Your life coaching fees are not dependent on your experience, your past outcomes or your market. What really determines your coaching fees is the extent to which your clients see you as the only way to get what they want. If their life is on the line, and you have the answer, they will do whatever it takes to get it. That’s one of the reasons creating a niche is so important when setting up your life coach business. But choosing a niche is not enough.
The 3 Niche Myths That Harm Your Life Coaching Fees
Myth #1: Targeting your market is a one-time event. In reality a niche is more like a baby. The needs of a newborn change over time, and you teach them to express their needs as they grow. You also discover the needs of your niche more deeply over time while in a dialogue with your prospects and clients. It can happen live or via internet.
Myth #2: You should try to find the biggest niche possible. In reality you want to find the biggest need that you can meet, not the biggest market. If your mega niche is health & wellness coaching, you could never meet the needs of that entire group. You’ll need to narrow it down even more, to something such as weight loss coaching for women over 50 so you can develop the skills to become an expert.
Myth #3: Do what you love and the money will follow. In reality you need to look to meet the needs of your clients, and give it to them in a format that they are willing to pay your life coaching fees. Then you need to learn about marketing and sales so you can deliver those solutions to them.
The Ultimate Niche Myth
The ultimate niche myth is that you want to find a niche; similar to choosing a dress off a rack of clothes. Actually, you want to develop a niche if you want to optimize your life coaching fees. Create something that has never been done or make improvements on someone else’s services. Just like FedEx created an overnight delivery service in a well established package delivery environment. They broke into that market because they found a need that wasn’t being met. You can do the same, and enjoy the same success if you dare.
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JTS Advisors Bi-Designated Strategy and Accountability Coach