A coaching niche is not something you eeny, meeny, miny, mo your way into. You have to be deliberate about choosing yours so that you’d have fulfilled the first step of setting up your coaching career for success.
There are many niches and sub-niches in the coaching industry. However, not all of them are as profitable as you think. If making profit from your coaching business is very important to you, you might want to be sure of a niche’s profit-making potential before you jump into it.
So, how do you know a profitable coaching niche?
To know how profitable a coaching niche is, it’s necessary for you to ask and find the answer to some important questions. These questions help you get more insights on the industry and how it works; both of which are valuable information for you to have if you’re going to have a successful coaching career.
When you want to determine if your coaching niche is profitable, the important questions to ask include:
- Is there a similar coaching product in the market?
- Is there a ready market for your coaching program?
- Do you have successful competitors?
Let’s take a closer look at these questions.
Is there a similar coaching product in the market?
If there is, how well is it faring? What complaints do people have about it? How does your product compare to it?
If there isn’t a similar product, this may mean it’s not profitable enough because let’s face it: there’s nothing new under the sun. It could also mean that
Is there a ready market for your coaching program
How large is the demand for your product? Check out social media trends and hashtags to see what your audience thinks about the service you want to offer.
Checking out the volume of demand that people who are already in the industry have can also give you an idea of their readiness. It’ll also clue you in on how willing they are to pay for your program and how much they’d readily pay for it.
Do you have successful competitors?
If there are other coaches or thought leaders who have similar programs, check out how large their client-base is. You should also find out, if you can, how they sell.
And here’s a Pro-tip:
Sign up for their (your competition’s) program to get the behind-the-scenes details. This way, you’ll not only get to see what goes on at the back-end of their coaching program, you’ll also get to learn from them too. Consider it self-development on the job.
Just incase you’re wondering, here’s a list of some of the highest paid coaching niches:
These are generally parent niches so you’ll have to check for their sub-niches that resonate with you. Now n no particular order, the highest paid coaching niches are
- Life coaching
- Health coaching
- Business coaching
- Relationship coaching
- Executive coaching
- Career coaching
- Marketing coaching
- Sales coaching
It’s not enough to be passionate about a niche, you also have to do your due diligence to ensure you’re stepping into profitable waters.