G-BLLC06DBK9 520165642414387 14 | 5 Steps to Find a Profitable Niche - Women in The Coaching Arena

Episode 14

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Published on:

15th Jun 2023

14 | 5 Steps to Find a Profitable Niche

Jo discusses the importance of finding a profitable niche for a coaching business. With the influx of coaches over the past two years in this growing industry, it is crucial to stand out and attract clients actively seeking solutions.

Joanna explains that a niche is a specific target market or a well-defined segment of people or problem, and by narrowing down the focus to a specific group of people, coaches can position themselves as experts and attract clients seeking solutions.

She also shares five steps to discover a profitable niche, starting with reflecting on passions, skills, and interests to lay the foundation for a profitable niche.

Introduction to Profitable Niches [00:00:28" rel="noopener noreferrer" target="_blank">00:00:28]

Joanna Lott introduces the podcast episode and the topic of profitable niches for coaches.

Importance of Niche for Coaching Business [00:01:29" rel="noopener noreferrer" target="_blank">00:01:29]

Joanna Lott explains what a niche is and why it is important for a coaching business to have a profitable niche in a crowded coaching market.

Steps to Discover Profitable Niche [00:04:47" rel="noopener noreferrer" target="_blank">00:04:47]

Joanna Lott shares five steps to discover a profitable niche for a coaching business, including reflecting on passions, skills, and interests, researching market demand, and creating a signature coaching offer.


Useful Links

Joanna Lott's website with the 12 Ways to Get Clients Now

Connect with Jo on LinkedIn


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If you’re kind enough to leave a review, please do let Jo know so she can say thank you. You can always reach her at: joanna@joannalottcoaching.com


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Mentioned in this episode:

Signature Solution Launch Offer

If you want to get clear on your niche and signature coaching offer, the Signature Solution self-study course will take you through the process. Use the coupon code GIFT to get 50% off in this launch period only (expires 10pm on Friday 19 July). Click the link to sign up now https://go.joannalottcoaching.com/signaturesolution

Signature Solution Launch Offer

If you want to get clear on your niche and signature coaching offer, the Signature Solution self-study course will take you through the process. Use the coupon code GIFT to get 50% off in this launch period only (expires 10pm on Friday 19 July). Click the link to sign up now https://go.joannalottcoaching.com/signaturesolution

Transcript
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Hello and welcome to Women in the Coaching Arena podcast.

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I'm so glad you are here.

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I'm Jo Lott, a business mentor and ICF accredited coach, and I'm on a

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mission to help brilliant coaches build brilliant coaching businesses.

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In this podcast, I'll be sharing honest, not hype, practical and

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emotional tools to support you to make the difference that you are here for.

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Hello and welcome to episode 14 of Women in the Coaching Arena.

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I'm so glad you're here.

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I'm your host Joanna Lott, and today we are diving into a hot topic.

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The topic that I'm probably trying to avoid much of the time as it's the

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one that makes most people go around in circles again and again and again.

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So let's dive into profitable niches for coaches.

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So in this episode, we are going to explore what is a niche, why

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it matters, and how to find a profitable one that aligns with

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you, your skills, your passion.

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Before we dive into profitable niches, let's first talk about what is a niche

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and why is it important for your business?

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And it's probably one of the most Googled questions of all coaches.

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Do I need to niche?

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I've Googled it many times myself when I was in training and everyone kept

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saying, oh, afterwards, you'll need to niche, and I really didn't want to.

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I'll share what I believe will really help you to grow your business,

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because that is the whole point of the work I do and this podcast.

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So a niche is a specific target market or well-defined segment of people.

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Or segment of problem or outcome that these people want.

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By narrowing down your focus to a specific group of people who have a

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specific problem, who want a specific outcome, you can position yourself as

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an expert and be able to attract clients who are actively seeking solutions.

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So it's worth saying that sadly, nobody is seeking coaching.

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Most of us are seeking solutions to our greatest challenges and that is why

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finding a profitable niche is so crucial.

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It helps you to stand out in a crowded coaching market, and the market has

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increased by 407% in the last two years.

