This is the 3rd episode in the series Smart & Profitable Coaching Niches.
It’s heartbreaking but some niches never pay off. They just don’t ever get off the ground.
And it’s confusing because they are often about topics everyone cares about or target audiences that NEED so much help.
But that’s part of the problem.
When people buy support to get what they need they’ll most often turn to free resources or to known resources like therapists or doctors.
It’s WANTS that inspire investment in programs that lead to personal transformation.
WANTS drive investment in things and experiences, not needs.
Seekers and Non-Seekers
Seekers are what I call the type of people who invest time and money —from their own pocket — into their personal and professional growth.
Coaches are seekers.
Seekers:
- Are driven by their desire to make a meaningful contribution to the world.
- Have social personalities (even if they are introverted) and enjoy influencing others.
- Are always actively working on themselves and their top goals.
- Want to become masters at what they do.
- Buy and read self help or educational books.
- Will go to an experiential weekend retreat and invest a bundle in it.
- Pay for vocational training, like coach training, so they can do something they really want to do.
Not all people are attracted to those things. Sometimes it’s circumstantial. Sometimes it’s behavioral.
3 Types of Non-Seekers
- People who were taught to be fiercely self-reliant.
- People who invest most of their time and money on things they value more than their own personal growth.
- People who don’t value themselves highly right now for whatever reason.
So you can see it’s important to consider whether your target audience is full of seekers or not.
Popular But Usually Profitless Coaching Niches
I’m about to list some audiences who are not generally seekers, which means they are less likely to invest in hiring you to help them overcome problems and reach goals.
Full time stay at home moms
They invest time and money in their kids. Yes, they’ll love your free stuff and Facebook groups but they won’t consistently or significantly invest in support to be a better mom, live a more balanced life, or to thrive in motherhood.
A client once came to me who had put 5 years into building a coaching business focused on moms. She is a highly intelligent go-getter who diligently tried every marketing approach. She had great programs, products, freebies, an effective website. She had a big list of moms but few bought anything she sold and usually only something very low cost. It was heartbreaking for her. She had to abandon it.
Another client decide to work with mom entrepreneurs. That was different because the focus was helping them to build their business and still have energy for family. The goal to build a business shifted their behavior from the non-seeker to seekers.
Empty nesters
These people do have real challenges but the state of being an empty nester won’t inspire them to invest in programs to get through that experience unless they already know they want to fill their time with a business venture. Again the shift from empty-nester to business owner changes the buying behavior.
Divorcees
There is no doubt these people could use some help. I’ve seen many coaches try this audience and not make a good living at it. The only exception was a lawyer who became a coach. She had ready access to newly divorced individuals through her colleagues and past clients who valued her.
Retirees
Wealthier retirees might invest in experiences. But the average retiree is holding onto their money or spending it on children and grandchildren.
Doctors & Lawyers
These types of professionals have a self-sufficient personality. They might engage you IF you are or have been a doctor or lawyer yourself but aren’t likely to open their mind to working with you if you aren’t in the club.
There are also some topical niches that tend to never launch well.
I’ve seen people putting themselves out there as:
- Fulfillment Coaches
- Confidence Coaches
- Serenity Coaches
- Abundance Coaches
- Mindset Coaches
and other somewhat abstract or intangible topics..
While we all want fulfillment, confidence, serenity, abundance and happiness – these are all temporary states of being and people may only invest for a short program that doesn’t cost much.
Mindset coaching is something ALL COACHES do but it’s not a topic people wake up knowing they want help with so it’s not a solid niche.
If your heart is set on coaching around these types of abstract topics focus in on a unique and narrow audience, find out what they want so much they’ll invest in your help to get it.
Then apply some of the principles you’d use to coach someone in one of those abstract, intangible topics to help them reach a tangible goal.
Now I’m not right all the time. I base what I say about coaching niches on 2 decades of experience.
So, if I’ve asserted some idea and you can prove me wrong, please, please do. Get in touch and let me know where I’ve erred and I’ll make a public correction. My listeners would enjoy that. In fact, maybe you could be a guest on my podcast and help us understand how you made your niche successful.
A note of compassion here … if you’ve targeted one of these groups or focused on one of these abstract topics I know it hurts to hear it may not pay off.
My guess is that you saw the title of this episode and it resonated because some part of you feels frustrated that your business hasn’t taken off.
Hopefully this episode shows you that it’s not about you, it’s about your niche.
Did you know that I offer a one off Strategy Session? Sorry, I no longer offer the ON AIR session.
In this 90 minutes Strategy Session you and I have a private business mentoring session. Most of my Strategy Session clients want my help to choose their viable target audience and begin to develop their profitable niche.
It’s okay if you haven’t done anything yet to build your business. It’s equally okay if you’ve tried one or more niches and, for whatever reason, it’s not working for you.
Before our session I’ll send you a customized questionnaire to fit your agenda and uncover possibilities. After the session I’ll send you a recap.
Knowing you audience and niche will give you a profound sense of direction and focus for you coaching business.
I’d love to work with you.
My next Episode is — What Coach Archetype Fits You?
