Imagine what it would be like to have a highly profitable, meaningful and fulfilling coaching business that gives you the freedom, flexibility and time to live the life you’ve always dreamed of…
The first step for your coaching business success is choosing an in-demand niche market. It’s essential for attracting high-paying coaching clients.
How do you make a living doing work that you love? The best way to accomplish this is by focusing on coaching high-paying clients in high-demand niche markets. The sweet spot for your coaching business is where you can be most fulfilled, impact the most lives and make the most money.
Whether you’re a seasoned coach or just starting out, you can dramatically increase your income and impact by offering your own high-ticket coaching program that your ideal clients can’t resist…
By focusing your coaching business on an in-demand niche market, you can have the power to create high-ticket coaching programs that attract high-paying clients repeatedly. So, you can give your coaching business an UNFAIR ADVANTAGE.
This means that you can earn a lot more and make a bigger impact in a lot less time. You can stack the odds of success in your favor.
What Is a Niche Market?
The three core markets for coaches and other experts are wealth, health and relationships. There are multiple submarkets in the core markets. The submarkets can be further segmented into niche markets. The money is not in the submarkets. The riches are in the niches. The goal is for you to find a unique spot in the market place where you can thrive. That’s your niche for coaching.
A niche market is a SPECIFIC segment of a larger market. The specific group of people in a niche market can be defined by unique characteristics that set them apart from other segments of the larger market, such as, their needs, preferences, values, interests or identities. It is in this specific segment of the market that you need to position your coaching business.
Some coaching markets are extremely competitive…
When you’re competing for clients in a competitive market, you need to focus on a segment of that market.
You can be a big fish in a small pond…
By segmenting and micro-targeting niche markets in competitive markets, you can differentiate your coaching business and stand out. This is the most effective way to attract high-paying clients.
A target market consists of people who share similar characteristics, including age, gender, location, income and lifestyle.
You need to perform simple market research (which I will show you how to do) to find profitable target markets with lots of people that are most likely to buy your services. So, you can focus on the most profitable segments for your business to serve.
The Three Core Markets For Coaches and Other Experts Are Wealth, Health and Relationships: Each Core Market Has Multiple Submarkets
There are multiple submarkets in the core markets. For example:
- The submarkets for the health market include weight loss, fitness, sleep, nutrition and diet.
- The submarkets for the wealth market include business, marketing, finance, investing, sales, career and real estate.
- The submarkets for the relationship market include dating, love, marriage and parenting.
The submarkets can be further segmented into niche markets. The money is not in the submarkets. The riches are in the niches.
The goal is for you to find a unique spot in the market place where you can thrive. That’s your niche for coaching.
If You Don’t Specialize On A Niche Market That Can Attract Your Dream Clients, You Will Always Be Struggling to Get Coaching Clients
Within your passions, capabilities and other gifts, you can find the ideal niche market for your coaching business…
Your SPECIFIC niche market determines everything you’re going to do for your coaching clients:
- It determines the SPECIFIC results you’re going to provide.
- It determines the SPECIFIC method you’re going to use to achieve the results.
- It determines the SPECIFIC barrier(s) you’re going to remove.
What you offer your coaching clients will either ATTRACT or REPEL them…
If you can’t deliver dream results for your dream clients, you won’t be able to get premium pricing for your coaching services.
Why are most coaches struggling to get clients?
They’re targeting a broad market and trying to do too many things for too many people. So, they end up not having any impact on anyone.
This is a common mistake…
Coaches that try to appeal to everyone in a broad market always end up struggling to get clients.
Why?
Instead of specializing on a lucrative niche market that can attract their dream clients, they’re targeting everyone. So, they end up wasting their time chasing unqualified prospects… and being ignored by their dream clients.
It’s important to keep this in mind…
You’re going to be a great match for someone, but not for everyone.
