Archive for 'Niche Markets'

Coaches Comment on Highly Profitable Niche Series

Over the last three weeks I had a free video series online called How to Choose a Highly Profitable Niche. If you missed it, I’m sorry, it’s no longer available. But stay tuned because I’ll be doing more teaching videos soon.

The video series drew over 200 comments and I was tickled, amazed, delighted and touched by coach’s sharing their aha’s and also their poignant stories. Many expressed gratitude for no longer feeling alone in what seems like an endless search for the right coaching niche.

To give you a taste of the rich conversations, here is a sampling of comments and, in some cases, my responses. I’ve also provided some references to articles that illuminate some of the struggles and success stories about viable niches.

Bottom Line: You’re not alone in your niche search. There is a highly profitable niche market out there that you’ll enjoy! You just need to know where to look and how to choose wisely for the long term.

Does What I Want to Do Translate Into a Viable Biz?

Mel said:

Thanks so much, Rhonda! I’m currently enrolled in a coach training program and have been confused about choosing a “niche”. It seems to me everyone in class has an idea of who they want to work with/for, what “type of coaching need” they want to work on. But nobody seems to have done any research on whether that “what I want to do” translates into a viable business need.


Continue reading Coaches Comment on Highly Profitable Niche Series

How to Get More Value from Every Business Building Program You’ve Taken

Have you ever invested in a teleseminar, home study program, or live event to get your coaching business off the ground, and then months later felt guilty for spending the money and frustrated that you didn’t reap the promised results? If so, you’re not alone.

But did you waste your time and money? I think not. Here’s why those programs haven’t worked their magic for you… yet.

You have invested in valuable programs full of cutting edge tools and proven techniques to amp up your income and bring you a better business. But without a solid foundation in place, you cannot fully leverage these techniques, even if you do your best to implement them.

Do any of these scenarios sound familiar:

Get leverage by setting your coaching business foundation

  • You’ve learned from the best how to fill your teleseminars or launch high ticket group coaching programs, but you still don’t know where to find enough people to enroll in your programs, and you don’t know exactly how to communicate the benefits in way that has them saying “Yes!”
  • You’ve got all the steps for creating membership programs and other recurring revenue products, but because you’re not certain of your niche, you’re not confident that if you build it, they will come.
  • You’ve learned how to enroll clients using the most powerful set of questions, but you’re having trouble scheduling people into your consults in the first place.

There’s a building block needed before these skills will reliably work for you.

Continue reading How to Get More Value from Every Business Building Program You’ve Taken

The “Shotgun” Approach – Too Much Work for Too Little Payoff

Recently, I posted a free 3-part video series called How to Choose a Highly Profitable Coaching Niche. I’m so touched by all the comments from coaches who are:

  • struggling to narrow their niche
  • still giving away their services for cheap
  • or not able to find enough people who are motivated to hire them.

You’re in good company, but I know you’re tired of working so hard and are ready for easy consistent results!

If you haven’t seen it yet, check out my video series now. It seems to be landing with coaches.

The videos will only be up until January 28. And please leave a comment sharing your aha’s (and you’ll be entered into a drawing for a FLIP Video Camera!).

A Great Comment Inspires Another Video

One of the comments was from Ed, who said about Video #1 in the series:

“Rhonda, brief to the point and makes a lot of practical sense. About a year into my business and I’m still using more of a shotgun approach. Still in the process of trying to narrow down that niche.”

Ed’s comment inspired me to do another quick video for this week’s blog post illustrating why targeting a viable niche market is so much easier and takes less effort than selling fill-in-the blank coaching or marketing to a big market.

Ed, this video is for you and for any coaches like you who know that the “shot gun” approach to building your coaching business is too much work for too little payoff.

Click the link to access my video series: How to Choose a Highly Profitable Coaching Niche.

6 Signs That It’s Time to Narrow Your Coaching Niche

Here’s one of the first things I hear from most of the coaches I work with:

“I know I need to narrow my niche, but I just don’t know how.”

This is actually a great sign. It means coaches understand that if you’re not getting the results you want with the niche you have, you probably need a narrower one.

The power of narrowing your coaching niche

A smaller niche will bring you more clients? That’s right. Not intuitive perhaps, but right.

But here’s the catch. Coaches may know they need to narrow, but most often they don’t want to give up what they’re doing, even when it feels fruitless. It’s scary to narrow your coaching niche, even when it’s not working for you.

Yet there comes a time when sticking with the status quo is worse than facing your fears. That’s when a reality check can help.

So, how can you be sure you need to narrow?

Signs of a Coaching Niche that Won’t Go the Distance

Here are some tell-tale signs of a fruitless niche:

Continue reading 6 Signs That It’s Time to Narrow Your Coaching Niche

What Keeps Coaches From Narrowing Their Niche Enough?

