The short answer is that unlike some industries that have regulated pricing, the price you pay for coaching depends on a wide range of factors.
These include the following:
Specialism / Coaching type
As explained previously, there are many different types of coaching available, including life coaching, performance coaching, business coaching, and executive coaching.
Each one has a different ‘audience’, although in some cases the topics and issues discussed with clients can be covered by more than one type of coach.
However, coaches generally specialise in just one or two distinct areas (such as executive coaching and career coaching), and prices vary accordingly.
As life coaching typically doesn’t require any specific qualifications and can be provided by anyone, prices are generally cheaper. They can range between £40 for a new coach and £100 – £500 per hour, with £50ph being the average cost in 2021 according to Bark.
By contrast, the best business coaches, performance coaches and executive coaches call upon years of real-world business experience (and some have dedicated coaching qualifications and accreditations too), and understandably charge more for this. The precise amount depends on the factors below.
Location
Like many services, the location of the service provider can impact the price they charge.
Typically, coaches based in large cities, such as London, charge more than their counterparts in other parts of their country. And the same goes for coaches located in different parts of the world, with those based in high income countries generally charging far more than those in less well-off locations.
However, thanks to the significant increase in the number of coaches offering their services remotely, via telephone or online video call (Zoom, Google Meet, Microsoft Teams, etc) due to the global pandemic, clients can now choose to see a coach wherever they may be.
This means they are no longer limited to just having a choice of coaches in their local area, but can instead look nationally – or even internationally – for the right coach for them. Of course, this may not impact the price the coach charges, however, more and more now realise that they are no longer just competing with other coaches in their area, but instead with coaches around the world.
Level of Experience
This is probably the key determinant of the price a coach charges.
As mentioned in our post about what executive coaches actually do, there is no legal requirement for a coach to be qualified or certified, which has meant that many people have set themselves up as coaches in recent years despite having very limited (or no) relevant skills and experience.
And whilst it would be wrong to claim that none of these individuals offers a good service, those who have trained as a coach generally charge more due to the wider range and depth of their skills and experience – and client results.
Like me, they have often provided thousands of hours of dedicated coaching over the years and have gained credibility and the trust of clients around the world.
What’s more, in the 2022 International Coaching Federation (ICF) Global Consumer Awareness Study conducted by PricewaterhouseCoopers (PWC), that incorporates responses from more than 30,000 people across 30 countries, 85% of coaching clients stated that it was important to them that their coach had a certification or credential.
The reason for this is simple and understandable: only those that have proven to be experts in their field can confidently claim that the coaching they provide is effective and achieves the results clients want.
This obviously impacts the prices they charge, with newly qualified coaches sometimes charging the same as life coaches (e.g. around £50 per hour) whilst most well-established qualified coaches charge hundreds or even thousands of pounds (or dollars / euros) per session.
(As a side note, I was the first person in the world to be awarded the Postgraduate Diploma in the Neuroscience of Leadership and am a Professional Certified Coach accredited by the ICF, as well as having other professional credentials, but I price competitively!).
Reputation
Some coaches have gained an international reputation and even celebrity status (such as Tony Robbins) which means they can charge at the top end of the scale.
They are often in high demand and their time is at a premium, so typically they only have a relatively small client list, each of whom is willing to pay tens of thousands of dollars per session.
Whilst such coaches may be out of reach for most people, it is always important to choose a coach with a good reputation and check their client testimonials. Many great coaches are fairly unknown but have good reputations and charge far more affordable fees.
Frequency
It is possible to see a coach for a relatively short period of time, such as just for one session or one month, or to see them regularly throughout your life or career.
Many coaches offer coaching programmes that include a set number of coaching sessions scheduled over a set period of time. Others provide unlimited sessions to their clients within a specific timeframe, such as six or 12 months.
Whatever frequency suits you best, you typically have the option of paying per session or for the whole programme or course in one or several payments (which will work out more cost effective than individual sessions).
Some coaches also offer per day pricing or have a retainer service that allows you to have coaching sessions on an ongoing basis until cancelled.
The exact price you pay will depend on the factors covered above and the frequency of sessions you choose.
At Brighter Thinking, I charge on the guarantee of results. This means the prices I charge for my programmes (which I call ‘coaching adventures’!) are based on me guaranteeing you will achieve the outcomes you want, regardless of how many sessions that takes.
Conclusion
Whilst the prices coaches charge may seem inconsistent, differences in price are most often based on their level of experience and skills, their credibility, and how effective they are in working with clients who face similar challenges or issues as you (evidenced through factors such as their testimonials and their level of professionalism).
And although some coaches have been known to charge fees based on the ability of the client to pay (a sliding scale of prices based on the client’s income), it is always recommended to go for quality over quantity (of sessions).
After all, would you trust your car maintenance to someone who had never fixed a car before but said they would keep trying until they got it right, or to someone who was qualified and had years of experience and success efficiently taking care of vehicles just like yours?
When it comes to your mindset and supporting you personally or professionally, it’s far more important you choose someone you trust who knows what they are doing.
