If you are a coach, a mentor or a trainer who is wondering how to make real money through coaching and digital courses, then this is for you.
The niche is a crucial component to making money as an entrepreneur. It's often overlooked by coaches, mentors and trainers who are eager for success but don't know where they should start or what their next move must be because there seems to be so many options available at first glance - which can actually make things more difficult than necessary!
Finding the right niche takes time; however once found (and I'll show you how), this becomes one simple part that most entrepreneurs miss out on: getting relevant clients and helping the right people who actually need your help.
If you are confused why should I niche down and how should I do it, simply read to get a clear picture of finding your niche.
Mindset Matters
The first step in finding the right niche is to have the right mindset. Before delving into the specifics, it's essential to understand that you are about to embark on a journey of self-discovery. You'll be exploring where your passions lie, what kind of people do you actually want to help and why should they pay for your services.
That's a lot to cover and it's not something that can be done in one day - it takes time, effort and dedication. So, the first step is to get into the correct mindset.
Have an open mind
You must be willing to explore your options and taking risks in order to find a niche that works for you and your target audience. This means trying out new things, experimenting with different ideas and being open to opportunities that may come your way.
Don't try to please everyone
When deciding on your niche, remember that it's impossible to please everyone. You must focus on the group of people who will benefit most from your services and tailor your offerings to suit their needs. This means being aware of who you're targeting and what they need in order to get the best results.
Focus on who needs your service
Stop trying to help everyone who might want your service. Not everyone will be willing to spend money on it or be interested in what you have to offer. Instead, focus on those who truly need and can benefit from your service. This will be the people who will be willing to pay for it.
Don't let your beliefs come in the way
The most common hurdle for coaches, mentors, and trainers is the fear of going against their integrity and belief in choosing people who can pay you well. Remember you have the right to expect to get paid for all the effort you put in and the results you deliver.
Just because you wish to help people doesn't mean you should do it for free.
Fast money is not a bad money
When you charge higher for your coaching service that delivers real results, don't think of it as something illegal.
It is you help people with their problems and getting paid for that. If you can help someone by providing the right advice, then don't hesitate to charge a higher price for it.
Finding Profitable Niche
Finding a niche to focus on is easy. But finding a profitable niche that you can actually make money from is harder.
Without finding a profitable niche, your business will never be successful. You need to find the right niche that can actually generate income and make you money.
You cannot always charge $17 for your service and expect to get clients. You need to find a niche where people are willing to pay for what you offer.
But how to find it? Here are a few steps that can help.
Research the market
The best way to find a profitable niche is to research the market. See what people are looking for, what kind of services they need, and if there is any gap in the market that you can fill.
Look at competitors
Once you have identified a potential niche, take a look at your competitors. Check out their websites and social media accounts to get a better understanding of their services and fees. This will help you compare your offerings and pricing so you can come up with something that is better than the competition.
Understand customer needs
After researching the market and competitors, it's time to understand what your customers need. You need to understand why they're looking for such services, what their expectations are and what is it that you can do to meet those expectations.
It's also important to understand the customer buying cycle and how they decide whether or not to purchase from you.
Test your ideas
Once you have identified a profitable niche and created a plan for delivering services within it, it's time to test your ideas. You can do this by creating surveys, conducting focus groups and testing out different marketing strategies.
Testing will help you determine if the market is ready to pay for your services or not. It will also give you an idea of how much people are willing to pay for them.
Having trouble finding the right niche? Or lacking niche ideas to explore and experiment with? Here is a PDF where I have compiled a list of 111 profitable niches for coaching and course creation businesses that you can explore.
Join our Facebook group now to find the details on the PDF and many resourceful mini-trainings about hurdles faced by coaches, mindset mastery ideas for creators, and much more.
Focus on 'Who' instead of 'What'
There is one thing about the niche that most beginner coaches miss to understand.
Your niche is not what you do or what you teach, it's about who you help.
Your target audience is all that matters in niching down.
If you are focused on just what you do and what you want to coach about, then it is not going to work as you might expect. You need to focus on who you want to help and what they want help with. This is what will set you apart from your competition and help you build a successful coaching business.
So, ask yourself
Who do I want to serve?
What are the challenges that I can help them overcome through my services?
And what kind of results can they expect when they work with me?
Once you have the answers to these questions, you will have a much better understanding of the niche that you should focus on.
Case Study
If you are still not sure about your niche, you can also take a look at case studies from other successful coaches and trainers. Here is a story that will help you understand the various aspects of starting a business and how finding the right niche helped a client grow.
