Growth was spurred by the recession as people sought guidance about potential changes in their personal and professional lives
Los Angeles, CA (PRWEB) April 18, 2012
The Life Coaches industry is a growing one – with the number of life coaches increasing over the past five years. According to IBISWorld industry analyst Sophia Snyder “this growth has been spurred on by the hard economic times as people sought guidance about potential changes in their personal and professional lives. The industry has also benefited from the many life coach training programs that are available, with options ranging from classroom-based learning to home study. Certificate and diploma credential designations are available within the profession, with more than 30 universities offering coaching programs – including prestigious schools.”
As these programs have grown, so has consumer awareness about the service, resulting in stronger interest and demand. Snyder adds that other drivers of awareness about the industry’s services include “online coach directories that provide centralized portals where coaches can pay to advertise– a trend that has led to strong increase in client leads. Younger people, who comprise the industry’s strongest growing market, often use Skype and other software to not only find but also to engage with their coaches. Technology has allowed for a variety of delivery methods: online informative coaching, tele-coaching with an individual coach, in-person coaching and group coaching for people with similar goals. From the provider side, many coaches find an appealing aspect of the job to be the ability to work remotely, by telephone, Skype and email.”
Over the next five years, major players in the Life Coaches industry, including Handel Group, Inner Power Coaching and Your Infinite Life Training & Coaching Company, are expected to benefit from rising consumer disposable income. However, the industry also faces some challenges. Critics contend that life coaching is akin to psychotherapy without restrictions, oversight or regulation. The Colorado General Assembly, after holding a hearing on such concerns, however, asserted that coaching is unlike therapy because it does not focus on examining or diagnosing the past.
Many mental health professionals are debating whether to add life coaching to their services. They are drawn to the field in part because they are not required to deal with paperwork, insurance companies or managed care. In the next five years, the increasing number of psychologists entering the industry could create a niche for those coaches and lend some legitimacy to the industry. Such a trend is also forecast to contribute to rising industry profitability, as these professionals will warrant higher prices. Still, so long as the industry is not regulated and certification is not standardized, consumers’ willingness to pay for coaches is expected to be subdued.
For more information visit IBISWorld’s Life Coaches in the US industry page
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IBISWorld industry Report Key Topics
This industry includes practitioners that primarily help clients set and achieve personal goals. The industry does not include psychologists, mental health counselors or business analysts.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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