Following on from our “How to make your case to fund coach training: To your boss, we look at some of the ways you can justify self–funding below.
If you’re thinking of funding yourself to train as a coach…
- Personal ROI (return on investment) in our experience people can make the cost of their course back within a year working as a coach.
- Power-boosting your network your tutors, study cohort and your coach training programme’s alumni are an invaluable source of introductions and potential business.
- Future-proofing your career demand for coaching continues to grow and your coaching skills enhance your CV and give you a widely applicable skillset that can be combined with shifts in your personal work/life situation.
The toughest person you may have to convince is you and not just because of the cost. Well, to quote the L’Oréal ad: you’re worth it.
Treat your coaching course as an investment in you.
Choose the best course you can afford (well, I would say that wouldn’t I.) As the demand for coaching has grown so has the need for coaching accreditation.
For businesses and private clients it makes it easier to select a coach. Accredited coaches also command higher fees.
Buyers of coaching services – both individuals and organisations – seek verifiable ways of comparing and differentiating coaching providers. Accreditation also demonstrates that coaches have benchmarked themselves against high professional standards, and provides essential reassurance regarding levels of experience and capability.
Our course is accredited by the Association for Coaching, which operates in 50 countries worldwide. A good course should be accredited and start you on the road towards personal accreditation with a recognised industry body.
WHAT YOU CAN CHARGE
Fees charged by coaches continue to rise, although with some softening in the market due to economic uncertainty and Brexit dithering. Hourly fees for business coaches can start from £100/£150 an hour and £450/£600 an hour when coaching at executive level.
Life and personal coaches may charge less, fees between £25/£50 an hour for a new coach to £300/£400 for the most experienced are not untypical. These figures are based on research and surveys from multiple reliable sources but ultimately it’s down to the choices and demands of the coach, balanced with local market tolerances.
The 2016 ICF Global Coaching Study shows Western Europe (including UK annual incomes) as the third highest after Oceania, those thousands of islands throughout the South Pacific Ocean, and North America.
Three out of four coach practitioners with active clients (75%) surveyed for the ICF study said they expect their number of coaching clients to increase. A similar proportion (75%) said they anticipate an increase in annual revenue from coaching.
The 2017 Executive Coaching Survey from Sherpa highlights a new technology shift, with Internet-enabled video replacing some telephone coaching and High Definition video replacing some face-to-face meetings.
From the coaches perspective it means that geography is less of an issue and the career is increasingly accessible for those looking to combine coaching with another role, or work/life balance considerations – such as child or elder care.
ENHANCING A POST – REDUNDANCY CV
An employer will give you “reasonable” paid time off to look for work or retrain when you are under notice of redundancy. Some employers will go beyond the statutory requirement, or you could self-fund out of your redundancy pay-out.
Kevin Dey signed up for The Coach House after taking redundancy. “I wanted to offer another skill. I had been a manager in housing for 35 years. Certainly in terms of my CV and applying for jobs it is something people have commented on.”
One of the earliest ways he put his coaching skills to work was offering housing advice to survivors of the Grenfell fire. He is now a consultant dealing with fire safety issues at CityWest Homes.
GROWING OR FOUNDING YOUR OWN BUSINESS
Individuals may seek to formalise coaching skills after finding themselves coaching by default, when technically the sign outside the door says business broker, financial adviser, yoga teacher, or therapist.
Jill Watson, another of our graduates, is a highly respected yoga teacher and now teacher in residence at the Wasing Estate in Berkshire, where she oversees classes, courses and retreats in yoga and meditation.
“I never thought I’d have the confidence to coach or facilitate with businesses like ITV & John Lewis,” says Jill, “but that’s what’s happened. I feel like my yoga and coaching work are in great balance right now, feels great to say that.”
Another of our graduates is Amanda Davie, who was one of the pioneers of internet advertising in the UK, founding a digital management consulting firm before exploring mentoring and then coaching. She now runs her own executive coaching and leadership company.
“I did hope I’d have my own successful coaching business within three years of graduating as a coach – I’m ambitious! Did I think it would be a reality so soon? Possibly not.
“But coaching has helped me in all areas of my life: to be a great coach, a better wife and a more self-compassionate mother and friend. Most of all it’s helped me to better self-manage – I am no more boundaried and better at knowing what my needs are, as a busy working parent, how I can fulfil them and why this is intrinsically linked to the success of my business.”
So… are you ready to make your case?