How can you find the right niche coaching business? There are a million theories on how you can figure out your place in the coaching industry. Becoming a big fish in a small pond, is one way to have a profitable coaching business, but what will work for you?
What is a Niche Coaching Business?
A niche business is one that is a smaller sub-segment of a larger market. A life coach is a segment of the coaching business. A life coach for working women is a smaller sub-segment of life coaching. It is a small pond with BIG potential!
5 Ways to Find the Right Niche Coaching Businesses
These five ways are not mutually exclusive – they can all be used, or some can be used in conjunction with others. Use one, use two, use all five – these are merely suggestions to guide you on your quest to find the right niche coaching business for you!
- If you are already in the coaching business, the best way to find out what niche is needed is to ask your clients. Survey them on what they fear, what frustrates them, and what they desire. Their answers may surprise you and may give you some inspiration and information on where to seek your niche.
- Start broad and let the niche find you. This is similar to the one above. If you are already coaching, perhaps as a life coach, be on the look out for potential niches as you build your practice. Opportunity comes knocking when you least expect it; keep your eyes and ears open and you never know what you’ll see or hear!
- Go with something you are passionate about. Perhaps you are a woman who is passionate about issues relating to working women. Find a niche helping women start businesses, jump start their careers, or balance career and family.
- Go with something yo know. If you are an expert on a topic or have several years of experience in a specific field, you can use this knowledge and experience to coach people. Perhaps you are an African-American who worked as an executive for many years, you can bring this special knowledge and help other African-American achieve their goals in the corporate world.
- Find a niche in which there is great demand but not much competition. Undoubtedly, this is the best way to find a niche coaching business, but it is also the most difficult. Niche coaching businesses make the most money when you are that proverbial big fish in a small pond, but locating these small ponds with very few large fish can be problematic. Surveying your clients is one way to find these small ponds. But, extensive market research is needed to find targeted audiences with little competition.
The best niche coaching business is at the intersection of your passion, you expertise, and profit – what you know, what you love, and what makes money! If you can find that spot, you are in business – a profitable business!
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