Learn about the top 9 most profitable coaching niches and find out how much you can make when you choose any of the most in demand coaching areas.
You know already that there are different niches of coaching and that some niches are still fresh out of the oven, while others are burning.
As a coach or a would-be coach, you need to understand the role of your niche in determining your career as a coach as well as your success in the short and long-term.
What niche are you coaching in?
If you are just starting, what niches are you considering?
9 of the most profitable coaching niches include life coaching, business coaching, career coaching, health coaching, financial coaching, sales coaching, executive coaching, leadership coaching, and performance coaching.
This will play a vital role in your career and success.
To this end, here is an article to show you the 9 most profitable coaching niches.
Table of Contents:
9 profitable coaching niches (most in-demand coaching)
1. Life Coaching
You might well be wondering what in the world a life coach is.
Well, simply put, a life coach is a kind of wellness professional who helps individuals achieve progress in their lives to attain greater fulfillment.
A life coach helps the clients to improve their relationships, careers, and even the other aspects of their day-to-day lives.
How does this happen?
A life coach helps you clarify your goals, identify the obstacles holding you back, and then he or she comes up with the best strategies to help you overcome these obstacles.
Beyond creating the strategies, the life coach brings into consideration your uniqueness, including your skills and gifts.
This way, the life coach helps you to achieve long-lasting change in your life.
There are different types of life coaches.
While some life coaches take on a general approach, others choose to specialize and narrow down to specific areas.
Some types of life coaches include:
- Addiction and sobriety coaching
- Dating and relationship coaching
- Diet and Fitness Coaching
- Divorce Coaching
- Family Life Coaching
- Health and Wellness Coach
- Life Skills Coaching
- Mental Health Coaching
- Spirituality Coaching
- Sports Coaching
A coach is different from a life therapist.
A therapist has a degree and is licensed in a related field, but a life coach does not need any formal qualifications or academic training.
A therapist has to stick to ethical codes and health practices whereas, a life coach is not required to follow any health privacy laws.
Life coaches get paid an average of $32.10 per hour and make an average of between $28,000 to $265,000 per year.
2. Business Coaching
A business coach assists and guides the business owner in running a business.
She or he does this by helping the business owner clarify the vision they have for their business, as well as how it fits in with their personal goals.
Business coaching is a strategic tool that is used to take a business from one point to another.
It is a process used to take a business from where it is presently to where the business owner wants it to be.
Coaching is different from mentoring.
The difference lies in the fact that a mentor focuses on advising while a coach assists the business owner to plan their goals and keeps them accountable so they can achieve success.
Business coaches help their clients to build actionable plans.
After clarifying where the business owner would like the business to get to, the business coach then helps them to plan and prioritize which goals will move the business closer to the destination in mind.
A business coach will also meet the business owner regularly, either weekly or monthly, to keep them on track with the commitments they have made in the past coaching sessions.
The salary range of a business coach typically falls within $69,855 and $101,120 per year, but the average business coach earns at least $82,656 a year.
3. Career Coaching
Career coaching is a sort of personal coaching.
This type of coaching helps people to find greater fulfillment in their careers by establishing professional goals, creating a plan and helping them overcome the obstacles that could be standing in the way.
Career coaches help people with a wide array of career-related issues or goals.
Whether it is a person stuck in a dead-end job or a person who knows what to do but does not quite know the strategies to execute with, career coaches help people make progress in their careers or even transition or switch between careers or phases of careers.
Career coaches help in various personal career development strategies like:
- Career exploration
- Salary negotiations
- Career, personality, and strengths assessment
- Interviewing skills and confidence
- Resume and cover letter writing
- Evaluating prospective employers
- And much more.
The average pay per year for career coaches is about $43,727.
The total pay for career coaches ranges between $31,000 to $93,000.
4. Health Coaching
Who is a health coach?
A health coach is a trained professional who works with clients in a group of 1, 2, 1 set.
A health coach helps or enables their client to make long-term positive health changes through good advice, motivation, and support.
Health coaches are trained in the essentials of nutrition, fitness, coaching, and business.
They are trained to help clients identify and cause a change in these key 4 areas of their life to improve overall health: nutrition, physical activity, relationship, and personal goals.
Health coaches work with groups of people although they can also do personal coaching, which will cost more than group coaching.
They also deliver health talks to motivate their clients to stay positive about the health changes they are embarking on.
A health coach also writes books and health articles that help to make a long-lasting and positive health change in the lives of people.
In the long run, this helps people to achieve overall health.
A great health coach needs to be full of valuable knowledge on health, fitness, lifestyle, and communication.
This helps them to be able to impart that knowledge to their clients which they, in turn, implement to improve their lives.
On average, a health coach gets paid $20.52, and the rates for an hour fall between $15 to $40.