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That's the study I've done personally on LinkedIn.

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So in December, 2020, when I did a search on the word coach on LinkedIn,

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it came up with 1.6 million results.

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So 1.6 million coaches were listed as a coach on LinkedIn in 2020.

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And by two years later, we are now up to over 8 million coaches listed on LinkedIn.

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So it's a 407% growth in two years.

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And I think another important thing to note here is that we

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are operating in a global market.

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So if you want to gain help on emotional eating, or if you want

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to gain help growing your business or getting that next promotion,

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you can get exactly what you want.

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So you can put in the search bar exactly what you want and find somebody.

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So it's not like it was before Covid, where generally you would just work

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with people that were local to you and you would meet them in person.

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So that's another reason why it's exciting for you to be able to put a stake in the

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ground and become an expert in your thing.

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It will enable you to increase your visibility and have really good focus.

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Because what I've found in working with 40 or so coaches in the last 12

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months alone is that as soon as they nail their niche, then they can do

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their marketing and they are really actively growing their business.

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Whereas if they are in this moment of like, I'm not really sure

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what I'm talking about today.

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I'm not really sure who I'm speaking to, what I'm gonna say.

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Then often you say nothing and then you are not visible, therefore,

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you're not gaining clients.

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So nicheing half the time is actually a huge benefit for you as a coach to

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really narrow your focus and go all in and grow your business really quickly.

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Niching will also allow you to build a signature coaching offer so you can

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listen to episode 10 of this podcast if you haven't already on how to

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create a signature coaching program.

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And you can only really create that program if you have a really.

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Good defined niche.

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And the benefit to creating a program is that you can charge higher prices for

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your coaching and you can actually sell coaching because if you have been trying

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to sell sessions of coaching, you may be finding that challenging, which is why I

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suggest really honing in on who you serve and how, and that will really help you

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to actually make money in your business.

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So let's get started on our five steps to discover your profitable

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niche for your own coaching business.

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And if you already have a niche, or if you think you already have a niche,

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because most people that have calls of me are like, yeah, that's fine.

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I've got my niche and as soon as I hear it, I think, ah,

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that's not really a niche.

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So no matter how long you've been in business there is always growth we can

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do in defining who we help and how, and it is one of the greatest indicators

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of your future business success.

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So this will be super helpful for you whether you are brand new

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and nicheing now, or whether you have been in business for years.

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Step one, start by reflecting on your passions, skills, and interests.

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So what topics could you talk about all day?

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When you need to start marketing your business, you will need to

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talk about this topic quite a lot.

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So you want to make sure it's something that you absolutely love talking about,

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which is why I've niche down to business because it's something I am super

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passionate about helping people with.

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Another thing I do in my program is take people through a full life reflection.

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I think it really helps to go through your full life and that will really help

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you to see who you are called to help.

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So have a think about your background, education, previous work experience, and

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also things like what really riles you.

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So for me, for example, it was the fact that there were very few kind,

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honest, genuine people helping coaches to actually build their business.

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And the amount of coaches that give up in the first year, I think is 84% of

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coaches give up in the first year of their business it continues to drop off

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around years two and three because there is such a limited level of awareness

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of what it takes to build a business.

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And I want to fill that void between this exciting moment of training

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to become a coach and then the less exciting moment of now what, how do

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I actually make this work for me?

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So it was kind of that fury or that anger at this ridiculous stuff that

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we hear day in, day out about how easy it is to build a six figure business.

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And I want to take a stand against that and show you how to do it in an

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honest, normal way that is not gonna blame you when it all goes wrong.

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So now you have thought about your areas of excitement, passion, expertise.

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You can lay that foundation for a profitable niche that

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aligns with your expertise.

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And sometimes when you start.

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You might want to go completely off piste and think, I want nothing to do

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with the industry I used to work in.

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And it depends on your priorities.

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So for example, if you need to make money from coaching quickly, then I would to

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be honest, go all in on the area that you can immediately start monetising.

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Whereas if you know you have the time, the space, the capacity to completely reinvent

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yourself and go all in on a niche that you really want to work with, then do that.

