What are the average coaching rates and why is one-on-one coaching so expensive?
by Astrid Ferguson
So many people ask this question and I always say, “it’s not a simple response.” So instead, I’ve provided some factual information that will hopefully shed some light. Before we get into the rates, let me say this is for informational purposes only and each coach’s rates will vary. Please consult an accountant and/or reach out to a coach you plan on hiring for their rates.
The Harvard Business Review published an article in 2009 that stated executive coaches can earn $3,500 an hour. Now you probably had to sit further back in your chair and re-read that sentence to ensure you didn’t misread. Let me assure you, you read it correctly the first time and there is nothing wrong with your eyes. It is costly to be the boss my friend. Executives in high positions are expected to deliver impeccable results. Sometimes, that comes with extreme amounts of pressure, and companies are willing to invest in their employees to maintain effective and efficient results.
Therefore, companies and executives alike, see paying these rates as an investment (rates have probably increased due to inflation and cost of living). Can you imagine how much the rates are now? Especially after the pandemic? Holy smokes! At least you know they’re hiring. I kid, I kid, but I am serious though. You might be asking yourself, “but why is coaching so expensive?” I got you my friend. Just keep reading and I will try to solve this mystery for ya!
Upfront Cost
Using myself as an example, I obtained my professional coaching and energy leadership index master-practitioner certification from iPEC Coaching an ICF (International Coaching Federation) accredited coach training program. My accreditation cost me a good $12k, my friend. It was a pretty penny. However, certification is not required to become a life or career coach. There are plenty of wonderful life coaches out there that are not certified. I, however, wanted to ensure I had the tools and strategies to help my clients move past various blockages. I didn't want to solely rely on my life experiences and spend hundreds of hours glued to books seeking new coaching strategies. It was an extensive program that required me to have over 150 coaching training hours completed within a six to eight month period. That is a lot of hours especially while working full-time. Therefore, certified coaches have some upfront costs to ensure they can provide their clients with the best quality service.
Coaches who are not certified also have some incurred cost. I am pretty sure they attended workshops and courses to help them develop the necessary tools to push their clients forward. They are constructing their entire coaching strategy from scratch so they are also very much involved.
The Additional Services
Let’s be honest with each other for a second. Coaching doesn’t end when you hang up the phone. Unlike therapy most people rely on their coaches to hold them accountable. Clients develop a rapport with their coaches. Coaches even provide them with a series of assessments and track their progress. Assessments are also usually provided by a third party. Coaches usually have to pay upfront for these assessments. Some coaches even offer some additional tools, such as writing journals or bonus materials. If you are Tony Robbins, you even developed your own employee personality assessment tools used by hiring managers today. Think of coaching like having a bestie that unbiasedly listens to you, not to give you advice but, to ensure your goal is achieved every time. Hopefully, you have besties like that in your life, if not, then hire a coach.
Until then take advantage of this self-improvement bundle that I had the chance to collaborate with other great creatives that contains more than $20 thousand dollars worth of value for only $75. Start realigning, manifesting, elevating, improving productivity, vision mapping, rediscovering joy and much more. There is only one catch. The Bundle ends February 14, 2021. So hurry before the bundle disappears.
Tailored Customized Services
You know when you read tailored and customized that means it can only be used for that person. Anything customized or tailored is expensive because the person cannot resell that product or service. So whenever you hire a coach for one-on-one coaching sessions know that for that entire hour or so that coach is solely dedicated to your success. They are carving out that time and space for you and you alone. They are also designing guides and holding clients accountable to their goals. Coaches are tracking their clients’ progress and helping them break through serious internal and external blocks that are keeping them from the transformation they desperately need. That is a one-of-kind service. Time is valuable, and both the client’s and the coach’s time are extremely valuable.
The best way for me to describe this is to ask you this question: Do you go to customized kitchen showrooms expecting to pay Home Depot floor design prices? If you answered yes, I hate to inform you, you will be highly disappointed and try not to pass out. That is why one-on-one coaching is a huge investment in yourself. It can provide you with tremendous results. However, it will not work unless you are committed to doing the work.
Now tell me: what other questions do you have about one-on-one coaching? Have you been considering hiring a coach?
