What is the cost of coaching in today’s digital world?
- November 12, 2023
Being a coach these days goes far beyond coaching certifications. You have to wear many different hats and adapt to marketing techniques to find your clients. This can be time consuming and costly, and require a lot of your resources, which you might not have as a newly certified coach.
Mastering technology is a critical component to running a coaching practice. There is no way around it if you want to succeed as a new coach. If you are a new coach or wish to grow your business, we break down the tech and marketing elements and costs to give you an overview of what is needed.
Training and Certification
Many coaching professions require formal training and certification. The cost of obtaining these qualifications can range from a few hundred to several thousand dollars. This includes tuition fees, materials, and exam fees.
Average costs: €1000-3000 (with some coaching programmes running to €10,000 or more)
Website, technology and online presence
Building a professional website is essential for marketing and attracting clients. Costs can include domain registration, hosting fees, website design, and ongoing maintenance. Additional services like professional photography and graphic design might also be needed. Coaches also rely on various tech tools for communication, scheduling, content creation and more. Costs for these services can add up with monthly or annual subscription fees.
Let’s break down the different elements:
-Website development: (€3000 – €6000 for a professionally made site or €300 – €500 for Wix / SquareSpace to develop the site yourself)
-Yearly domain registration: €15 – €30 per year
-Monthly hosting cost: €10 – €15 / more secure €20 – €25
-Content development / copywriting: €150 per page (€500 – €1500 for basic website)
-Workflow optimisation – per workflow can be €15 – €20 per month per software (typically people need 2 to 3 tools)
-Setup fee and time for workflow optimisation: €25 per hour with minimum 5 hours required
-Any software that you need, for example booking software/ mindbody can be €200 per month. Software such as collecting reviews and displaying them / showcase your packages / event creation / affiliate programme etc will be €25 per month and you usually need 4 to 5 of them for things to work and be optimised. These softwares also often need development which can be €100 extra.
-Photography: €250 – €500 per shoot depending on complexity
-UX + design – €1200 per sprint (full project)
Marketing and Advertising
Promoting your coaching services may involve spending on digital marketing efforts. This can include pay-per-click advertising, social media advertising, content creation, and search engine optimization (SEO) efforts. Costs can vary widely depending on the scale and scope of your marketing strategy.
-Running advertising – minimum budget per day €25 (this is the bare minimum otherwise it’s not worth doing)
-Ad copy + visuals – €25 per day
-Videos – €100 per day
-Content creation: €250 – €1000 per asset (blog article, brochure, sales letter etc)
-SEO optimisation: €30 – €50 per month
-SEO driven blog package: €700 – €1500 per month
Social Media and Online Presence
Maintaining a presence on social media platforms and other online channels is crucial for visibility. This may involve costs for graphics, content creation tools, and potentially outsourcing social media management.
-Bare minimum for SM + photography: €1000 per month
-Optimisation for SM channels: €500 per month and per channel
-Video content: €100 per video / podcast
Insurance and Legal Fees
Coaches often invest in professional liability insurance and may seek legal advice, especially when establishing contracts or terms of service.
-Legalities for website: docusign is usually free but can be €10 per month
-Hiring a lawyer: minimum €500 per month
-Insurance: €50 – €150 per month depending on coverage / deductible
Membership Fees and Associations
Joining professional coaching organisations or associations often comes with membership fees. These organisations may provide resources, networking opportunities and credibility within the industry.
-To be part of any association/ network: €25 per month or €280 per year per association.
** Please Note: All displayed fees above are references only and can be lower/higher depending on who you hire.
Let’s look at this in revenue numbers using Codex
We know… this is a lot of information and a lot of numbers. But this is the reality of running a coaching business and standing out in a busy digital landscape. Coaching businesses these days require digital knowledge, resources, business know-how and a hefty amount of upfront investment.
Imagine your coaching revenue is €1000 a month but half of your time is spent having to market your services. So the time you could be billing clients, you are instead having to learn how to market yourself online. You could literally double your revenue or more by offloading the heavy tasks of self promotion. For the monthly revenue you make through Codex, there’s a 10% commission, meaning that if you make €1000 per month, you make €900 in profit.
Codex removes all implicated costs linked to running an online coaching business by creating a standardised profile that matches coaches with the right clients through the help of smart algorithms. There is a 10% commission fee to sign up with Codex – but this is only charged once a coach starts making money through the platform.
Meaning coaches pay zero euros to enter the market with Codex.
Why Codex is invaluable for coaching businesses
One of the main reasons why Codex was conceived is because there isn’t a centralised digital platform that brings the world of wellness under one roof, and that fully serves the needs of coaches. There are many different platforms that offer different services to help coaches run their business, find their clients, manage their finances, manage their bookings etc. However, no platform offers everything together. Codex is the first platform to do this.
Codex is designed to bridge the gap between various sectors in the wellness industry, providing essential visibility to wellness professionals and guiding wellness seekers to the right wellness partners. It eliminates the hassle of having to use multiple wellness apps and tools by bringing everything from the wellness world under one roof: wellness activities, a thriving community, expert health and wellbeing advice alongside a revolutionary matching system that unites wellness seekers with the best professionals.
Everything you need as a coach is provided on Codex.
Come take a look for yourself and see how Codex could help to grow your coaching business: