Throughout your professional career you may face a new set of challenges at different points in your career. From the beginning when you're just entering the job market, thinking of changing career paths, or learning new skills to remain competitive and efficient in your current job, and managing more effectively your work-life balance, everyone faces challenges in their professional life.
This is why the profession of a coach, or certified professional coaching services has shown steady growth with an increase in demand for managerial studies by executives in all fields.
A study by the International Coach Federation, with 18,810 individuals in 25 countries showed that 31.1% of respondents looked to a personal coach to advance their professional career development and optimise their business development. Furthermore, 39.3% of respondents, found that professional coaching helped them to improve their professional performance and team work and dynamics.
It has been shown that professional coaching can prove to be beneficial professionally, but at what cost?
Superprof takes a closer look at the price of personal coaching sessions.
Criteria That Determines Professional Coaching Fees
Just as the rates for private teachers and personal tutors can differ, prices or rates charged for professional coaching sessions will vary depending on the set of determining criteria. Criteria's like setting personal professional goals and how to achieve them, it's primarily the most important criteria that professionals seek in coaching sessions.
There are many different reasons for seeking help from a professional coach and also many different degrees of professional coaching and strategies. To help advance their professional development, clients may seek anything from human resources management, learning different organisational strategies, or for personal development skills like improved public speaking or communications skills.
The level and breath of the professionalized coaching services and the varied and comprehensive skillsets involved and offered, determines the value of the coaching sessions. The higher level of expertise, experience, and skillsets required, the higher the rates can be, than someone simply seeking to enter the job market.
The rates charged also depends on the type of coaching. The rate of executive coaching and individual coaching will differ substantially from rates for teams or group coaching activities and sessions.
Since the career coaching profession is not formally framed within a legal sense, many coaches will and can set their own rates, depending on the market average, their relative level of experience and specialisation.
Important criteria's also impact the rates charged by a professional coach, their level of experience in the professional sphere of coaching, but also any formal traininc certifications and accreditations they may have earned.
The coach's training courses completed and diplomas or certifications are paramount in finding clients.
Coaches may also have expertise in a specific area or have followed a particular specialisation in their training. Here a just a few examples of specialisations in professional coaching:
- Career Development Coaching
- Communication Skills Coaching
- Human Resources Coaching
- Marketing (Digital) Coaching
- Stress Management Coaching
- Personal Development Coaching
- Executive ManagementCoaching
- Conflict Resolution Management Coaching
- Healthy Lifestyle Coaching
- Work-Life Balance Coaching
The organisation of your coaching sessions is another important factor in determining the price you could charge, as these professional personal coaches in Vancouver.
Other questions you may want to consider when setting up your sessions:
- How are the sessions be held online or in person, or a mixture of both?
- When will the sessions be held and how often? day of the week, weekly or monthly
- Where will the sessions be held? company, clients or your home
- How many people, will it be one-on-one or in a group setting?
- How long will each session last? 1 hour, 3 hours, full day, 3 days...
- What are the stated outcomes of each session?
- What are the client's expectations from each session?
Before agreeing upon a fixed price per session, it's important to consider each of these questions.
What do individual coaching sessions cost?
An individual professional coach sets their own rates, in consideration of the constraints of the average market price. It's important to do research into the average prices charged for professional coaching in your city and also the area of specialisation.
The coach should then align their fees according to the market price and competition, and as well to consider how they will position themselves relative to their competitors. A coach with several years of professional experience, with experience working as a CEO of a large corporation, could evidently be better positioned to charge higher rates than someone just starting out in their coaching career.
Across Canada, professional coaching sessions can range anywhere between $100 and $500 and up per session.
It's also important to remember that prices charged will be different for a manager or large corporation than that of self-employed professional coaches.
As a coach, you should determine the yearly income that you would want to earn through your coaching business. Remember that you will also need to take into consideration taxes and other fixed costs, such as renting an office space, transportation fees etc.
Also, it's important to point out that fees charged will also strongly determine your number of future clients, so you'll want to make sure that your fees are both accessible and reasonable.
Although everyone may benefit from the services of a personal coach, in reality not everyone can afford such a service. As a personal coach, you'll have to decide on the number of clients that would be feasible for you, when considering the rates that you set for your sessions.
Should you only have 10 clients per month (2.5 average per week) and on average how long per session?
For example, a professional coach that is just starting out or with little experience, may charge up to $80 an hour, and for 5 customers, could be earning $4,000 (10 sessions, 5 clients at $80 each)
For a professional career coach, the rate can go from $100 up to $500 for a two hour session depending on their experience. Inc Canada the average salary for a Life Coach is $46,127 and for an Executive Coach an average of $56,068 As you refine your specialisation, experience and scope of your professional coaching career, as well gain higher visibility from an expanding client base, you will be able to charge higher rates as your professional coaching career gets more and more established and reputable.
By considering all these variables and scenarios, it will be up to you to determine the kind of sessions and work-shops and client base you may wish to work with, for a rewarding career as a professional coach.
Rates for In-company Coaching Sessions
Company's are continually looking for ways to improve and remain competitive especially in an increasingly global environment, this often comes with numerous changes, across departments and functions.
However, in order to cope and ensure smooth transitions, from one function to another, employees are sometimes required to develop a new set of skills, sometimes new management training skills, communication and strategic decision-making skills, conflict and negotiation skills, etc.
It's essential for a company's overall success that employees are able to manage challenges that may arise, different complex situations and external and internal forces, while maintaining the company's policies and mandate and continue to represent the company's core image.
Companies hire professional coaches to work with individual employees or on a team basis, in order to meet and exceed an organisations overall goals. This requires close collaboration between the employer, employee and the coach in form of:
- The Initial Exploratory Session: Identify and define the needs and objectives in order to set concrete and realisable short-term goals
- Regular Meetings: The employer, employee and the coach regularly review progress towards achievement of goals and discuss issues or difficulties arising
- Training and Coaching Programs: Organised regular sessions; in person, by telephone or via webcam
- Continual Assessment: evaluation towards progress made and advancement towards defined objectives
- Skills Assessment and Personality Test: If required tests conducted prior to the coaching sessions
Larger companies and corporations often have higher rates charged them as challenges and objectives addressed during coaching sessions are often much more complex and demanding, with higher stakes.
Professional Coaching On Superprof
On Superprof, there are thousands of tutors from all around the world registered to teach on our platform. Individuals from all different backgrounds, cultures and languages are available on the platform to share their passion and experience with their students from all around the world. There are many professional coaches that join Superprof to share their experience in the professional coaching world.
Hundreds of private tutors are readily available to help you enter the career you want and deserve.
Prices charged differ between professional coaches and will depend on their experience, length and location of your lessons, and the form of lessons taken (online, in person, group lessons etc.)
In Toronto, you could find a professional coach from $30 an hour up to $100 an hour, depending on what you are looking for and if you require the service of a well-experienced coach with a specific specialisation.
Ottawa, Montréal, Calgary, Vancouver, Surrey: you will find professional coaches across Canada on Superprof's platform, often with prices much more reasonable than those advertised by the big private coaching firms.
So have a look and do your research to find the professional coach that is right for you and your budget, someone that will be dedicated in helping you achieve your personal and professional goals!