The 10 Best Cities For Starting a Life-Coaching Practice Where is life-coaching needed most? If you answered 'Washington, D.C.,' you're close to the mark.
By Al Harris •
Opinions expressed by Entrepreneur contributors are their own.
http://www.sparefoot.comEverybody needs a little help sometimes. Whether that means helping clients with their careers, relationships or personal-goal achievement, life coaches aim to improve the well-being of the people they serve.
Related: The Rising Popularity of Life Coaching
And, apparently there are many people looking for just that kind of support. In fact, the life-coaching industry has risen to prominence over the last 10 years, with membership to the International Coach Federation tripling during that time, according to Marketplace.
Life coaches have become commonplace in the business world, and while there are no formal requirements for joining the profession, university programs have cropped up at colleges. The industry is also estimated to have generated $869 million in revenue last year, according to IBISworld.
So, evidently this field has continued to grow. And that fact prompted us at SpareFoot to wonder: Where are the best places to start a life-coaching practice?
To answer the question, we teamed with Thumbtack.com, an online service that connects consumers with skilled professionals to get things done -- including life coaches. Based on its marketplace data, and controlling for supply, Thumbtack recently calculated which markets had the highest demand. Cities with the most demand relative to supply scored the highest on the Thumbtack Opportunity Index.
Thumbtack also provided the average price per session (per customer) for life coaches in each of those top-listed cities. To come up with our own list of best cities, we also considered the cost of living and general well-being of residents in each locale. Cities with lower well-being scores were ranked higher, as places that would seem to have a greater need for the services life coaches provide .
We then took the 10 metros with the highest opportunity index scores and ranked each by the following additional metrics:
- Price per session
- Median monthly rent (via Zillow.com)
- Number of sessions required to pay a month's rent
- Median home sales price (via Zillow.com)
- Gallup-Healthways Well-being Index (more info here)
Without further ado, here, in reverse order of "opportunity" attractiveness, are the 10 best metro areas for starting a life-coaching practice.
10. Los Angeles
Perhaps the birthplace of the lifestyle guru, L.A. is still a prime spot for life coaches to set up shop. While the cost of living is higher than that of other cities on our list, healthy client demand makes this city a fantastic choice.
- Thumbtack Opportunity Index: 60.67
- Thumbtack Average Price Per Session: $160.12
- Median monthly rent: $2,567
- Sessions required to pay a month's rent: 16
- Median home price: $575,000
- Gallup-Healthways Well-Being Index: 62.8
Related: How I Became a Life Coach...Sort Of
9. Denver
The Mile High City rounded out the top ten in terms of Thumbtack's opportunity index, but there is still plenty of demand. Cost of living is right in the middle, which is a bargain when you realize how easy it is to access serene mountain landscapes and other outdoor adventures.
- Thumbtack Opportunity Index: 51.69
- Thumbtack Average Price Per Session: $157.15
- Median monthly rent: $1,977
- Sessions required to pay a month's rent: 12.6
- Median home price: $415,000
- Gallup-Healthways Well-Being Index: 62.5
8. Boston
Boston had the highest opportunity score among the top ten, which means there is plenty of demand for life coaches. However, Boston is one of the most expensive cities on our list, so be prepared to work hard!
- Thumbtack Opportunity Index: 100
- Thumbtack Average Price Per Session: $150.26
- Median monthly rent: $2,282
- Sessions required to pay a month's rent: 15.2
- Median home price: $550,000
- Gallup-Healthways Well-Being Index: 62.3
7. New York
Like Boston, the New York metro area provides lots of opportunity for life coaches, but is also quite expensive. It had the second-to-lowest well-being score, which also indicates a potential need for more life coaches.
- Thumbtack Opportunity Index: 84.27
- Thumbtack Average Price Per Session: $179.26
- Median monthly rent: $2,442
- Sessions required to pay a month's rent: 13.6
- Median home price: $560,000
- Gallup-Healthways Well-Being Index: 61.2
6. Minneapolis
While having a middle-of-the-road opportunity score, Minneapolis is a place where life coaches can command top dollar; the city ranks fourth overall when it comes to the average price per session, of $186.20. With a low cost of living, it only takes an average of 8 sessions to pay a month's rent.
- Thumbtack Opportunity Index: 55.06
- Thumbtack Average Price Per Session: $186.20
- Median monthly rent: $1,517
- Sessions required to pay a month's rent: 8.2
- Median home price: $215,000
- Gallup-Healthways Well-Being Index: 63
5. Washington, D.C.
The nation's capital ranked second when it comes to opportunity, which probably comes as no surprise when you think about the dysfunctional state of our current political climate. Life coaches there get paid the most, based on an average session price of $207.52.
- Thumbtack Opportunity Index: 91.01
- Thumbtack Average Price Per Session: $207.52
- Median monthly rent: $2,121
- Sessions required to pay a month's rent: 10.2
- Median home price: $439,000
- Gallup-Healthways Well-Being Index: 62.8
4. Seattle
Seattle had the lowest well-being score among cities on our list, which could present an opportunity for life coaches. Prices for life-coaching are relatively high there, which doesn't hurt either.
- Thumbtack Opportunity Index: 61.8
- Thumbtack Average Price Per Session: $192.05
- Median monthly rent: $1,996
- Sessions required to pay a month's rent: 10.4
- Median home price: $450,000
- Gallup-Healthways Well-Being Index: 61.1
2. Phoenix [tie]
Phoenix had the second-to-lowest opportunity score, but scored well on all our other metrics. When it comes to the number of sessions needed to pay a month's rent, the desert oasis can't be beat.
- Thumbtack Opportunity Index: 51.69
- Thumbtack Average Price Per Session: $195.88
- Median monthly rent: $1,207
- Sessions required to pay a month's rent: 6.2
- Median home price: $225,000
- Gallup-Healthways Well-Being Index: 62.3
2. Pittsburgh [tie]
Pittsburgh also excelled in the cost of living metrics, with the lowest home price and monthly rent on our list.
- Thumbtack Opportunity Index: 56.18
- Thumbtack Average Price Per Session: $157.32
- Median monthly rent: $1,120
- Sessions required to pay a month's rent: 7.1
- Median home price: $155,000
- Gallup-Healthways Well-Being Index: 61.7
Related: 5 Life-Changing Lessons I Learned When I Raised My Coaching Prices
1. Atlanta
While not ranking in first place in any given category, Atlanta still earned the top spot, coming within the top four on almost every metric. A life coach in Atlanta can pay a month's rent after just seven sessions, and there is plenty of opportunity to do a lot more than that.
- Thumbtack Opportunity Index: 75.28
- Thumbtack Average Price Per Session: $178.47
- Median monthly rent: $1,275
- Sessions required to pay a month's rent: 7.1
- Median home price: $199,000
- Gallup-Healthways Well-Being Index: 61.5
