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Five Steps to Nailing Your Niche
The majority of coaching experts agree on one thing: the power of choosing a niche. At SavvyHippo, we agree with them too (click here to see why). Before we dive too deeply, though, we need to clarify an important detail. A niche is what you do; a market is for whom you do it. Choosing a slice–as opposed to the whole pie–is recommended for both, but in this post we’re going to focus on choosing a specific “what.” We’ll save “who” for later.
As a skilled coach I have no doubt you have the skills to deliver a range of desirable results to clients. Nevertheless, some are better options than others. There are bad niches and there are good niches, and oftentimes the difference between a successful career as a coach and one that falls flat is knowing the difference between the good and the bad.
We’ve seen many coaches struggle to gain any traction, not because of their skills, but merely because of their chosen niche. Few things are as sad to see as someone bursting with potential fizzle and fail because they’re running their talent into a brick wall.
To save you from that fate, and to help you grow your coaching business faster, cheaper, and with must less struggle and stress, here are the five steps we teach our clients to help them nail the right niche.
Step 1: Take Inventory
The first step to choosing your niche is to take inventory of your options. What all can you do for a client? With your training, certifications, experience, and expertise in mind, make a tangible list of every possible problem you could solve or result you could deliver.
As an example, a small business coach could help clients…with their business plans, product creation, manufacturing, patents, accounting, print marketing, social media marketing, publicity, etc. Each field comes with countless specialties. What are yours?
Step 2: Narrow by Market Demand
After taking inventory of your options, the second step is to narrow your list by market demand? It doesn’t matter how much a particular topic interests you—if the demand isn’t there, the business will fail. Looking at your initial list, cross out any ideas that don’t satisfy the following requirements:
- Seeking: Are people actively searching for or asking about the topic?
- Sharing: Are communities of passionate people built around the topic?
- Serving: Are other coaches or experts serving the market?
- Selling: Are those coaches advertising and selling books, programs, coaching?
Step 3: Narrow by Ability
After market demand, the next requirement is ability: which can you do best? Looking again at your list, cross out any items that don’t satisfy at least one of the following questions:
- What are you naturally good at? What can you do better than most?
- Where do you produce the best results or generate the most value?
- What do people ask you to do for them? What do they see as your value?
- What do people compliment you on or tell you you’re good at most often?
- What have you personally achieved or accomplished?
Step 4: Narrow by Passion
The final requirement is passion: which of the remaining options excite or inspire you the most? You’ll work hardest and perform your best when you’re doing something you love. Review your list and cross out any items that don’t satisfy at least one of the following questions:
- Which of those outcomes do you most enjoy delivering?
- Which would you do for free? Which do you lose yourself in?
- Which have a strong tie to a personal experience or phase in your life?
- Which do you learn about in your spare time, when it’s not required?
- Which have you been consistently drawn to throughout your life?
Step 5: Choose Your Niche
After starting with an exhaustive inventory of everything you could do for a client, you narrowed your choices down by market demand, personal ability, and passion. You should now have a small list of options that satisfy all three conditions. The only thing left to do is make your choice.
For a quick and easy way to follow these steps, download our free Niche Workbook by clicking here.
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