Who, besides me, says that narrowing your coaching niche is the shortest, smoothest road to success in coaching? Coach training schools, industry leaders, business gurus – and of course, coaches who have done this. We all agree that choosing a viable coaching niche is the first key step to a sustainable coaching business.

So why don’t more coaches give themselves this powerful advantage?

I want your input on this, and here is what I’ve repeatedly heard from coaches so far:

  • “I don’t know what makes a niche viable.”
  • “I thought I had chosen a viable niche, but I guess I didn’t, because it’s not working.”
  • “Don’t I have to be an expert to target a narrow niche?”
  • “I don’t know how to narrow.”

All understandable. So, let’s break these down one by one.

Continue reading What Keeps Coaches From Narrowing Their Niche Enough?

Perfectionism: The Anti-Strategy For Your Coaching Business

Mistakes are the best teachers. In fact, if you’re not making mistakes regularly you’re probably not taking enough risks in your coaching business. Holding yourself back until everything’s perfect is a losing strategy. Whereas, allowing yourself to be “bad at something” and get rapidly better as you go, actually feels better and brings the best results.

If you think about it, perfectionism has a kind of irony or arrogance to it – as if you could ever get your coaching business completely right in your head, without having to take it to the street and get some feedback from the real world.

I guarantee that you’ll save yourself gray hair and stress fat if you train yourself out of perfectionistic tendencies starting now. Believe me, I know it’s challenging to let that habit go. But fussing over details won’t help your outlook, life experience or coaching income, and will absolutely cost you time, money and sanity.

That doesn’t mean you want to make every possible mistake. If you have the opportunity to learn from someone else’s mistakes without making them yourself, it’s a boon! So, let me humbly share four classic mistakes I’ve made in my coaching business, so that you don’t have to. All of these mistakes share that quality of trying to get it right in your head, being afraid to try something out and get feedback.

4 of My Favorite Coaching Business Mistakes

Agonizing over things that don’t matter in the big scheme of things.

Not once, but three times I “perfected” my logo and business cards. (I just unearthed and filled my recycle bin with unused cards and brochures!) I remember agonizing with designers and printers over colors, my logo and card stock. Here’s the kicker, over 13 years of being a coach I’ve used less than 100 business cards! Shocking? Not really. Most coaches just don’t need that many.

A word of advice for you – Vistaprint. It’s likely all you’ll ever need for your business cards or other printed materials.

Saying yes to opportunities because I was afraid not to.

Good opportunities are a dime a dozen. But the right opportunities – the ones that fit your success criteria like a glove – are worth waiting for. I know it’s flattering when everyone wants a piece of you, but it’s also distracting.

Continue reading Perfectionism: The Anti-Strategy For Your Coaching Business

My Biggest Mistake As A Life Coach

Want to know? The single biggest mistake I made as a life coach was trying to sell coaching. I didn’t realize that few people seek out coaching as a solution. Add to that, I was trying to attract big groups of people that weren’t easy to reach — women in transition and later, midlife women.

Just thinking about it makes me tired.

I didn’t know any better. All my peers were picking a topic they felt passionate about as their coaching niche. I blindly followed them onto that rocky road and never stopped to question whether that was the way to make a good living as a coach. Turns out, it wasn’t.

missed target

After two years, very few clients and paltry income later, I did shift to targeting a niche market — women entrepreneurs — which was way too big of a market with massive competition. And still I was scraping by, feeling like a fraud, and running frighteningly low on resources.

Still, whenever I did get a client, they valued my coaching. And I loved it. But I knew what I was doing wasn’t sustainable. I was working too hard for poor results.

Continue reading My Biggest Mistake As A Life Coach

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    • COMMENTS

      COMMENTS

      • Barbara "Thank you for responding.  Yes, I'm still doing pro bono work. I have not taken this to the level where I'm getting paid.  You make a good point and although there are a vast number of women in this category, it does make me wonder if you're on the mark here. I was told to focus in on..." in response to How to Attract Clients in a More Coach-Like Way
      • Barbara "Wonderful article Rhonda.  I have been a "pro bono" coach for as long as I can remember.  I have gone through a program, hired and worked with a mentor coach, have a company and domain name,  business cards and a Pay Pal account.  Sounds great you might say!  Well, I haven't been able to take it..." in response to How to Attract Clients in a More Coach-Like Way
      • Angela "I truly truly credit you Rhonda with making me realize how incredibly important this is in business.  Now I run around telling everyone how much THEY need to do it!  Still working on my rebranding but it's coming together soon :) ..." in response to How to Attract Clients in a More Coach-Like Way