So, in all, you can spend a total of $2000 on your long-term coaching packages.
When it comes to achieving some life goals, you will need indefinite guidance. Once you get to this stage of your life, most life coaches would be more than willing to plan the perfect coaching program for you.
Whether you want to work with a business coach or general life coach, it's best to find a coach that offers ideal monthly packages. That way, you can pay lesser fees of about $250 to $800 for each monthly packages.
After you decide to register for life coaching, it's important you understand that the level of your attention span and the frequency of your visits to the life coach have a high tendency of determining the cost of the service at the end of the day.
For example, a great coach won't allow someone who's been diagnosed with ADHD in the past to sit through more than one-hour sessions. On the contrary, someone else with a much healthier mind would be given an opportunity to stay through a coaching session for as long as they want.
The importance of acquiring new skills or seeking overall professional development in the coaching industry cannot be undermined. When your life coach had undergone coach specific training, they are ultimately differentiated from other coaches in the life coaching industry.
Also, certifications are automatic proof that your life coach has shown some excellence and commitment in their field, which gives them a huge advantage in the industry.
Thus, if you plan to achieve your coaching goals by hiring a life coach that has acquired tons of training and certifications, you must get ready to pay for what they are worth. Let's assume that less experienced coaches are charging $300 per sessions, you should expect a highly certified one to charge up to $800 per session.
The good thing is that very often, these more experienced coaches understand better how human psychology works and will ensure that you enjoy every bit of the coaching process.
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Another factor that determines the price that a specific life coach cost is the type of coaching you choose for yourself. Currently, there are two major ones - one on one coaching and group coaching.
The main point of one on one life coaching is for the life coach to assist you, as an individual to meet your personal goals which may include creating the perfect work life balance, build a business model, improving your skills, establishing healthier boundaries, etc.
It typically involves having one or more sessions privately with the life coach, where you can share problems, questions, challenges, and concerns that pertains to your personal needs.
How much does a life coach charge for this service? Most coaches would charge at least $500 for these private sessions.
Like the name implies, group life coaching involves more than one person that are working towards achieving a shared goal. Most business life coaches that take on group sessions can help you and your team to hit company marketing goals and increase business revenues.
But how much does a life coach charge for group sessions?
When it comes to life coach prices, some life coaches might decide to implement the general rule; each individual that enrolls for group sessions must pay 30% of the rates for one on one sessions.
What this means is that if your life coach prices has always been at let's say $70 per month for one on one life coaching, you and your group members should expect to pay $210 each.
Because of how poorly regulated the life and executive coaching industry is, coaches have resorted to charging exorbitant rates for service.
While you can find a life coach that charges based on their hourly rate, there are some other coaches charging monthly; the choice is yours to make.
Let's look at a quick breakdown of these below:
A large number of coaches who run a coaching business often charge per hour they spend on attending to their clients.
Although the rates are not standardized, an average executive coach would most likely charge you between $80 to $250 per hour. These fees can be less or more depending on the experience and exposure of the life coach working with you.
If you plan to maximize the advantages that come with working with the right therapist or coach, it's important that you go through a series of sessions with your coach.
To enroll in such sessions, you are advised to find a life coach that offers full monthly packages. What's more, most life coaches who provide this package charge cheaper rates than their counterparts who accept only hourly clients.
With the monthly package, you can end up paying between $300 and $800. That's better, isn't it?
It's normal to wonder what a typical life coach salary would be. Well, the amount life coaches earn most times depends on their:
Nonetheless, the average earning of a life coach can fall between $30,000 to $70,000.
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A life coach might charge higher than their competitors due to the following reasons:
Life coaches who handle more sessions with industry leaders have a tendency of charging higher rates than their counterparts who attend to everyday individuals.
The location of the coach is also a great determinant. If you want to work with a life coach that's based anywhere in the United States, you should know that they will cost more than coaches that operate from other regions of the world.
The same also applies to any life coach in the United Kingdom or New York.
You don't expect a life coach who has gone through different pieces of training and acquired experiences over the years to charge lower than a less experienced coach who might probably be struggling to get their first set of clients.
What method does your life coach implement? It could be Neuro-linguistic programming (NLP), hypnotherapy, guided meditations, and a host of others.
Life coaches who implement hypnotherapy or track their activities with an accountability software such as Bonsai, tend to charge higher fees than those who do not.
Many life coaches love to create coaching bundles and packages to enable them to earn more from their coaching business.
When planning to develop any type of coaching package or bundle, here is a checklist of the factors the life coach might consider:
After the coach is through with figuring out everything on his or her list, they can now create and launch the coaching bundles.
By now, you might still be wondering if channeling your hard-earned money into life coaching is totally worth it at the end of the day. The answer is yes because consistent life coaching can provide you with handy tips that will bring a positive change into your life.
A verbal contract (formally called an oral contract) refers to an agreement between two parties that's made —you guessed it— verbally.
