There is no particular reason why the prices of the coaching industry are often kept in secret. This is unfortunate as it makes it quite difficult for potential clients to hire professional coaches in Nigeria.
Most individuals coming new into the market as life coaches, career planners, or business coach often read about some magical stories about personal development coach and professional development coaches elsewhere charging millions of Naira or making thousands of dollars as a Career coach or career advisor
But it is important to note that most of these coaches embellish their earnings in other to sell their advice to other upcoming coaches.
As more people are now going into the field of life coaches or wishing to switch over their professional careers due to the rise in managerial culture in recent years, it is necessary to work on oneself to assess one's professional experience.
A study conducted by the International Coach Federation estimated that there are presently over 53,300 professional coach practitioners worldwide. The study shows that Western Europe accounts for the largest share (35%), followed closely by North America. Africa and Oceania followed from behind.
Professional business coaches and life coaches have proven to be beneficial to the advancement of career development and business optimization but at a cost.
We have taken a closer look at the criteria for pricing as professional coaching sessions in Nigeria.
Criteria to determine professional coach fees in Nigeria
How much you are to charge as a business coach or a life coach is depended on different factors and criteria. If you decide to start up your own business or life coaching agency, it is necessary that you determine your ideal rate based on some stated criteria.
This is often a daunting task because your price determines your bottom line in the long run and whether or not if someone will decide to become your client.
Different criteria, such as setting up professional goals and ways to achieve them, are primarily the essential criteria that professional seeks out during a career counselling session.
The professionalized coaching services' level and breadth are also dependent on the comprehensive skillsets that the coach charges. The higher the level of expertise, skillsets, and experience, the higher the rate he would charge when compared to a fresh graduate just leaving the University or NYSC.
The rates also depend on the type of coaching services that you are expected to offer. Coaching sessions differ in nature, and these include by session, by month, or by the package.
Charging by the package is often the best way for a professional coach to charge. This is because it makes your income more stable and predictable.
This is a great signal when you are starting out as a business coach. Also, the rate of individual coaching is expected to differ from the executive coaching and the rates for a group or team coaching session.
The result your clients are expected to see also has a huge effect on the price you are expected to fix for your services.
Since the business coaching profession is not formally framed within a legal regulation in Nigeria, you can price your services according to the packages and businesses.
You can charge a small business owner lower while a larger corporation would be charger higher, which might run into millions of Naira.
This is important since servicing a larger corporation might require more attention and focus due to a larger team size when compared to a smaller business venture. The amount of time you invest in the services should equal the price you charge your clients.
Another important criterion that influences your pricing is the certification and training that the coach has acquired. The coach’s training courses and diplomas or certifications are essential in finding expensive clients.
Nowadays, there are different ways in which people learn new skills. Will the session happen face-to-face or by the virtual coaching process.
With the advent of technology, a wide range of virtual platforms exist now. While most individuals still prefer to see their coach in person, others prefer the efficiency and convenience of virtual coaching. These different routes are expected to cost different prices.
Will the sessions happen on the phone or in-person? Will the client meet their coach off their company's premises, or will the coach meet them in their offices? How long will the sessions be, and how often will the clients and coaches meet?
Having expertise in a specific area can also increase your earning capability. Such career choices include
- Human Resources Coaching
- Career Development Coaching
- Executive Management Coaching
- Marketing (Digital) Coaching
- Personal Development Coaching
- Communication Skills Coaching
- Stress Management Coaching
- Work-Life Balance Coaching
- Conflict Resolution Management Coaching
- Healthy Lifestyle Coaching
- Vocational Counseling
The sessions offered during the coaching period also has a way to influence the price the personal development coach should charge. Some pertinent questions that the career consultant is expected to ask when setting up the career session includes:
- Will the sessions be held online or face-to-face or a mixture of both
- Where will each session be held? At your home, client's home, or the company.