The total pay per year ranges between $33,000 to $74,000.
5. Financial Coaching
A financial coach is a coach who helps people with their finances.
The financial coach educates the client and helps them to examine their relationship with money, habits, emotional issues, and patterns.
A financial coach helps to build awareness around spending habits.
They help to instill better spending habits like working and sticking to a budget to help the client manage their expenditure.
Financial coaches see money as a tool rather than a goal, so they provide opportunities to help the client explore and define the life they want seeing money as a tool.
The financial coach also helps the client to explore their money emotions and behaviors.
A coach’s job includes helping clients to identify their patterns of behavior around money.
This also means looking at their beliefs about money which lie at the root of the results they see in financial life.
The coach also helps the client to address their tough financial problems, create an emergency fund, manage debt, and draw a plan to pay it off.
The financial coach also helps the client to develop a spending plan and budgeting system.
He or she is also responsible for providing follow-up and support for the client.
This means being there when they have their moments of weakness, for emotional support, clarifications, and more.
The average financial coach earns $46,112 but the salary falls between $40,707 and $53,461.
6. Sales Coaching
Who is a sales coach?
A sales coach takes people through the process of setting and hitting their sales goals.
These goals will include closing deals, hitting targets, generating revenue, and more.
Usually, people in sales know what they want, but the path down to getting it done is not often clear.
This is where a sales coach comes in.
Sales coaching is a formal way of individualized teachings to improve sales performance.
Sales coaches guide sellers to discover the best way to achieve the objectives, correct behaviors that don’t let these goals get achieved, reinforce supportive behaviors that lead to the success of the goals, and develop the skills of the sales team beyond just bosting numbers.
Sales coaching must include the following:
- An established trust created between the sales coach and the sales representative
- Regular one-on-one meetings between them
- Knowledge sharing between the sales coach and the sales representative
- Data-driven coaching to help maintain accountability
- Tailored coaching for individual sellers
- Lots of questions
- Reinforced coaching discussions
A sales coach makes an average of $50,904 per year and about $24 per hour and the numbers keep increasing. It is a lucrative coaching niche.
7. Executive Coaching
An executive coach is a professional who is qualified to work with individuals, usually, executives and high-potential employees to help them gain self-awareness, clarify their goals, achieve their development objectives, unlock their potentials, and deliver as a soundboard of executives.
An executive coach is not necessarily a consultant or therapist, although some have these backgrounds.
They refrain from giving advice or solutions but ask questions that help executives to clarify and solve their problems.
Executive coaches provide a confidential and supportive sounding board for their clients.
They ask the right questions, challenge their client’s assumptions, help them to achieve clarity, provide the needed materials and resources, and sometimes with the permission of their clients, give them advice.
Becoming an executive coach does not require a lot.
You do not even need to be certified, although having a certificate does give you an edge.
Any retired consultant, ex-HR, or therapist can become an executive coach.
Many companies need executive coaching for the executives and they are willing to hire them to even be their coaches.
Mostly, the executive coach is used as a part of an executive development program and they help to move the company forward.
In a report from the Conference Board in 2012, Executive coaches make an average of $200 to over $600 per hour.
The Harvard Business Review in 2009 placed the average coach’s Cost to be $500 per hour with a range of $200 to $3500 per hour.
This is quite lucrative as a niche to be considered in coaching.
8. Leadership Coaching
Leadership coaching is about the individual, a process of development for leaders which is achieved in partnership with a coach.
The coach from the onset believes that the leader has unlimited potential to achieve a goal or the outcome that they have in mind or have set for themselves.
The role of the coach is to help the leader remove the obstacle standing in the way of the leader reaching or attaining their goal.
This is achieved through attentive listening and careful questioning.
Usually, people know what they want, but they are not sure, so the right questions help them gain clarity.
The coach gets down to the level of the pleader while at the same time maintaining objectivity.
This helps them to be able to help the leader work through whatever obstacle in the way of their attaining their set goals.
A leadership coach receives an average of $40,089 per year with a range of $27,000 being low, $40,000 being average, and $63,000 being high.
9. Performance Coaching
A performance coach is a coach whose expertise lies in helping people enhance their ability to do something.
Performance in this sense refers to just about anything: the performance of a job, task, sport, project, and anything.
Performance coaches work with HR Managers lawyers, musicians, doctors, dentists, business leaders, actors, writers, directors, and more.
Performance coaching involves a series of conversations or sessions in which the person being coached is encouraged to set achievable goals, raise their self-awareness, identify and overcome obstacles, plan and prepare, as well as use the right tools to get the best out of their career.
Performance coaches make an average of $4,000 per year with a range of $28,000 as low and $68,000 as high.
We hope you have found this article useful, and it has helped you gain clarity in your choice of a niche to consider in your career as a coach.
Let us know in the comments.