Formal contracts, like those between an employee and an employer, are typically written down. However, some professional transactions take place based on verbally agreed terms.
Freelancers are a good example of this. Often, freelancers will take on projects having agreed on the terms and payment via the phone, or an email. Unfortunately, sometimes clients don't pull through on their agreements, and hardworking freelancers can find themselves out of pocket and wondering whether a legal battle is worth all the hassle.
The main differences between written and oral contracts are that the former is signed and documented, whereas the latter is solely attributed to verbal communication.
Verbal contracts are a bit of a gray area for most people unfamiliar with contract law —which is most of us, right?— due to the fact that there's no physical evidence to support the claims made by the implemented parties.
For any contract (written or verbal) to be binding, there are four major elements which need to be in place. The crucial elements of a contract are as follows:
Therefore, an oral agreement has legal validity if all of these elements are present. However, verbal contracts can be difficult to enforce in a court of law. In the next section, we take a look at how oral agreements hold up in court.
Most business professionals are wary of entering into contracts orally because they can difficult to enforce in the face of the law.
If an oral contract is brought in front of a court of law, there is increased risk of one party (or both!) lying about the initial terms of the agreement. This is problematic for the court, as there's no unbiased way to conclude the case; often, this will result in the case being disregarded. Moreover, it can be difficult to outline contract defects if it's not in writing.
That being said, there are plenty of situations where enforceable contracts do not need to be written or spoken, they're simply implied. For instance, when you buy milk from a store, you give something in exchange for something else and enter into an implied contract, in this case - money is exchanged for goods.
There are some types of contracts which must be in writing.
The Statute of Frauds is a legal statute which states that certain kinds of contracts must be executed in writing and signed by the parties involved. The Statute of Frauds has been adopted in almost all U.S states, and requires a written contract for the following purposes:
Typically, a court of law won't enforce an oral agreement in any of these circumstances under the statute. Instead, a written document is required to make the contract enforceable.
Contract law is generally doesn't favor contracts agreed upon verbally. A verbal agreement is difficult to prove, and can be used by those intent on committing fraud. For that reason, it's always best to put any agreements in writing and ensure all parties have fully understood and consented to signing.
Verbal agreements can be proven with actions in the absence of physical documentation. Any oral promise to provide the sale of goods or perform a service that you agreed to counts as a valid contract. So, when facing a court of law, what evidence can you provide to enforce a verbal agreement?
Unfortunately, without solid proof, it may be difficult to convince a court of the legality of an oral contract. Without witnesses to testify to the oral agreement taking place or other forms of evidence, oral contracts won't stand up in court. Instead, it becomes a matter of "he-said-she-said" - which legal professionals definitely don't have time for!
If you were to enter into a verbal contract, it's recommended to follow up with an email or a letter confirming the offer, the terms of the agreement , and payment conditions. The more you can document the elements of a contract, the better your chances of legally enforcing a oral contract.
Another option is to make a recording of the conversation where the agreement is verbalized. This can be used to support your claims in the absence of a written agreement. However, it's always best to gain the permission of the other involved parties before hitting record.
Fundamentally, most verbal agreements are legally valid as long as they meet all the requirements for a contract. However, if you were to go to court over one party not fulfilling the terms of the contract, proving that the interaction took place can be extremely taxing.
So, ultimately, the question is: written or verbal agreements?
Any good lawyer, contract law firm, or legal professional would advise you to make sure you formalize any professional agreement with a written agreement. Written contracts provide a secure testament to the conditions that were agreed and signed by the two parties involved. If it comes to it, a physical contract is much easier to eviden in legal circumstances.
Freelancers, in particular, should be aware of the extra security that digital contracts may provide. Many people choose to stick to executing contracts verbally because they're not sure how to write a contract, or they think writing out the contract terms is too complicated or requires expensive legal advice. However, this is no longer the case.
Today, we have a world of resources available at our fingertips. The internet is a treasure trove of invaluable information, platforms, and software that simplifies our lives. Creating, signing, and sending contracts has never been easier. What's more, you don't have to rely on a hiring a lawyer to explain all that legal jargon anymore.
There are plenty of tools available online for freelancers to use for guidance when drafting digital contracts. Tools like Bonsai provide a range of customizable, vetted contract templates for all kinds of freelance professionals. No matter what industry you're operating in, Bonsai has a professional template to offer.
A written contract makes the agreement much easier to prove the terms of the agreement in case something were to go awry. The two parties involved can rest assured that they're legal rights are protected, and the terms of the contract are sufficiently documented. Plus, it provides both parties with peace of mind to focus on the tasks at hand.
Bonsai's product suite for freelancers allows users to make contracts from scratch, or using professional templates, and sign them using an online signature maker.
With Bonsai, you can streamline and automate all of the boring back-office tasks that come with being a freelancer. From creating proposals that clients can't say no to, to sealing the deal with a professional contract - Bonsai will revolutionize the way you do business as a freelancer.
Why not secure your business today and sign up for a free trial?