If indeed you wish to switch over your professional career, it will be necessary to work on yourself in order to assess your professional experience and eventually change your profession altogether.
The profession of a coach, an expert in professional coaching, has been on the rise since the managerial culture burst into the corporate world.
According to a survey conducted by the International Coach Federation - about coaching awareness among 18,810 individuals in 25 countries, in 2014, 31.1% of respondents said they had a business coach to improve advancement and business management strategies.
For 39.3% of them, professional coaching was used to optimize the professional performance of individuals within a team. But how much does it cost to coach?
The Criteria To Determine A Professional Coach's Fee
First of all, it is important to remember that, not unlike home tutoring (to learn music or modern languages), the prices of professional coaching sessions will vary according to a set of determining criteria.
The first criteria to determine the price of a session will be the level of professional goals to achieve.
It is easy to understand that a client, in order to progress in their professional activity or to learn a new profession, to regain self-confidence, to learn non-violent communication or to manage their public speaking, etc., a client will require different degrees of coaching.
The professionalisation of such services and the competition of professional wishing to help others makes it all confusing to determine the real value of such session, sometimes reaching astronomical numbers for an hour-long session.
In other words, professional coaching involves a high level of expertise and experience, but the skills needed to strive for professional success are often paid at a high price.
Usually, the price depends on the type of coaching required: individual coaching, executive coaching, inter-company coaching, group change coaching, etc.
Then, each practitioner will decide on their own tariff since this line of not has yet to be framed by the law.
Essentially everyone can set up their own business as a professional coach.
Another criterion that will affect the price of career coaching: the coach's experience, expertise and coaching tools used to help clients and enable them to achieve their goals.
A coach's training courses and diplomas will be a significant factor to find their first clients.
And then there are also many themes related to this business, objectives that will require a higher or lower level of skills, and therefore a higher or lower price:
- Life Balance Coaching,
- Conflict management coaching,
- Coaching in human resources management,
- Career development and career management,
- Stress Management Coaching,
- Health coaching,
- Speech Coaching,
- Coaching to let go,
- HR coaching.
Ultimately, the question of the sessions setup will be the last factor in determining the price you could charge or get charged as or by a professional coach.
Will the sessions happen on the phone or in person? Will the client meet their coach off the premises of their company or will the coach meet them in their offices? How long will the sessions be and how often clients and coach will meet?
All these questions need to be addressed before agreeing on a price.
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How Much For Individual Professional Coaching Lessons?
Every professional coach is free to set their own rates, but in the case of coach helping individual and meeting them at the place of residence, coaches won't get away by charging £1000 an hour.
They will have their homework and research the state of the market for their area and align their prices with the competition finding the perfect "relative market price".
Usually, a personal coaching session will waver between £100 and £250 per session.
But the price of a professional coach for a manager within a small or medium size company will be different from the fees of a self-employed professional.
In the first place, comes the matter of identifying the sum that one wants to earn on a yearly basis.
To achieve this, we must establish what we want to win per month: £ 2,000, £ 4,000 or £ 5,000?
You should know that your turnover will add up to your income, taxes and fixed costs such as renting an office, telephone subscription, attending training, accounting, petrol, tolls, etc.).
A professional coach will then have to lay the foundations for the first estimate of their fees, according to the "market price". It is around £100 to £150 excluding taxes per hour of individual coaching.
But this amount - whether it is below or above - also determines the number of future clients.
Even though more and more people are likely to use the services of a personal coach - because of work-induced stress, the need to change careers, or the necessity to train for a new job, far from everyone can afford such a service.
The assessment of the number of clients that one wishes to have will, therefore, adjust the price of sessions.
Should you only have 10 clients per month (2.5 average per week)?
Here is an example of individual coaching:
- Personal goal for net income: £ 30,000,
- Expenses to be considered: £20 000 to £30 000 + £5000 (£416 of ancillary expenses per month),
- Turnover: £55,000 or £65,000,
- The service offered:
- Life coaching (self-knowledge, psychotherapy, work on the emotional dimension, etc.),
- Professional coaching (training, taking a step back, changing your life, finding your future profession).
Without experience, a life coach can charge up to £80 an hour, and with for 5 customers, could be earning £4,000 (10 sessions, 5 clients at £80 each)
For a professional coach, the rate charged can go up to £300 or £400 depending on their experience: 10 customers, 10 sessions earning £40000 or £50000 yearly.
This calculation will determine whether to set up workshops, in-depth sessions for the development of skills specific to an area of expertise, ...
For example, 10 NLP training workshops at £110 each for 10 clients will earn you £11,000.
In House Company Coaching: Different Rates
Within a company, it is not uncommon to find managers who go on to become senior executives or members of the company's board.
However, to be able to exercise this type of function, often very different from other position in the same company, one will have to be able to take a step back, manage their stress and be able to question themselves and withstand the pressure.
Furthermore, it is essential to be able to manage very complex situations and yet, to stay in tune with the company's policies or public image.
Business coaching may be required, and will often start with a close collaboration between the employee, the company and the coach based on the following:
- An exploratory session: analysis of the needs and identification of the objectives to be achieved,
- Tripartite meeting: company, employee and coach identifying together the resources to required to achieve the set goals,
- Training and coaching program: individual sessions, on the phone sessions,
- Assessment session: evaluation of the results and progress made through the coaching sessions.
- A skill set assessment can also be done with the coach.
Often, the coaching program takes place through a few weeks, lasting between 2 and 6 months, and can take on many themes:
- Leadership management coaching,
- Coaching Project Manager,
- Coaching change,
- Systemic approach, etc.
The bigger the company, the higher the coaching rate will be since the needs and challenges faced will be more demanding, the more complex situations and the higher the stakes will be.
This kind of service often cost between £250 and £400 + tax per hourly session.
But again, it all depends on the experience and background of the coach, the issues and complexity of the mission and finally, it depends on the volume of sessions requested by the company to the consulting firm or professional coach.
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Professional Coaching On Superprof: How Much Does It Cost?
There are thousands of tutors register on Superprof offering to teach you everything and anything, from languages such as Fench, German, Italian or Hindi to science subjects including maths, physics, biology or chemistry.
But on Superprof online platform you will also find hundreds of private tutors ready to help you get the career you truly want and deserve.
Price will vary greatly depending on the coach you choose, their experience, their location and the goals you want to fix yourself.
In India, you could find a professional coach from Rs. 400 an hour up to Rs. 2000 per session if you think that you require the service of a well-experienced coach for very specific issues.
Have a look and find the right person to help you achieve your professional dreams.
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