When starting a coaching or consulting business, one of the most important things you can do is choose a profitable niche market.
Not all markets are created equal, and some will be much more likely to generate revenue than others, and that's why you need to know how to find a profitable niche market for your coaching business.
First things first, the definition of a niche:
A niche is a group of people with a specific need who will exchange money for a product or service to fulfill that need.
You need to understand what a niche is because you have no business if you don’t target a need in the marketplace.
Let’s use humans and our basic need for food as an example.
Different people eat different things, and their food needs could fall under:
- Gluten-Free
- Salty
- Savory
- Organic
- Non-Dairy
If you choose the food market, you better fall under one of these niches because if not? You won’t be serving a need, and your business will fail!
The point I want you to see is that there are so many specific needs in the marketplace, and as you examine your marketplace, you’ll find the problem that your ideal clients want and need to solve right now, and that is when the profits will start rolling in.
Here are the steps to landing a Profitable Niche Market:
Step one: Choose your Main Market
There are seven main markets, and to niche down and you need to choose the one that your business falls under:
- Health
- Fitness
- Relationships
- Dating
- Business
- Money
- Career
Step two: Choose your Sub-Market
In every primary market, there are submarkets.
Let’s use the health and fitness market, for example.
Some sub-markets are natural weight loss, muscle gain, or low-impact exercises.
Step three: Make a Short List of How To’s
More than likely, you’re trying to teach people from your own experience, so make a list of popular topics combined with how-to’s from your perspective.
Doing this will build your credibility since you’ve already succeeded in your teaching and help you further find what you’re teaching, aka your niche.
So once you choose your primary market to niche down further, select your sub-market.
As long as you are passionate about it, proficient in it, and profitable, meaning people will pay RIGHT NOW, you've found your niche market!
When you’re niching down, follow this four-step process to ensure you land a profitable niche.
If you are a coach or service professional who wants to accelerate your results, you want to structure your business and you want to be able to create the things that you’ve read about today, that signature process, the stories, the things that you need to be able to consistently attract and sign high paying clients.
Then click the link below and book your appointment with me.
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1. Grab a free copy of the Master Your Message Workbook – It’s the road map to attracting the RIGHT clients, positioning yourself as the ONLY solution, never having to beg or convince another person to work with you. —- CLICK HERE
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3. Our flagship program, Message Remedy™, is your 8-week step-by-step plan to master your message for more leads, sales, and opportunities. Go from unknown and underpaid to undeniable LEARN MORE HERE
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