Over the last three weeks I had a free video series online called How to Choose a Highly Profitable Niche. If you missed it, I’m sorry, it’s no longer available. But stay tuned because I’ll be doing more teaching videos soon.
The video series drew over 200 comments and I was tickled, amazed, delighted and touched by coach’s sharing their aha’s and also their poignant stories. Many expressed gratitude for no longer feeling alone in what seems like an endless search for the right coaching niche.
To give you a taste of the rich conversations, here is a sampling of comments and, in some cases, my responses. I’ve also provided some references to articles that illuminate some of the struggles and success stories about viable niches.
Bottom Line: You’re not alone in your niche search. There is a highly profitable niche market out there that you’ll enjoy! You just need to know where to look and how to choose wisely for the long term.
Does What I Want to Do Translate Into a Viable Biz?
Mel said:
Thanks so much, Rhonda! I’m currently enrolled in a coach training program and have been confused about choosing a “niche”. It seems to me everyone in class has an idea of who they want to work with/for, what “type of coaching need” they want to work on. But nobody seems to have done any research on whether that “what I want to do” translates into a viable business need.
My response to Mel:
Dear Mel – you are so wise to be looking at the viability side of the equation. Many coaches blindly follow their colleagues into popular but profitless niches. I did that myself years ago. I teach coaches a much more fruitful way to be certain that you will have consistent income and a steady flow of clients while also getting to coach about what you enjoy. It’s about choosing a highly profitable niche market. A viable market = a viable coaching business.
To Be a Coach in High Demand STOP Selling Coaching
Cynthia shared:
This was eye-opening, Rhonda. I thought my niche — Life Purpose — was a narrow one! Now I know better! I enjoy helping people with Life Purpose and feel like I am making a great impact in people’s lives, however, my answer to your question about whether I know where to find my next 10 – 100 potential clients easily — Absolutely not!
My response to Cynthia:
That’s the rub, Cynthia. Unfortunately, all those “fill-in-the-blank” coaching niches keep coaches in a low-income bracket working too hard to find their next clients. That’s because people don’t buy coaching. It’s the valuable tool in your toolbox, but not what will motivate clients to invest. It’s really important to choose a narrow, accessible MARKET to serve rather than just choose a topic to coach about and then those troubles disappear.
You will absolutely get to coach about life purpose with ANY viable market, but first they need to find you ad hire you!
10 Common Challenges Life Coaches Face and How to Solve Them
Narrowing Your Niche is About Specializing
Melissa said:
Rhonda, I’ve watched all three videos and have learned some very valuable lessons. I always thought that having a narrow focus meant that I could not work in other areas. My AHA moment: “narrowing is not limiting it’s specializing.” Thinking of myself as a specialist helps me to specialize with a more profitable market. Got it! Thank you.
My response to Melissa:
Right on, Melissa, specializing is about leveraging your time for a powerful impact and return on your investment of time. It’s all about working smart so you can market less.
Six Signs That It’s Time to Narrow Your Coaching Niche
What Keeps Coaches from Narrowing Their Niche Enough
How to Be Sure Your Passion-Driven Biz Pays Off
Leslie said:
I loved what you said about passion. Specifically that we can feel the passion and joy from helping those who are ready and wanting what we have to give!
My response to Leslie:
Indeed, Leslie. Passion rises when we’re doing meaningful work, making a delightful, reliable income and growing!
That’s why I encourage coaches to release attachments to coaching about only one very restricted topic or trying to serve a huge market — because when that doesn’t pay off and it requires so much work to get a handful of clients, that passion fizzles. It’s best to do what does work and let the passion arise from that.
Helping people AND earning a great living feels great and stirs passion!
The Moment of Truth, Realizing It’s Time to Choose a Viable Niche
Lori shared:
I just want to say thank you for this video. Finally, I have confirmed that my niche — Moms — is never going to be profitable. I have been beating my head against the wall for six years trying to figure out how to break the code to making money with my niche. As hard as it is to hear, because I know this niche needs coaching, I now understand why — they are not seekers, and never will be. I know it will cost me a lot of money to shut this business down and start all over, but it will cost me even more to continue to keep it going. Now I just have to find a new niche! :0)
Are You Marketing Your Coaching To Seekers
Lori’s comment touched me deeply, because it’s a story I’ve heard many times from coaches who pursue popular but profitless niches. I admire Lori’s courage and determination to find her profitable niche market after years of effort. It wasn’t for lack of action or savvy, it was just a fruitless niche.
Ready to set yourself up for long-term success? Get started on the step-by-step system Your Highly Profitable Niche. You’ll take away a viable market, your core message and offers — the foundation for a coaching niche that feels good, pays well and goes the distance.
