FINDING A COACHING NICHE IS EASY WHEN YOU HAVE THE RIGHT “PROCESS” AT HAND THAT HELP YOU UNDERSTAND WHAT SEPARATES A WINNING NICHE FROM THE LOSERS.
Dive into this post and learn about the three components you must keep in mind if you want to find a rock-solid coaching niche.
And, should you have already picked a coaching niche that isn’t working out, assess it against these three criteria too. Only if you make all of them match up, will your coaching business grow fast and profitably.
So, let’s talk about these components one by one...
...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.
LET'S START WITH BUSTING SOME MYTHS, SHALL WE?
Are there really 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 boosted your marketing skills; you still need to find the right niche for you that meets specific requirements.
The three components of a profitable coaching niche
So, here they are: the three components you need to consider when choosing your niche market:
Your “core” is all about you. What are your talents, interests and experience?
Your “clients”, well, that’s all about your tribe. What’s their background, including demographics, psychographics, and buying behaviours? What do they aspire in their lives or careers, and what is their daily grind?
Your “competition” is 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...
All three criteria are equally important to prevent failure. Here’s why...
GRAPHIC: THE THREE COMPONENTS OF A PROFITABLE COACHING NICHE.
If you only consider your clients and your core but ignore the competition entirely, your coaching 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 coaching 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 coaching 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 coaching niche? Please share it in the comments here. I’d love to know.
It’s time to say good-bye to niche-hopping!
Let’s talk about how you can use this framework in your coaching business.
So, let’s assume you’re into 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 “niche idea” and check it against the three criteria:
Those are just a few probing questions you can ask yourself to make sure that your chosen niche is hitting the mark. Each component needs to get a thumbs up from you before you proceed.
Following this mini-checklist means that your niche will most likely turn out to be a profitable coaching niche, especially if you get your marketing strategy right. (Psst: If you want to get your hands on an expanded checklist, snag a copy of the Ultimate Coaching Niche Finder Kit here.)
And, by the way, this method works no matter if you’re just starting out as a coach, whether you’re into life, health or career coaching, or if you plan to grow your business mainly online.
In fact, you can start out in any niche (yes, even the tad crazy one you’re truly passionate about!) as long as it matches up with those three criteria.
Don’t let anyone dictate which niche is the best option for you.
By now you know that there’s nothing to the rumour that you can only succeed in particular coaching niches because you got the message that it all comes down to you being the maker of your own success.
And, having the right “help” at your fingertips when evaluating your ideas means that you’re on the fast-track to finding the perfect niche for you.
So, go ahead and jot down some niches you’d love to serve. Then make sure that the three components I mentioned in this post match up for your chosen one.
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. Because you just found your lucrative coaching niche.