The Niche Business
Today we are spoilt for choice, or at least it appears that way from the outside. But the reality is that, when everybody claims to be a coach, it’s harder than ever for your potential clients to find the right support in this congested and noisy marketplace.
You can stand out from the crowd by demonstrating your experience, through your branding and the services you offer, and in many other ways. But if you really want to be distinctive, you need to establish a coaching ”niche” by providing a specific service that a particular group of clients will especially value because it exactly matches their needs.
Nowadays, when it’s so simple to find and compare suppliers online, if you try to be a generalist—a “one-stop coaching shop”—you are likely to lose out to niche specialists who are perceived as being able to offer the best possible support.
Despite the advantages of niching, many coaches worry about losing business by reducing their potential client base, and so instinctively resist the idea. However, if you want to make a difference in the world and succeed, you have no other choice but to niche.
So, if you aren’t yet in the “niche business,” here are just four ways in which finding your niche will benefit your practice:
1. Use your depth of knowledge and experience as a differentiator.
This will set you apart from newcomers to the marketplace. At the end of the day, anyone can call themselves a coach but only you have your background, life and professional experiences, knowledge, and perspective. This can help you create a unique brand personality that will resonate with your specific clients.
2. When value is perceived first, pricing comes second.
Because your clients particularly value your perspective, they are willing to pay more for it. For you, those higher prices mean a more successful coaching practice and the opportunity to earn more and create a lifestyle business in which you work less or enjoy the time to pursue other interests, including charitable causes—a much more rewarding experience, all around.
3. Marketing flows better.
Having a clearly defined message makes your marketing efforts much more effective and makes it easier to attract potential partners and joint venture opportunities because everyone knows what you stand for. As a result, you leverage everything you do, so you achieve more from much less.
4. Ongoing learning.
By focusing on a particular area, you will be continually honing and adding to your skills, making you even more in-demand among the clients you serve.
However, finding your ideal niche isn’t always an easy task. So if you’re not sure what it could be, here’s a simple way to get started:
- Analyze the services you currently offer. Which attracts the most clients and brings them the greatest benefits? Which gives you the most satisfaction?
- Look at your pricing. Which of your services is the most profitable? Does one have particular potential for expansion?
- Identify any gaps. Is there a service you are often asked for which you don’t currently provide and would be happy to offer?
Considering these variables will help you find your perfect niche and become the owner of a thriving coaching business. Success will feel particularly good because your clients are paying well for your services, and you feel emotionally fulfilled and in control.
Maite Baron
Maite is The Corporate Escape Coach™ and author of the double-award-winning book, Corporate Escape: The Rise of the New Entrepreneur (Ecademy Press, 2012). She is a co-founder of The Corporate Escape™, a coaching, training and consultancy practice helping professionals break free from the rat race and reinvent themselves as New Entrepreneurs. Maite is an international motivational speaker, co-author of A World Book of Values (Van Halewyck, 2013) and Successful Women in Business (UK Edition, Mithra Publishing, 2013) and a regular contributor to The Huffington Post and Entrepreneur. You can get regular tips on how to grow your business by subscribing to her free updates and connect with Maite though LinkedIn.
The views and opinions expressed in guest posts featured on this blog are those of the author and do not necessarily reflect the opinions and views of the International Coach Federation (ICF). The publication of a guest post on the ICF Blog does not equate to an ICF endorsement or guarantee of the products or services provided by the author.
Additionally, for the purpose of full disclosure and as a disclaimer of liability, this content was possibly generated using the assistance of an AI program. Its contents, either in whole or in part, have been reviewed and revised by a human. Nevertheless, the reader/user is responsible for verifying the information presented and should not rely upon this article or post as providing any specific professional advice or counsel. Its contents are provided “as is,” and ICF makes no representations or warranties as to its accuracy or completeness and to the fullest extent permitted by applicable law specifically disclaims any and all liability for any damages or injuries resulting from use of or reliance thereupon.
