Ep 143 – Should You Stick with Your Coaching Niche?

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Show Notes

Do you have a coaching niche that hasn’t paid off yet? This episode explores 10 strategic things that could be missing for you. The full transcript of this episode can be found at prosperouscoach.com/143.

Nearly all coaches are hoping for more traction in their niche. And I want you to understand something that may take the sting out of this. Nearly all businesses of all kinds are hoping for more traction all the time!

So you may be thinking: “It sounds like it’s not worth it to start a business!”

It absolutely is worth it if you’re serious about being the driver of a career that’s tailor made for you. If you want to choose how and when you work and with whom … if you want to be the one who decides your own fees, when you take time off and how often … your own business can give you that.

BUT you have to be in it to win it. Win it a bit at a time until you find the sweet spot. Screw your courage to the sticking place— as Shakespeare advised — and take risks knowing that you CAN make it with time and patience.

Maybe you don’t have time or patience. That in itself is a deal breaker. It’s not a good idea to start any type of business out of desperation. If you are on your last legs financially starting a business is not a good risk for now.

Start your business from a place of strength. Start your business when you’re hungry enough to motivate yourself and not so hungry that you’ll be under enormous pressure.

You don’t have to be independently wealthy to start a business. You just need a wealth of patience plus the willingness to try something, give it a fair shot for a decent amount of time while making small adjustments to improve yourself and your strategy.

ALLOW your business to unfold but don’t sit back and wait for it to happen without you.

I know I’ve used this metaphor in the last episode … your business is your baby. You would not judge a child harshly for not having it altogether in the first few months or the first few years would you? No, because you know there are developmental stages and every child has it’s own pace. That’s true for your business also.

If you’ve had your niche for a long time – let’s say a couple of years – and it hasn’t begun to pay off the way you want it to, should you abandon it?

Well the answer is possibly. Sorry there’s just not a clear straight forward answer here because there are so many variables to consider. Some have to do with the way you’re behaving and some have to do with strategy.

So let’s look inside your niche and your business. And by the way, I did a whole podcast series called Coaching Business Checkup that culminated in a beautiful free downloadable assessment to help you identify what needs to change in your coaching business … and yeah, it could be your niche for sure.

It could also be several other things. If you want to check out that series start with prosperouscoach.com/62

Inside the pdf you’ll also find links to each episode in the Coaching Business Checkup series so you can listen as you assess your business. The whole thing is like a mini audio course – all for free.

Your niche is only one of 10 things that could be keeping you back from financial success in your coaching business. It’s the cornerstone of everything so that does need to be right from the get go.

All businesses survive and thrive on a mixture of hard work, strategy and luck.

In my own business I surely have worked hard for over two decades. I am nothing if not doggedly determined. And that characteristic is a big plus.

I come by it naturally as nearly everyone in my family of origin are entrepreneurs who have scrabbled and cobbled together a good living all their lives mostly without being on someone else’s payroll. So working hard to grow my business wasn’t a foreign concept.

If you’re not working ON your business consistently and persistently … if you’re not in it to win it, well, that’s your answer right there. Without dedication no one makes it in business.

I’ve had some good luck too. I just happened to get involved in the Denver chapter of ICF at the right moment when the President recognized something in me and asking me to be a trainer for his coach training company.

Coach Training Alliance was born and I had the privilege of co-authoring the curriculum and developing the Certified Coach Program there. I personally trained 500 coaches and that put me right in front of an audience I knew I could help with my marketing and copywriting expertise.

That launched my current business. But I don’t want you to think everything was easy peasy from there. I kept working hard and finding my way.

There’s nothing wrong with working hard. It’s a positive energy unto itself. Enterprise is stimulating. It’s good for your brain to solve problems and follow a path as it meanders.

My hard work has paid off and kept on paying off. Apple, Google, Nike – you think those company leaders and teams haven’t worked hard? They have. AND they also did not know they would make it from the start. You will find your luck IF you work hard and stay the course.

The main thing you can control beyond hard work is strategy. And that’s what my free assessment – Coaching Business Checkup – is all about. Here’s a preview …

Strategy #1 is target a unique and viable audience. Does your niche have that?

Strategy #2 is center your niche on your audience’s BIG problems and goals. Are you good there?

Strategy #3 is articulate what you do in a way that inspires investment. That’s complex so that’s why there are powerful questions to answer in the assessment.

Strategy #4 is develop a simple coaching business model. Most coaches go with high tech, high labor low profit business models. There’s a better way.

Strategy #5 is create a simple and meaningful customer journey. Most coaches don’t think this through. I didn’t until the last 7 years! You can do better than me.

There are 5 more critical strategies. It’s time to examine your business and efforts dispassionately, so you can truly see what’s been in your way.

And if you want some help assessing your niche and business so far, grab a Strategy Session with me.