Coaches are taught to choose a coaching niche based on what we are passionate about. That approach to niching speaks to us, because we’re people of the heart. We tend to think that if we follow our true purpose, the money part will take care of itself.
Then there’s the real world of business. Coaches make money by selling a service. Like every other business, we have to get in front of people who don’t already know us, and show them that we offer something they are willing to pay for.
Nearly all of us start out thinking we know how to do that, and nearly all of us get humbled when it turns out not to be so easy. It turns out, the money part doesn’t take care of itself.
I’m all about passion, believe me. I completely endorse you following your purpose. But following your purpose is not the whole story – because it’s all about you. It leaves out your tribe.
So, what if you were to look at the whole topic of your niche from the point of view of the people you serve? From that angle, the question is –
What coaching niche would bring you a steady stream of ideal clients?
What coaching niche would connect so powerfully with what your tribe really wants that they would line up to work with you? Either your niche has that potential or it doesn’t. If it doesn’t, you have to ask yourself how you are going to take care of the money part.
Test Your Niche
How do you know if your niche has that potential? Try this quick test. Rate your niche on a scale of 1-10 (10 being best) for the following four questions:
1. How easy is it for you to find and talk to 50 people in your niche market right now?
Can you say, right now, exactly where and how you can get in front of 50 people in your market? They need to be people who will talk to you. There are some niche markets that are easy to find, but the people in that market won’t talk to you unless you are one of them.
2. How hungry are they for what you offer?
What is the outcome that they most want? What is it that they are really trying to achieve? What they are so hungry for that they are willing to pay for it? Does what you offer speak to that?
3. Would YOU invest in your own services to achieve the results you offer?
Before you were a coach, if you were a person in your niche, would you have invested, at the level you want to charge, in what you are offering?
4. How top-of-mind is your service for the results you offer?
Would someone who is aware of you as a service provider think of you first when their mind is on that most-wanted outcome? Could you establish yourself as the go-to person for the results you offer?
You need at least an 8 on each question to be truly confident that your niche will pay off now and later.
Now Move Forward
However your niche did on the self test, don’t worry about it. It’s all good.
- If you’ve been pursuing a niche that scores low on the test, take heart. It may feel tough right now, but it’s ok, because you’ve “dodged a bullet”. Now you can avoid putting more investment into an unprofitable niche. Remember, everyone in business gets humbled by doing things that don’t work. The winners are the ones who stay in the game, learn from their mistakes, and try something different.
- If the test confirms that you’ve chosen a highly profitable niche, celebrate. And move forward with confidence.
- If you’re just getting started in coaching, now you can start with a wider perspective on what niching is all about. Looking at your niche from the point of view of the people you serve will give you a big advantage.
Wherever you are on this, there’s an action you can take now to move toward the coaching business you dreamed of. Choosing a specific, narrow niche that has high profit potential is just the first step. Once you have that in place, you also need to:
- find out with certainty what the people in your niche want so much that they will pay a high price for it.
- connect with them and share your message and offers in a way that motivates them to invest.
I’d love to know how you did on the niche self-test. What questions came up for you around that? Leave a comment below. And keep moving forward.