- How many times will the sessions be held? Daily, weekly or monthly
- How long will each session last? 1 hour, 5 hours, or a full day
- What is the expectation of clients from each session?
Therefore, it is expected to consider these questions and criteria before agreeing upon a fixed price for each client and session.
Cost of individual coaching sessions
As an individual professional coach that is not under any franchise, he/she is expected to fix their rates in relation to the average market price and the nature of clients they consult for in the country.
To fix the right prices, it is expected that you conduct proper research on the averages prices charged by coaches in your state or your area of specialization.
Usually, a personal coaching session in Nigeria ranges between ₦15 000 to ₦150 000 per session while the price for a professional coach for a small or medium-sized company in Nigeria will range from ₦250,000 to ₦1,000,000 per session.
To enable you to make enough clients and breakeven, you must align your fees according to your state's market price and competitors' prices. So you'll have to make sure that your fees are both accessible and reasonable.
A coach with several years of experience as a big corporation CEO will be in a better position to charge a higher amount than an individual who just started out as a life coach or a business coach without any working or business experience.
As a coach, remember to consider the cost that you will incur in starting up, such as renting an office, internet connection, transportation fees, and others.
As a professional personal coach, you have to decide the number of clients you can handle to set your price.
Supposing you can consult for 15 clients per month at ₦2500 per hour for 5 hours daily as a coach with little experience, you will be expected to make an average of ₦375,000 per month.
For a professional career coach with several experiences, the rate can go from ₦50,000 to ₦100,000 for an hour or two-hour session.
As you continue to redefine your specialization and gather more experience, you will be expected to gain more visibility, expand the client base, and charge higher rates.
Rates of in-house professional coaching sessions
As most companies continue to expand and lookout for ways to improve and remain competitive in the fast-changing business environment, there is always a need to hire an in-house professional coach.
Most senior managers in blue-chips and multinational companies in Nigeria are often faced with a series of issues in transiting from one position to another due to the need to develop new skillsets.
Therefore, these may require some form of management training and development sessions that will help them manage conflict, develop good negotiation skills, proper communication, and strategic decision-making skills.
Companies are often required to hire professional coaches to work with the employees individually or on a team basis to meet its goals and objectives.
These coaching sessions often take the following steps.
- The Initial Probing Sessions: These involve identifying the company's needs and goals to enable the coach to set SMART GOALS.
- Regular Meetings: Here, the employer, the employee, and the career/business coach meet together to review ways towards achieving the company's goals and other issues or difficulties that might arise.
- Training and Development Programs: Setting up regular coaching and mentoring sessions either in person, by telephone, or through other video technological routes such as webcam, Zoom, or Skype.
- Evaluation Process: These involve a continual assessment of the progress made towards achieving the set goals.
- Personality and skillsets assessment: These tests can be carried out with the coach to assess the individual. These can be done individually or in a group.
The rates of in-house professional coaching sessions are expected to differ from the amount charged by personal coaching sessions.
Professional Coaching Sessions On SuperProf
Superprof offers you the opportunity to interact and hire a professional coach from different parts of Nigeria and the world in general. The platform boasts of thousands of registered tutors who are willing to teach individuals from different cultures, backgrounds, and languages.
Here, you will meet different individuals willing to share their life experience and passion with their students from all over Nigeria.
Hundreds of thousands of new professional careers and life coaches join Superprof daily to share their professional coaching world experience.
These private tutors are expected to help you achieve your career goals and life objectives.
Prices charged on the platform differ between professional coaches from ₦2000 an hour to ₦5000 an hour. These prices charged depends on the coach experience, length, location of your lesson and the route to which the lessons will take place (in-person, group lessons, or online)
In Abuja, you can find a professional life coach or business coach for as low as ₦2000 per hour, depending on what you are looking for.
Lagos, Port Harcourt, Ogun, Oyo, or Kano State, you will surely find a professional coach on the Superprof NG platform with a price that will suit your budget.