Qualifications
It's true that anyone can put up a shingle and call themselves a life coach, but that doesn't mean they're going to convince people to give them any money to do it.
If you're a great self-marketer, maybe you can white knuckle it with no experience or education; however, most people will need a few framed certifications on a wall (or a website) to back up their claims to make you better, stronger, faster, smarter.
The two biggest coach training organizations are: The International Coach Federation (ICF) and The International Association of Coaching (IAC).
You can get a variety of credentials and certificates to hang on your wall, but basically what you're after is advice on how to get clients.
Some programs urge you to get coach counseling but to also get in the game as soon as possible. They want you to learn by doing.
Others suggest getting licensed and accredited first.
It makes sense that if you're new to the biz, you'll need the backing of an organization like ICF to let the world know that you're serious about this business and that you have skill to take their lives to the next level.