Why Your Coaching Business Is Doomed to Fail When You Do NOT Specialize On An In-Demand Niche Market
Struggling to get clients and dealing with roller-coaster income? Most coaches are working really hard to grow their businesses, but they’re doing the WRONG things. The most common mistake is targeting everyone in a broad market. So, they end up being overworked and underpaid. In contrast, coaches that are highly-paid and in-demand specialize in lucrative niche markets. They don’t waste their time chasing unqualified prospects. Instead, ready-to-buy clients chase them.
Did you know?
According to the International Coaching Federations (ICG), 82% of coaching businesses fail within the first two years.
The biggest mistake coaches make is targeting a broad market and trying to target everyone for growing their businesses…
When you’re trying to be all things to all people, you’re not targeting anyone. You’re not going to be relevant to specific market segments. So, you’re more likely to be ignored.
By targeting a broad market, you’re positioning your coaching services as generic. Instead of positioning your business as unique or special, you’ll end up becoming a commodity competing on price.
If you try to target everyone, you’ll end up not having a meaningful impact on anyone. So, your coaching business is doomed to fail…
Why?
If you’re like most coaches, you probably don’t have unlimited financial resources that allow you to target a broad market. So, if you don’t stop targeting everyone… you can end up running out of money without accomplishing anything.
It’s a losing battle because it’s impossible to serve and please everyone.
Here’s a better way…
You need to focus on a narrow niche market.
By focusing on a tightly defined segment of your target market and serving a niche, you become a SPECIALIST instead of a generalist.
There are competitive advantages for your business targeting a narrow market and becoming a niche specialist.
For example…
If you had a heart attack, wouldn’t you prefer to be treated by a heart specialist instead of a regular doctor or general practitioner?
Of course, you would prefer to get a specialist… and you would expect your specialist to charge a lot more than a generalist.
By becoming a niche specialist, you can also expect to be paid generously for solving SPECIFIC problems for your target market. You can deliver dream results for your dream clients. So, you can “wow” them.
A niche specialist is sought after and highly paid… instead of being chosen based on discounted pricing.
By targeting a niche, you can be a big fish in a small pond. So, you can dominate a segment of your target market.
Why Choosing and Specializing On An In-Demand Niche Market Can Give Your Coaching Business An UNFAIR ADVANTAGE Over Your Competitors
By specializing on a niche market, you can position yourself as an expert. You can build trust and establish your credibility FASTER. So, you can stand out and dominate your niche market… even if you’re in a crowded market with lots of competitors… even if you’re a totally new coach.
Choosing a niche is the first step for your coaching business success…
By choosing a specific niche for coaching, you can set yourself apart from the competition. You can differentiate your coaching business among many coaches offering the same services.
You can communicate a clear marketing message about the SPECIFIC dream results that you can deliver. This can help you attract your dream clients.
You can become the go-to coach specialist for a specific group of people. So, you can stand out and dominate your niche market.
By targeting a niche market and becoming a niche specialist, you can have an UNFAIR ADVANTAGE over your competitors:
- By specializing on a niche market, you can position yourself as an expert. You can build trust and establish your credibility FASTER.
- When you’re solving a SPECIFIC problem for your niche, you can deliver a solution that serves them better than anyone else.
- If you can bring dream results for your dream clients, you can charge more for your services. So, you can sell high-ticket coaching programs that can be IRRESISTIBLE for your potential clients.
- When you can offer a high-ticket coaching program, you can increase your influence, authority and credibility. This means that your clients are more likely to value your expertise and guidance. So, they can get better results faster. They can become happy clients who can happily refer you to others.
- You’re more likely to convert more leads to coaching clients from your marketing campaigns. Why? Instead of being ignored, your advertising will be more RELEVANT to your coaching niche. So, you can increase your impact and income FASTER.
- You can face a lot less competition by specializing on a specific niche market. Your competitors targeting a broad market will be IRRELEVANT to your niche and they will be ignored.
- You can lower your marketing cost by targeting a narrow segment of your market. You can avoid wasting your time, money and resources on the wrong prospects. In contrast, targeting a broad market can be very costly.
Targeting a broad market by mass marketing or traditional branding is typically done by big brands because solo entrepreneurs and small business owners usually can’t afford it.
