There are 109,200 coaches worldwide, which represents a staggering 54% increase from 2019.
The global coaching industry is a billion-dollar market and everyone is trying to get a piece of the pie.
So what’s the best way to find a profitable niche?
I would say choose markets where you can provide the most value, ideally with your own personal experience or unfair competitive advantages.
While this may sound like a straightforward answer, there really aren’t hidden tricks or secrets.
💡 Still, if you are not sure about it, you need to figure out a niche that perfectly balances your passion, profitability, and market demand.
Read along…
Value determination exercise
Now, if you are still uncertain, you may need to do a value determination exercise (Credits: John De Martini) and ask yourself
- What do I love the most doing?
- How do I spend my time?
- What do I really love to talk about with my friends?
- What topics usually come up in conversations?
- What are all my favorite pastimes?
- What are the types of books that I read and what not?
Once you come up with a list of things that you value in life, you’ll have a clearer sense of where your passions lie.
👉 For example, I value the Internet lifestyle, being a lifelong learner, building business systems, etc.
Identify your audience
Next, you need to find an audience who shares the same values as you do. These people will resonate with your message because they share your interests and struggles.
Ideally, it’s the combination of 3 to 5 interests that makes you a unique person.
For instance, if your interests include:
- Content creation
- Productivity
- Digital systems (like Notion Life Systems and Systems Thinking)
Solving problems with your unique skills
🔑 You need to find people who share the same values and help them solve the obstacles that you have already solved with your unique combination of skills and personal experience.
Many people underestimate the reach of the internet for a successful coaching business.
If you have solved a particular problem in your life, you can be a blessing for at least 1000 people facing the exact same problem.
Whether you are a career coach, spiritual coach, financial coach, or wellness coach, these individuals can become your true fans.
As outlined byKevin Kelly, you only need 1000 true fans to build a successful niche.
I am dedicated to helping growth-minded content creators maximize their revenue with proven digital systems for enhanced productivity without working more.
I achieve this by applying my expertise in content creation, internet lifestyle, and productivity, as well as my passion for setting up digital systems like Notion Life Systems and Systems Thinking Skill.
Now, by aligning my messages with these principles, I can connect with like-minded individuals who need my help – after all, “your vibe attracts your tribe.”
If you are struggling, here’s a simple exercise to find your potential client:
- Self-reflection: Look in the mirror and describe yourself using 4-5 traits or values. Consider your passions or strengths.
- Clone yourself: Imagine your ideal clients who may be a clone of you, sharing similar problems and aspirations.
- Create content: Start creating digital content that speaks directly to the challenges and solutions you are passionate about.
By doing this, you’ll attract those who resonate with your message and need your unique expertise.
How to validate your niche?
When it comes to a specific market, there are four validation criteria:
- Pain
- Growth
- Ease of targeting
- Purchasing power
✅ If there is a niche market with a desperate need for your product or service and the market is growing, easy to target, and its consumers have high purchasing power, it is the perfect niche for you to enter.
Let me explain what I mean.
Pain
If there’s a particular market with an urgent need for your product and there is suffering, people are likely to shell out money.
If people are desperate to get the desired results quickly with little effort or sacrifice, you have hit a goldmine.
It’s important that you get this clarity for your coaching clients.
Now, you may think of targeting say unemployed people (they have pain).
Purchasing power
Well, this is where purchasing power comes into play.
You need to also ask yourself whether the market you are targeting is profitable.
🤯 If you are targeting unemployed people and pitching them high-ticket offers or one-on-one coaching, then you are out of your mind.
The market must have the financial capability to buy your product and service.
Growth
Along with pain and purchasing power, you also need to consider a market that’s growing.
For example, the physical book and newspaper markets are declining. So, if you are helping newspaper agents maximize their revenue, it may not be viable in the long term.
Ease of targeting
Finally, the market should also be easy to target.
For example, there may be various niches that are highly saturated or require some specialized knowledge or credentials, such as medical, engineering, legal, or ethical niches.
These may be hard to target, the audience might be limited or require a lot of resources on your end to beat the competition, making niche targeting simply unsustainable.
💡 Any niche markets that lack any of these four criteria are not viable. All these four things should be ticked off.
Also, those niches should align with your ability to solve problems in a specific niche.
The ability to solve problems translates to the ability to generate income, doesn’t it?
To wrap things up…
Finding profitable coaching niches is all about using your unique skills, experiences, and passions to provide value where it’s really needed.
First, figure out what you’re passionate about and what matters to you. Then, find an audience that feels the same way and connects with your message.
Make sure your niche meets the four criteria of pain, growth, ease of targeting, and purchasing power.
This means there should be a strong demand for your product or service, a growing market, easy access to your audience, and the financial capacity for them to invest in what you’re offering.
By following these principles, you’ll attract genuine fans who really connect with your message and need your expertise.
Focus on using your unique skills to solve real problems, and you’re on your way to a profitable and fulfilling business journey.
Keep hustling!