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It depends on your personal needs and desires at that moment.

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So step one was reflect on your passions and skills.

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Let's move on to step two, which is research market demand.

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And this is something that is often missed and people I speak to on discovery calls

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can be staying behind the scenes for weeks and weeks and months and months, even

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creating their niche and their offer.

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And what I like to do with those who work with me is within the first three weeks

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we are getting out there and sharing your niche and your offer to see if there is

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actually demand for it, because sadly what happens is a lot of us want to

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save our previous self, but our previous self maybe didn't seek out support, and

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therefore, maybe all of these people who are currently experiencing that

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problem are also not seeking out support.

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So it's super sad that most people, for example, get to

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burnout without seeking support.

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But if that's a fact.

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If those people are not actively seeking support, you might struggle to create a

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profitable niche out of something that people are so busy in and so all consumed

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by that they are not going to take that time out to really stop this happening.

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You can explore online Facebook groups, social media groups, industry publications

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to gauge the level of interest and engagement in your chosen niche.

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If you, for example, put a request out for market research and get no

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enquiries back, even though you might be offering these calls for free, then

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that might be an indication that sadly, there's either something wrong with

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the way you've written the message and people haven't kind of understood

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it, or the urgency, or there isn't demand for that particular service.

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And again, this is something that can keep coaches stuck for a really long time

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because, for example, if you are wanting to help people with really good habits.

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We know that really good habits are gonna change their life, but unless

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it is specific enough, most people are not generally trying to change their

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habits or they buy a book for that.

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Do they seek out coaching support or do they only seek out coaching

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support if it's a very specific habit and you have a very specific offer

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promise that they super, super need.

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So step three is identify specific challenges or pain points.

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Now you have explored the market a little bit with your niche.

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We now need to further drill down your chosen niche by identifying

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specific pain points that your potential clients might be facing.

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Coaching is about providing solutions so by understanding those struggles of

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your target audience, you can position yourself as the go-to coach to help

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them to overcome these challenges.

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Versus what most coaches do is generalise, we start saying...

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make you feel incredible.

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But if that's not the words that are coming out of your target audience's

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mouth, then they're not gonna think, oh, that's what I need, because it's not

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what they're saying to their friends.

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It's not what they're thinking in their head.

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So this is why the step of market research is super important and for my clients,

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I provide full text of exactly how to gain market research, exactly what to say

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when you get on the call, exactly what you're looking for, because this is a

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really crucial part that most people miss.

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Moving on to step four.

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So we are going to consider how profitable and viable your niche is.

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So whilst your passion is essential you may also want to earn a living

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with coaching so therefore, we need to evaluate the potential market size.

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What competition there is.

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The ability of your target audience to invest in coaching services.

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Have these people invested before?

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Is it the sort of thing that they are prepared to invest in?

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A profitable niche will have a balance of demand, willingness

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to invest and room for growth.

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So whether we like it or not, if we are trying to serve a group

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of people that really don't want to help themselves or aren't in a

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position to financially invest, then you are highly unlikely to create a

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profitable niche out of that group.

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So back to your goals.

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What's the priority right now?

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What do you need to happen and what are you prepared to go all in on?

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That is also super important.

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You need to be prepared to go all in on whatever decision you make.

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Step five, let's test and refine your niche.

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So once you've identified a potential niche that meets the criteria of being

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profitable and aligns with something that you actually are prepared to go

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all in on, it's time to test it out.

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So start offering your coaching services to a few clients within that niche.

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It will help you so much to gain.

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Insights, refine your offering and ensure that you actually enjoy

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working with clients in that niche.

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A word of encouragement that your niche is not set in stone.

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I would say pretty much 99%, your niche is definitely going to

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change, so don't keep this kind of perfectionism of choosing something.

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So yes, we want to do as much work as we can, and my program is all about

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gaining that clarity of your niche, who you are here to serve, what you are

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here to offer really, really quickly.

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We do that within the first three weeks of the program, and then we

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get clients now because when you're on your own, it's super easy to stay

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behind the scenes perfecting this thing that nobody perhaps wants.