Targeting a broad market for marketing can cost up to millions of dollars a month. In contrast, marketing focused on a narrow niche market can be done for as little as $5-$10 a day.
If you focus your coaching business on an in-demand niche market, you can increase your income and impact… even if you’re in a crowded market with lots of competitors… even if you’re a totally new coach.
The 3 Most Common Misconceptions That Keep Most Coaches From Specializing On In-Demand Niche Markets For Their Businesses… and How to Overcome Them
It’s not surprising that most coaches targeting a broad market as generalists are struggling to get clients…
It easy to understand why specializing on a niche market for your coaching business can give you an UNFAIR ADVANTAGE over your competitors.
So, what gets in the way?
Choosing a niche market for specialization can be stressful and scary for aspiring and new coaches.
Here are the 3 most common misconceptions that coaches have about choosing a niche:
MISCONCEPTION #1: If they focus on a niche market, they will end up limiting their opportunities and income.
FACT: Most coaches assume incorrectly that they will limit their potential opportunities and income by specializing on a niche. It’s actually just the opposite.
Once you master one niche… your confidence, credibility and reputation will grow. So, your opportunities and your income will also grow.
After you dominate one niche, you can expand your coaching business and create multiple streams of income by targeting other niches… if you can handle even more clients.
Here’s what you need to know…
When you’re targeting one niche, it doesn’t mean that you can’t offer multiple coaching services. It just means that you need to create a separate marketing campaign for each niche.
You can have ONE primary niche as well as secondary niches. However, it’s a good idea to master one niche first… before you offer coaching services for multiple niches.
After you master one niche, you can easily re-use and re-purpose your marketing assets from one niche into other niches.
MISCONCEPTION #2: If they choose the wrong niche, they will end up being miserable with the type of clients and work involved.
FACT: All clients are NOT equally desirable. Some will be a good fit for your coaching style. Others will waste your resources and probably create misery for you.
You’re going to test your niche market idea by ACTUALLY doing the work and evaluating your experience… BEFORE you make a decision.
So, you can learn more about your clients and find out what it’s really like to work with them. It’s understandable that you want to end up working with your dream clients… not clients from hell.
MISCONCEPTION #3: If they choose the wrong niche for their coaching business, they will end up failing. So, their dream of building a successful business will die.
FACT: You’re going to test and validate ALL of your ideas for potential niche markets for your coaching business. Your decision needs to be based on ACTUAL results… not based on assumptions about potential results.
After you choose the potential niche market for your coaching (based on market research which I will show you how to do), you need to test drive and validate the PROFITABILITY of your coaching niche idea.
If you have multiple niche market ideas, you will test every single one of them. You will not leave anything to chance. Your decision for your coaching niche market needs to be based on ACTUAL results…not based on potential results.
You must always test and validate the income potential and profitability of your idea for coaching niche specialization before you commit to doing it long-term.
Furthermore, you can always change your mind later and test another niche idea WHENEVER you want. So, you’re never stuck on a niche market… if you change your preference and lifestyle later.
Choosing and specializing on a niche market will not kill your dream of building a successful coaching business. Instead, it can stack the odds of success in your favor.
How Do You Find In-Demand Niche Markets For Your Coaching Business Quickly and Easily?
The first step for your coaching business success is choosing an in-demand niche market. It’s essential for attracting high-paying coaching clients.
In-demand niches are hungry markets crowded with people most likely to buy your high-ticket coaching programs.
You can perform simple market research to find hungry niche markets for your coaching business. I created a guide that shows you how to do this quickly and easily using free tools online.
In order to help you save time, I did the market research for multiple niche markets. You can just view and download PDFs of niche markets with high demand for life coaching, health coaching, career coaching, relationship coaching and business coaching.
You can print the PDFs and highlight what fits your coaching experience, expertise, preferences and lifestyle.
By using these PDFs, it can be easier and faster for you to find coaching niche markets with high demand and high potential for profitability.
So, your coaching business can have a realistic chance at success from the very start.
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