Selecting a niche coaching business will help you focus your talents and skills, and narrow your target market to make marketing and promotion easier. Though selecting a niche can be a great idea, it’s wise to do a little analysis and research before your narrow your group of potential clients.
3 Keys About Making Money in Coaching
Before you pick a niche coaching business, ask yourself these two questions:
- Is there a large enough market for your services?
- Does the market want your services?
- Can your target market afford your services?
If you can answer these questions with a YES, then you might have a target market for your coaching business that can be profitable over the long term.
Top 6 Reasons to Choose a Niche Coaching Business
- To make more money with less marketing effort.
- To focus on building visibility and reputation faster.
- To create a distinctive brand that will tag you as an expert in a specific segment of the coaching business.
- To reduce the amount of competition.
- To create a powerful presence in the coaching industry.
- To leverage your coaching and marketing efforts into various products and additional streams of income.
Build it and They Will Come
While staying a non-specific coach might mean you have a larger target market, it also means your marketing efforts will be less focused and may cost more to reach the people who are really interested in your services. So, you have to build a business to fit your market. Any successful entrepreneur will tell you that one of the most important secrets to success is that people will purchase your products or services if they feel it addresses their particular wants or needs.
That’s why a niche, if chosen correctly, has the greatest chance to make your coaching business profitable and sustainable over the long term. Niche coaching businesses have more potential to explode in the marketplace!
How to Choose the Right Niche For a Coaching Business
There are many variables when selecting the right niche coaching business; every coach’s situation and market will vary but these general guidelines will help you make the right decision when choosing a niche.
- Make sure your niche is well defined. Writing a good business plan before you move into your niche will help you define the parameters of your niche.
- Make sure the target market is large enough to be profitable. Though narrowing the target market is one of the reasons you are selecting a niche, you don’t want to make it too small.
- You can choose a niche based on your own story, experience, skills, connections, or any other reason that gives you an advantage in the market.
- Make sure the target market has identifiable wants and needs – easier to market and to coach.
- Perhaps the most critical factor for choosing a niche coaching business is to make sure you are able to provide outcomes which your potential clients seek. The right outcomes are usually found with some combination of experience, skill, knowledge, and passion.