Aug. 13, 2018
Personal and life coaching has become big business in America, as clients seek guidance for career transition, starting a business, getting more organized, improving their sales or marketing skills, and a lot more. There are virtually no barriers to entry to this market, and start-up costs are minimal. No degree or certification is needed. As a result, the market has attracted many would-be coaches, who want to leverage their life and work experience for pay. However, consumers need to be careful, since some coaches may not be “certified” or worse, incompetent.
- Marketdata estimates that the total U.S. personal coaching market was worth $1.08 billion in 2017, up 6.5% from the prior year. The total market is forecast to grow at a 5.4% average annual pace, to $1.38 billion by 2022, with a brief slowdown in 2019 due to a likely recession.
- There are an estimated 53,000 coaches worldwide, with a conservative estimate of 18,000 operating in the U.S. The actual number is probably higher. The typical personal coach earned about $62,000 per year in the United States in 2015. 68% of coaches are female. Coaches usually charge between $200 and $500 per month for their services.
- One key issue or problem facing this industry is untrained or incompetent coaches, many of whom may be “certified” by a long list of dubious credentialing organizations. More than 500 entities certify coaches worldwide. There is pressure mounting among clients for more accountability.
- As the Baby Boomers age, the 75 million American Millennials will create demand for coaching services. Webinars. coaching apps, and online delivery via video conferencing will be the norm for coaching in the next few years, rather than by phone.
- The U.S. coaching market will grow slightly slower than the international market, as the American market may be getting saturated and is more established than overseas emerging markets. A bubble may be developing in this profession.
- Awareness of personal coaching is increasing but most consumers have not yet used it. Only 16% of consumers had used a life or business coach as of 2014.
“The U.S. personal coaching market appears to be getting saturated and I expect some consolidation in the near future, as coaches are held to higher accountability standards.”, according to John LaRosa.
View a Table of Contents for This Report, The U.S. Personal Coaching Market, April, 2018, go here:
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