Life coaching is not monolithic – there are many variations and types of life coaching business niches. A life coach can select a specialty in which he or she has experience or passion, or one which appears to have a large target market and a lack of coaches. There are many types of life coaching businesses – what is the right one for you?
What Types of Life Coaching Business Niches are Right for You?
Selecting the right life coaching business niche can mean the difference between success and failure. As the industry continues to grow and more people become coaches, it is becoming increasingly important to have a specialty. It is much more effective to promote yourself within a tightly defined niche than as a general practitioner who is looking to coach any and all clients.
Here are some of the criteria to consider when selecting among the various types of life coaching business niches.
It may not be necessary to consider all of them, but ignoring all of them will probably set you up for failure.
- Intense Need: Find something for which there is a strong perceived need – a painful issue or set of problems for a group of people. The greater the pain, the more likely the niche is profitable.
- Passion: Find something you feel passionate about. The more passionate you are, the more effort you will put in to promoting and working the niche. Passion doesn’t directly lead to profitability, but it leads to hard work and satisfaction, which can then lead to financial success.
- Lack of Coaches: Is the specific niche underserved? Do you see a lack of available coaches for the target market? A coaching business will grow much faster and have a greater chance for success if there is less competition.
- Examples of Success: Though a lack of other coaches in a niche is usually a good thing, it is also beneficial to see a few examples of the success within the niche. If people are paying money to coaches working within this niche, there is some precedent for success.
- Discretionary Income: Does the target market have money to spend? Can these prospective clients afford your services? Without this discretionary income, your services may be in demand but still out of reach for those you are trying to reach.
- Be the Very First: This may contradict the criteria that seeks examples of success within the niche, but it is something to consider. The list of various types of life coaching business niches can increase by one if you create your own. If you are the first, the market is all yours, at least for awhile. One of the best ways to be the first in a niche is to take an already defined niche and narrow it even further.
- Outcomes: You may find the perfect niche, with a large target market, plenty of discretionary income, a lack of experienced coaches, and one for which you have the passion, but if you can’t supply the right outcomes for your prospective clients, then you won’t be able to find success. Know what you can offer before you start promoting yourself within the niche.
So many types of life coaching business niches – which one do you select? If you don’t do your due diligence before jumping in, and consider the criteria listed above, your chances of success are limited. Know the market for various types of niches and then capture that market.
Hope you took some great value out of this post today! I’d love to hear your feedback, so make sure you leave a comment with your thoughts or questions. And also, you can click on the Twitter button below to retweet this article…Thank you!
Writing Team, Coaches Training Blog Community