Rick Pino - a worship coach
Rick Pino is a worship coach who helps Christian songwriters launch their music. I have been working with him since 2017.
Rick Pino started exactly where you are right now - finding out the perfect niche.
He started as a basic discipleship trainer who taught people about worship. He wished to help every Christian out there and wanted to help them know what they need to do to grow spiritually.
But, not everyone wants to spend money to let him teach about it.
Even though he wanted to create that massive impact on people, he later understood the need to find the right set of people who have invested their time and energy in something and want more help to do it right.
That is where he niched down to like a 2% of this broad set of people who have actually written worship songs and wanted to publish them.
So, now he pivoted his focus to this group of songwriters who have taken the effort to get their music out and helped them publish and distribute worship songs.
One thing to note is, at first, this idea of selecting people to help nauseated him, because he thought it is not a healthy in his faith. He wanted to help people grow closer to god - which is not a profitable business model.
However, when helping the tiny group of people who actually take effort to write songs, he was able to make a living and a greater impact.
So, this is the power of niching down. It helps you find that tiny pocket of people who would want your help and are willing to pay for it as well.
Focus on your Target Audience
As said, a lot coaches fail because they are focused on giving what they want to give people. They don't think about who their target audience is and what they want. They are so focused on force-feeding people what they have to offer.
However, if you want to be successful in your coaching business, you need to think about who your target audience is and what their needs are. You need to develop programs, services and content that will actually help them achieve the results they desire.
When you understand this, your profit will be on autopilot. In fact, making money fast takes less energy than taking the slow route. The most important things you must do to achieve it are addressing your fears and beliefs.
Stop convincing people who have no money to buy your offer
Just because you wish to help people and create an impact, it does not mean you will make money. You cannot try to convince everyone who has the problem to buy your solution. Not everyone has the money or the interest to buy what you offer.
And, not everyone is your ideal client - focus on people who will be able to pay for you and help them get rid of the problem in their lives. If you do this, you will make money faster than ever before.
Learn to repel
When you want to focus only on your target audience, it is important to understand how to repel people who are not your ideal clients. If you fail to do this, you can easily lose focus and put your energy in the wrong direction - wasting a lot of time and money.
When you learn to repel the right people, it will help you target your ideal audience more accurately. This helps you save energy, time and money - which in turn helps you increase your profits.
Identify your passion
To find the profitable niche for your coaching business, you need to identify something that you are passionate about. Something that really excites and motivates you.
You should be able to talk endlessly about it and have a strong desire to help people with it. This will make sure that you enjoy the process of helping people through your services and programs - which in turn make sure that you stay passionate and motivated to do your best.
What skills you bring to the table is an important thing you must identify in order to find the right niche for you. You need not have to an expert, but should know little more than who you are helping. You should have the ability to connect and communicate it the right way to the people who need it.
So stop connecting your worth with what you know. Your worth is in how you use whatever you know to solve someone's problem.
That's why only on identifying your passion and relating it to helping other people who need it will drive you towards success.
Crafting the right message and offer
As said, it's not your expertise that decides how much money you can make as a coach. It's in the way you convey the message to your ideal client.
You need to craft the message in such a way that it speaks directly to their needs and desires, allowing them to immediately see how you can be of help.
Ask yourself:
Who are you selling to?
What is your target customer passionate about?
What's the biggest objection that people have to getting that outcome?
What's the biggest thing that stops people from getting that outcome?
What's the biggest influence of my target customers decision making?
What can I sell or create to serve these target customers?
Is it Do It Yourself, done with you or done for you?
Here, do it yourself will be something like my podcast episodes or youtube videos that will offer a lot of free advice. Done with you will be something like my webinars or coaching groups, where they can get direct help from me. And done for you will be one-on-one high end coaching sessions where I offer my services to solve their problem and make sure they get the desired results.
So, when you can answer these questions, you will know how to craft your perfect offer. Eventually, you will attract your target customer who wants to buy from you.
What you're offering is a painkiller to the pain that your customer has. Your messaging should be in such a way that they have to first feel the pain so that you can point them to the solution.
The right offer is one that cures their problem and gives them a tangible result as well as gives you the profit you deserve.
Before deciding your offer, have a clear understanding of:
The positive impact your product or service will provide
Risks involved if you can't sell it
Resources you need to create it
Skills that you need to gain to create the offer
How to get it in the hands of people?
