Career Options for Life and Executive Coaches
Several Ways to Earn a Living as a Professional Coach
Apr 8, 2009
As the coaching profession grows and matures, there are proving to be as many ways to earn a living as a coach as there are coaches. For example:
Independent Coach Practitioner
Starting, building and operating an independent coaching practice is just as difficult, and as rewarding, as launching and running any other kind of business. The early years are lean, marketing is often not what the coach does best or most comfortably, and there are busy times followed by droughts. It's critical to plan for a slow start, ensure sufficient administrative support, and put excellent systems in place from the outset. Establishing a marketing schedule and plan can ensure the client pipeline gets and stays full. The solo practice can get lonely, though, so be sure to make regular plans to connect with people in your network and community. The reward for the independent practitioner is complete flexibility and the chance to do something individually creative and unique.
Associate Coach
A good coach who is willing to work as a representative for a large firm or consulting organization is always in demand. In an associate relationship the coach is independent, hired as needed, and can enjoy a steady stream of business without marketing or invoicing headaches. The downside is the requirement to use the firm's models and processes, relinquish rights to intellectual property created on the job, and turn over new business to the firm. Most associate contracts also have fairly stringent non-compete and non-solicit agreements to be sure to read the fine print. An associate role is a great way to enjoy a team environment without the encumbrance of a permanent or full-time commitment, so it really can be the best of all worlds.
Internal Coach
Large organizations may have coaches on staff, or have roles that include (or can include) coaching as an embedded component. For an individual who has enjoyed a successful career inside an organization there may be the flexibility to evolve towards an internal coach role based on organizational needs and the individual's credibility and reputation internally. internal coaches usually coach at the mid-levels of organizations, though, so it's probably not the role for a very senior individual.
Portfolio Practice
At least for the first few years of practice, it makes sense for a new executive coach or life coach to offer a variety of services such as training, facilitation, consulting and/or advisory/counseling. Even once the practice is thriving, having alternative activities and sources of income such as products and programs can be appealing to stave off boredom and protect against negative business cycles.
Executive and corporate coaches tend to have access to a greater variety of options than pure life coaches, who cannot access coaching that occurs within and is sponsored by organizations. There are some extremely successful life coaches who have built organizations and who hire coaches, but the economics of life coaching are such that those examples are relatively rare.