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And that's a really sad thing.

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But I've seen it happen many, many times.

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So I would always be encouraging people to take action, come back,

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share what they learnt with me.

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It's all in the nuances and it really does require quite a lot of feedback

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because when you're on your own, you are so entrenched in, this is really

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important and I need people to...

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say prevent burnout.

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But if people are not prepared to do something about it, then there's

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very little you can do other than keep trying a new marketing message.

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So it is a continuous process of learning and adapting to the needs of your clients.

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Let's summarize today's episode by finding a niche that aligns with you, meets

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market demand and offers profitability.

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You can create a thriving coaching business that serves

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both you and your clients.

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So our steps that we covered today were:

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Step one, reflect on your passions and skills.

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Step two, research market demand.

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Step three, identify the specific pain points these people have.

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Step four, consider profitability and viability.

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And step five, test and refine your niche.

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Follow these steps and then download my free guide on 12 ways to get

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clients now, which you can find on my website, joanna lott coaching.com.

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So that's Joanna with an A and lott with two tees, joanna lott coaching.com

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and I will also link to it in the show notes and hope you get a client quickly.

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If you want more help and continuous feedback and support on the journey

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of building your business to really fast track your growth and save you

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countless years of lots and lots of mistakes that I've seen along the way.

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Then do get in touch.

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Drop me a message on Joanna joanna lott coaching.com and enquire about

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my program, the Business of Coaching.

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It will take you on a systematic journey of building a business that

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actually gains clients quickly.

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I will be encouraging you to get out there and get clients right from

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day one and again in week three.

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Once you have your niche and your offer, we'll be moving straight out there to get

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clients now, so don't think it's a behind the scenes business building course.

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It's a get clients now business building course, because you don't have

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a business unless you have clients.

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So I hope you found this episode useful.

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Be sure to subscribe and leave me in review.

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I would absolutely love that, and it makes a huge difference

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to others finding this podcast.

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And remember your journey as a coach is unique.

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Finding that profitable niche is just the beginning.

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Keep exploring, learning, growing, and realising that building a business is all

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in the nuances and all in the refinement.

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So make a positive impact on the world, one coaching session at a time.

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And like I say at the end of every episode, trust yourself.

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Believe in yourself, and be the wise gardener who keeps on watering the seed.

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Microphone (Samson Q2U Microphone): Thank you so much for listening to this

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episode of Women in the Coaching Arena.

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Please come and say hi to me on LinkedIn or Instagram and let me

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know how you are getting on in your coaching business and how you are

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gonna go for your dreams this year.

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My name on LinkedIn is Joanna Lott and on Instagram is at Joanna Lott Coaching, and

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I'll also put links in the show notes.

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Let me know if you found this episode useful.

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Share it with a friend and leave me a review, and I will

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personally thank you for that.

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Thank you so much for listening.

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About the Podcast

Women in The Coaching Arena
Helping compassionate coaches to grow their coaching businesses with practical and emotional tools so that more brilliant coaches build brilliant coaching businesses
Are you a coach who's passionate about making a difference and building a thriving coaching business? Join Joanna Lott, a business mentor and ICF certified coach, as she shares practical and emotional tools to help you succeed in the coaching arena.

In each weekly Thursday episode of The Women in the Coaching Arena Podcast, Joanna provides valuable insights and actionable advice on various topics, such as business strategy, marketing, mindset, energy and entrepreneurship. Whether you're just starting or have years of experience, this podcast is for you.

You have a gift that needs to be shared and Joanna is here to help you do it.

About your host

Profile picture for Joanna Lott

Joanna Lott

Joanna Lott helps coaches stand out and get clients - with honesty not hype.

She has 20 years’ experience of working within HR and Governance in trade unions and financial services.

After qualifying as an ICF Executive Coach she set about learning everything she could about business, sales and marketing and quickly built a profitable career and executive coaching business around her young family.

Other coaches started asking her how she did it, so she’s supported 35 coaches in the last year alone to help them to build their business and get clients so they can make a living doing work they love.