Reasons why people will buy it
Answering these questions you can hone your offer and messaging to the right market. You can also find other products and services that you can include in your offer to make it more attractive to potential buyers.
Where do people get stuck?
There are five main stages where people get stuck in creating the right offer and selling it profitably.
Not figuring out the right niche
Your niche is what you want to focus on and specialize in. You need to identify your area of expertise and the people you want to serve.
Not having a sales copy written
The right messaging in the sales copy is important if you want to make money. You need to know the right words that will engage your customer and get them excited about what they are buying.
You don't need to be an expert copywriter to do this. But, you need to know how to craft the right sales copy that speaks directly to your target customer and get them to say "yes".
Here is where AI copywriting tools like Jasper.ai can help you. All you need to do is enter the details of your product or service and you will get a tailored sales copy.
You can try out Jasper's free trial here to get started.
Not having a proper landing page
Landing page is what that will convert your visitor into customers. It should be designed in such a way that it engages the customer and gets them to take desired action.
Your impactful sales copy goes into this landing page. And when optimized correctly, this can help you drive more sales.
Not creating opportunities
In order to make sales, you need to network and connect with people. This way you can create opportunities for yourself and your business. You can create partnerships with people who are in the same niche as you, or even with influencers to help spread the word about your product or service.
You can also attend events where you can meet like minded people and make valuable connections.
Not being consistent in networking
Networking is an ongoing process. You need to be consistent in reaching out to people, attending events and connecting with influencers.
This way you can stay top of mind for potential customers.
Effective strategy to find your passionate and profitable niche
Now that you know finding your niche is important, you might be wondering how exactly do you figure out the best niche out of many options out there. Here is an effective strategy - a play based one - that will help you find a niche that's both passionate and profitable.
There is a book called Play, that talks about how play shapes the brain, opens the imagination and invigorates the soul. As per this book, when you are not much focused on deciding something and in a fun mood to just go along the flow, you tend to make the right decision for yourself.
So, in order to find a passionate and profitable niche, here is what you can do -
Step 1: Brainstorm a list of topics or interests - Start by writing down topics or interests that you are passionate about. This can be anything from woodworking to baking, blogging to programming.
Step 2: Have fun - Yes, you heard it right. Go for a walk, have fun with your family, or just do something that you really enjoy. Here you simply let your brain relax and not focus too much on the decision.
Step 3: Connect the dots - Now that you are having fun, you might start to see patterns or connect the dots. You could get ideas and insights on how different interests can be merged together to create something unique and profitable. You could easily identify 2 or 3 ideas that actually interests and resonates with you. And this is where you need to start your research on - how to tone it down to profitable target market and how to position your offer.
Immersing yourself in the world of your target customer
Understanding your target customers is the key to success. You need to know what keeps them excited, where they hang out and how you can reach them with your offer.
The best way to do this is by immersing yourself in the world of your target customer.
Here are a few things you can do to understand your target customer and their needs.
Get in their shoes and explore the web
Think the way your target customer will and search for what they might search. See what results you get. Brainstorm ways how you can position your business in that place.
Talk to people in your target market
Reach out to people in your target market, ask them what they are looking for and how you can help. Talking with people one on one would bring in a lot of valuable insights that you wouldn't have got while researching online.
Analyse competitors
Take a look at what your competitors are doing. Analyse how they are positioning their offers and what makes them stand out. This would give you the idea of what you need to do so that your offer stands out in the market.
Analyse your target people's social media
Take a look at what your target people are talking about on social media. This will help you understand the type of content that resonates with them and how to capture their attention.
Understand their pain points
Take the time to get to know your target market's pain points. Find out what are their biggest challenges, problems and frustrations that you can solve with your offer.
Your target people's language
Listen to the language your target people are using. This will help you to use similar words when writing content and communicating with them.
These techniques will help you identify what is it exactly that gets them excited and how you can add value to their lives with your unique offering.
Take the risk
Lastly, it is important that you do not submit to fear or self-doubt. Take the risk and believe in yourself and your offer. You may not get it right in the first go, but that is ok. Keep on refining your offers until you find something that resonates with your target people.
The primary reasons why most people fail to succeed in the business is:
setting unrealistic goals
not having necessary skills
doubting their skills and submitting to fear of losing
Thus, it is important to have a steady and strong mindset to be profitable in your business.
Conclusion
Taking the right steps to grow your business involves understanding your target customers and their needs, immersing yourself in their world, researching what they are looking for, and then taking the risk to launch an offer that solves their problems. With patience and dedication, you can make your business successful. Good luck on your journey!