Picking a coaching niche is easy, but it doesn’t mean that the one you have chosen is working out for you… The reason that your “niche” isn’t working for you is that it’s more than likely that you didn’t assess or check your niche against the three key components that separates a winning niche from the losers. Still, you’re here now and eager to avoid this mistake in future.
So, Let's dive in and uncover the following:
...which coaching niches are more profitable than others.
...the three components you must keep front and centre if you want to find a lucrative coaching niche.
...what it means for your business if you miss a component when choosing your niche.
...how you can use this framework and make it work for you.
...probing questions you can ask yourself to ensure that you ticked off all three components before settling down on a niche.
Finding a money-making niche is easy when you have the right “tools” in your box… a niche that fits you perfectly, makes your clients happy and feeds your bank account.
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Word on the street is that only a handful of coaching niches are profitable ones... Myth or truth?
Watch this video until the end, and you’ll know if you should trust the buzz or call it BS. Also, I’ll reveal the three components you must know about to easily identify a profitable coaching niche. Be sure to apply what I share before pouring your heart and soul into any niche, no matter if it’s a trending niche or a timeless niche.
Let’s start with busting some myths, shall we? Time to talk about the rumour part... whether there are a handful of niches that are deemed to be successful, whereas others are doomed to fail.
My answer is no. There aren’t niches which are inherently more lucrative than others. It all comes down to you as a coach. Think about it this way. If you don’t know how to drive a car, it doesn’t matter if you sit in a Ferrari or a Skoda, you’ll struggle to get out of your garage. The same is true in business. If you don’t know how to promote your coaching business, it doesn’t matter which niche you’re in either; you’ll struggle to make it work. Now, this doesn’t mean you should go for any niche after you up-levelled your marketing skillset, you still need to find the right niche for you that meets these three requirements, or how I call them the three components of a profitable coaching niche.
Component number one, your core. That’s all about you, think talents, interests and experience.
Component number two, your clients, well, that’s all about your clients. What’s their background, including demographics, psychographics, and buying behaviours? What do they aspire in their lives or careers, and what is their grind? Think their struggles, obstacles and challenges.
And the final one, component number three, your competition. That’s all about your “peers”. What do they promise to their clients? What is their reach - is it local or global? And, what are their offerings?
Why those three? Let me explain:
If you only consider your clients and your core but ignore the competition entirely, your business will be an unpredictable one as you don’t know what your competition is up to that could influence your growth negatively.
On the other hand, if you only consider your clients and your competition, but leave yourself out of the equation, you’ll run an unsustainable business as you might lose passion and momentum for this business and wear yourself out.
And lastly, if you take into account your competition and your core, but shut out your clients’ needs and desires, you will have an uncertain business as you don’t know what your clients want and are willing to spend money on.
Only if you consider all three areas - your core, your clients and your competition - will you be on the right track to rock your profitable coaching niche. Because you made sure that your chosen niche is one that fits you perfectly, makes your clients happy, and feeds your bank account. Win, win, win!
Did you consider all three components when deciding on your niche? Share it in the comments here. I’d love to know.
By the way, if you want to get your hands on the 5-step process to nail down your coaching niche once and for all, then simply download the “Coaching Niche Finder” workbook. It comes with an in-depth training lesson so you can follow along easily and have you niche figured out in under 90 minutes. You can download the workbook and training by clicking the link here.
Now let’s talk about how you can use this framework and make it work for you. Let’s assume your niche idea is coaching female executives in getting back on track after suffering from burn out and supporting them in easing into their old jobs without relapsing. Take your idea and check it against the three components.
Start with checking your idea against the “core” component and ask yourself questions such as: Do you feel fired up starting out in this niche? And, are you able to co-create results with your clients?
Then check it against the “clients” component and ask questions such as: Do your prospects proactively search for a solution to their problems? And, do they have the motivation, time and available funds to go for your coaching offer?
And lastly, check it against the “competition” component. Ask: Are there any successful peer coaches operating in the same or similar niche offering comparable coaching packages at a similar price point? Psst: Competition is actually good here... Or another question: Does your location or reach differ from theirs?
Those are just a few probing questions you can ask yourself to make sure that your niche is the right choice. Each component needs to get a thumbs up from you before you go all in. Following this mini checklist means that your chosen niche will most likely turn out to be a profitable coaching niche, especially if you get your marketing strategy right.
Now over to you: Which niche of yours ticked all three boxes? Let me know in the comments here. I can’t wait to celebrate with you.
Now you know that there’s nothing to the rumour that you can only succeed in certain coaching niches because it all comes down to you being the maker of your own success. And if you consider the three components I explained in this video, you’re all set to profit from your unique coaching niche.
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