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Joanna Lott Coaching

5 Steps to Finding Your Profitable Niche

Finding Your Profitable Coaching Niche

The Ultimate Guide to Find A Profitable Coaching Niche

Table of Contents:

  1. What is a Niche and Why Does it Matter?
  2. Step 1: Reflect on Your Passions and Skills
  3. Step 2: Research Market Demand
  4. Step 3: Identify Specific Pain Points
  5. Step 4: Consider Profitability and Viability
  6. Step 5: Test and Refine Your Niche
  7. The Ongoing Journey of Niche Refinement

What is a Niche and Why Does it Matter?

A niche is a specific target market, a well-defined segment of people, or a segment of a problem or an outcome that these people want. By narrowing down your focus to a specific group of people who have a specific problem and who want a specific outcome, you can position yourself as an expert and attract clients who are actively seeking solutions.

The key phrase here is ‘actively seeking solutions’. No one is ‘actively seeking coaching’. People are driven to look for solutions to their greatest challenges, and that is why the need to find a profitable coaching niche is so crucial.

It helps you to stand out in a crowded coaching market, which has quadrupled in the last two years alone. Defining your niche will enable you to increase your visibility, be really focused, and know exactly what your marketing message is.

Step 1:  Reflect on Your Passions and Skills

Start by reflecting on your passions, skills, and interests. What topics could you talk about all day? You’re going to be talking about your business a lot when you start marketing it, so make sure you love it – this way, your enthusiasm will shine through and will be infectious.

Think about your background, education, and previous work experience. Also, think about what really riles you up. This can be a good indicator of your calling.

Consider areas where you can immediately start monetising, or if you have the time and capacity, you might want to reinvent yourself and go all-in on a niche you’re genuinely passionate about.

Step 2: Research Market Demand

This step is often neglected, but it’s crucial to gauge the level of interest and engagement in your chosen niche. Explore online groups, social media, and industry publications to see if there’s a demand for your services.

If you’re not getting any inquiries, even when offering free consultations, it might indicate a lack of demand or an issue with how you’re communicating your message.

Step 3:  Identify Specific Pain Points

Now that you’ve explored the market, drill down your chosen niche by identifying specific pain points that your potential clients might be facing. Coaching is about providing solutions, so by understanding your target audience’s struggles, you can position yourself as the go-to coach to help them overcome these challenges and hone in to find a profitable coaching niche.

Most coaches generalise, saying things like, “This will make you feel incredible.” But if they’re not using the words your target audience is using, your message won’t resonate with them.

Step 4:  Consider Profitability and Viability

While your passion is essential, if you want to earn a living with coaching, you need to evaluate the potential market size, competition, and your target audience’s willingness to invest in coaching services.

A profitable niche will have a balance of demand, willingness to invest, and room for growth. If your target group isn’t in a position to financially invest, it will be highly unlikely to create a profitable niche out of that group.

Step 5: Test and Refine Your Niche

Once you’ve identified a potential niche that meets the criteria of being profitable and aligns with your passion, it’s time to test it out. Start offering your coaching services to a few clients within that niche.

This will help you gain insights, refine your offering, and ensure that you actually enjoy working with clients in that niche. Remember, your niche is not set in stone. Be flexible and open to tweaking it as you go along.

The Ongoing Journey of Niche Refinement Finding your profitable coaching niche is just the beginning. It’s an ongoing journey of exploration, learning, and growth. Keep adapting to what your clients want, and don’t be afraid to make changes along the way.

Remember, your journey as a coach is unique. Go out there, make a positive impact on the world, and keep refining your niche to ensure you’re making a difference and a living.

Key Takeaways To Find A Profitable Coaching Niche:

StepAction
1Reflect on your passions, skills, and interests
2Research market demand for your chosen niche
3Identify specific pain points of your target audience
4Consider profitability and viability of your niche
5Test and refine your niche with real clients

Remember, finding your profitable coaching niche is an ongoing journey of exploration and refinement. Stay flexible, adapt to your clients’ needs, and keep making a positive impact on the world, one coaching session at a time.

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Hi, I’m Jo, and I’d love to help you on your coaching journey. I spent 20 years in corporate HR but faced challenges balancing work and family. Refusing to settle, I ventured into coaching, seeking financial success aligned with my values. Overcoming limiting beliefs, I developed strategies to attract clients, leading to the creation of my Reliable Results Path. Now, I support coaches in achieving their goals through my Business of Coaching programme. My values of honesty, personalisation and courage guide me, fostering a community of impactful coaches who believe in inclusivity and making a difference. More about me

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Hello and welcome! I’m Joanna Lott, and I’m passionate about empowering qualified coaches like you to build brilliant businesses.