Somewhere deep down, you know you’d be better off niching down (I mean, you’ve heard it a million times—the riches are in the niches” but you just can’t seem to narrow down a niche.
- What if I choose the wrong niche?
- There are so many people I want to help, how could you possibly choose?
- But won’t I be leaving money on the table by focusing on just one niche?
- But I’m not an expert in any one thing yet.
- What if I niche down too much and hurt my business?
Niching isn’t a forever thing; it’s a “just for now” thing. It’s what you’re focusing on now, becoming an expert in and getting known for. Once you’ve nailed it, then you can expand your focus!
I’ve used to freak out about the same things. Now, I know better. and the advice I give is this: Niching isn’t a forever thing; it’s a “just for now” thing. It’s what you’re focusing on now, becoming an expert in and getting known for. Once you’ve nailed it, then you can expand your focus! So those people that you’re worried about leaving out, you can always help them later. When the time is right.
The Risk You Take By Not Niching Down
You work your ass off trying to get new leads and referrals. Trust me, I know!
I wanted to help so many people, in so many ways, that I burnt myself out for years trying to make it work. My mastermind girlfriends and coaches practically beat me over the head trying to get me to niche down, but I refused to listen and it cost me years in effort and a missed profits.
Yes, I was able to help a wider variety of people (which made me feel all warm and fuzzy), but because I wasn’t establishing myself as an expert, I was missing out on a ton of publicity and referrals. And if you’re a jack of all trades and master of none, this is the risk you take, too.
Reasons to Choose a Niche (at least for now)
- You’ll get word-of-mouth referrals. People will learn what you do, and will start telling other people! When they hear someone else talk about having the exact problem you solve, they’ll be able to say, “Hey, I know someone who specializes in that!” and pass your contact information along!
- You become an expert in your niche. Doing something over and over is bound to make you good at it, right? And people want to learn and invest in people who know their stuff!
- You’ll get more PR opportunities. As an expert, you will become the go-to person to call on for interviews and expert opinions on the topic you cover (hello publicity!)
- You’ll make more money. As an expert, people will seek you out and pay more for your services than they would pay a non-expert.
- You’ll attract new clients with effortless ease! Because the more you do something, the more confident you become, and people are attracted to confidence.
- You’ll be able to create passive income. With all the practice you’ll get to know your ideal clients problems inside and out, making it easy for you to leverage your experiences and expertise into additional revenue streams—courses, memberships, books, etc.
How to Choose a Niche
There are three main questions you’ll want to answer to decide which niche is right for you.
- What are you good at?
- What are you passionate about?
- What are your ideal clients willing to pay for?
It sounds difficult, but it’s really a fun exercise! Over the years in working with my own clients, I have found that I have a gift for helping them combine their seemingly unrelated skill sets and passions into coaching packages that make their businesses totally unique in high-demand.
For instance, when my client Aimee came to me, as a fitness enthusiast (appearing in a series of exercise videos like Tae Bo) she thought her coaching should be centered around fitness. But after diving deep into where her passions were, I learned that she had overcome alcoholism and wanted to help others who were in a similar spot. I helped Aimee combine her passions, beliefs and skill sets into a coaching business that helps people who have completed a 12-step program, create a healthy life for themselves after addiction. Who is doing that? Nobody! And now, she’s in high-demand. Why? Because her niche is so specific that people (even the ones who may never need her services) still know who she is and what she does and are able to refer people her way—and they do!
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What are you good at?
Think about your past experiences—in previous jobs you’ve held, your childhood hobbies, etc. What are you naturally gifted at? What do other people compliment you on?
For instance, I have a background in Interior Design and happen to be damn good at it! My specialty was in color palettes, 3D designs on the computer and spatial layouts. I now use those skills in my business coaching services helping my coaching clients create badass brands, design their website, video backgrounds and social media posts. It’s the work I am insanely good at in a setting I’m super passionate about.
You have a lot of amazing gifts already. How can you use them in your business now? Using the raw talent in a new context may be all you need to reignite the passion and set yourself apart from everyone else who is doing what you do!
What are you passionate about?
This is a matter of simply getting clear on what you love to do and what drives you. I mentioned Aimee, the addiction recovery coach. She was passionate about helping people feel strong and confident after coming out on the other side of an addiction. When we first started working together, she wasn’t confident that she had enough experience to pull it off (the fitness route felt safer). But when talking about it, the fire she felt was for helping people rebuild their life. That’s what she really wanted more than anything. So that’s what we build her business and brand around.
If you’re wondering if you are good enough or experienced enough to do what you’re truly passionate about, here’s what I can promise you: Follow your passion and the confidence will come! If it lights your soul on fire, that means it’s your purpose and it’s what you’re here on this earth to do. Trust the feeling and follow where your heart leads!
What are you ideal clients willing to pay for?
Answer this question last. If you lead with this question, you’ll end up building a business around what everyone else is doing rather than your unique talents and passions. That is the biggest mistake of all!
People may not know that they need your unique combination just yet (like Aimee, there are no coaches doing exactly what she does, so nobody is exactly searching Google for “addiction recovery and fitness coach”) but that doesn’t mean they don’t want it when they find it! And if she would have built a business around what already existed, she would have missed a great opportunity.
So instead, wait until you’ve answered the first two questions, then approach this one by asking yourself:
- What problem do I love helping people solve?
- How do my unique blend of skills and passions help to solve this problem?
- What about this problem are people willing to pay for?
Chances are, it may just be a matter of wording it in the right way. For Aimee, we discovered that her ideal clients were looking for the “next step” after graduating a recovery program. So she chose to name her business “Step 13 Coaching” (the next logical step to bridge the gap between a 12-step program and your new life).
It’s not a matter of niching down to fill a need (that’s old school advice that doesn’t work in today’s crowded marketplace). Instead, it’s about standing out and highlighting what makes you uniquely qualified to help your ideal clients in a way that only you can, and then marketing that into a niche or speciality that sets you apart from everyone else in your industry.
This is the part most new business owners skip. And it’s also the most expensive (and sometimes fatal) mistake that you can make. Don’t skip this, please. I love you and want you to succeed. So I’ve created a workbook to help you work through the process of choosing a niche and also includes a list of ideas and prompts to get your wheels turning so you can come up with your own million dollar niche you can rock out like the boss you are!
More Awesome Resources Related to this Episode. . .
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