63 | 6 Lucrative Coaching Niches: Finding Your Profitable Niche
Let's explore the most lucrative and profitable coaching niches to help you find your niche sweet spot. Jo emphasises the importance of getting niche-specific to attract clients motivated to pay for solutions to their real problems. She dives into six promising niches - business, executive/leadership, financial, career, life, and relationships - sharing high-level strategies for positioning your services.
Timestamps:
[02:00 - 06:30] Business & Executive/Leadership Coaching Niches
[06:30 - 09:30] Financial & Career Coaching Niches
[09:30 - 12:00] Life & Relationship Coaching Niches
[12:00 - 14:00] Recap & Closing Thoughts
Whether you're just starting out or re-evaluating your niche, this episode will help you find your lucrative coaching focus.
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Transcript
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
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:Microphone (Samson Q2U Microphone):
and I help coaches to
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:build brilliant businesses.
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:I know that when you prepare to enter
the arena, there is fear, self doubt,
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:comparison, anxiety, uncertainty.
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:You can tend to armor up and
protect yourself from vulnerability.
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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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:Dare greatly.
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:You belong in this arena.
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:Hello, welcome to the 63rd episode
of women in the coaching arena.
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:I am so glad you are here.
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:I am about to leave, to go to Sussex
for a yoga retreat for two nights.
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:So I cannot wait.
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:The sun is shining and it's
right next to the beach.
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:And I'm so, so excited.
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:But I wanted to squeeze in this episode
before I left, because I have just had
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:a message from uh lovely coach who has
been trying to market her business.
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:And what I noticed when I looked at her
page was that she's selling balance.
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:And whilst that's all we want and
that's why I'm going on my yoga retreat.
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:And that's what most of
us are seeking in life.
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:It sadly, doesn't cut through
enough to actually pay for.
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:So in this episode, I will focused on
the most lucrative coaching niches.
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:Because sadly, no one pays for coaching.
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:And I remember when I first trained as
a coach and heard this, I thought, what
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:rubbish, what are you talking about?
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:And now I get it because we just don't
prioritize things unless there is an
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:urgent must have need in our life.
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:So it's a really tricky thing and I
encourage you to always analyze exactly
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:why you are paying for something.
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:So let's talk about types of
coaching niches and how to
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:make them even more profitable.
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:So let's start with the business coaching
niche, because this is the one that I
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:know most people think is the only one
you can actually make money from doing.
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:But actually what I've discovered since
doing this niche myself is that actually
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:lots of people also fail in this niche.
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:And like, you may be thinking oh,
you know, the only people making
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:any money is the business coaches.
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:And I used to think the same, but
even if you are going to do business
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:coaching, you need to get more specific.
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:So if we think about different ways of
getting more specific in this niche,
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:firstly, would be to get more clients.
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:And I have a client I'm working with
at the moment who said she didn't
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:want to mention the client word.
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:And I said, I also don't want to
mention the client word, but I have
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:done polls and all sorts of things.
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:When I say, what do you ultimately want?
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:And people just say clients.
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:Well, this person wants it to do
is talk about growing your business
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:and those more generic terms.
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:But we also need to add the, so that,
you know, so grow your business so
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:that you get clients and get to make
the impact and income that you want.
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:So even in what may seem to be
profitable niches, you still
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:need to be super specific.
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:What exactly does that mean?
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:Is that.
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:Tech companies get clients, is
that coaches get clients, is
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:that counselors get clients.
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:Like who exactly are you going
to specialize in helping.
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:Another one in the business,
coaching niche is sales.
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:So you can be a specific sales
coach to help people to really
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:nail those conversations.
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:You can also get hired by companies to
help them to train their salespeople.
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:I had someone that was previously
in my business of coaching program.
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:So this particular coach that I
was working with really, really
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:struggled with the lack of team and
social events and that type of thing.
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:What I noticed was she was
an amazing sales person.
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:And I was like, how have you never thought
to combine your sales skills with training
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:teams so you get that buzz of being with
a team and using your coaching skills
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:with others who need that sales skill.
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:Because I do think often what we do
as a coach is try and immediately
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:forget everything we ever did in our
lives and where I have seen people
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:have the most success is by utilizing
all of their previous experience and
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:bringing that into that business.
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:So there are lots of different
angles you can go with this business
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:coaching niche, but I do not want to
spend too much time because I want to
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:cover lots of other niches as well.
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:So let's talk about the executive
leadership coaching niches now.
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:So I have had lots of clients
successful with helping people
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:build leadership skills.
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:Kate waterfall hill managed to
cut through the noise with really
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:resonating posts about bad management.
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:And that is how she now helps leaders
become better leaders because they
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:may see themselves or see someone
they know in those posts and think.
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:Yeah.
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:You know, you've really got it.
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:You understand where I'm at?
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:Another person that has done
really well is Louise Thompson.
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:She initially was focusing on
helping comms leaders develop
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:their leadership skills.
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:She is still doing that.
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:Then she's also now using Tik-Tok, which
helps you to be a little bit more generic.
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:Because Tech-Talk will promote
your content to those who
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:are interested in leadership.
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:So you don't have to be quite as
niche if you're using TikTok as you
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:do on some of the other platforms.
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:So Louise has done super, super well
resonating with her ideal client because
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:she was a previous comms director.
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:So again, how can you use your experience?
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:To really resonate with your ideal
client, knowing that most ideal clients
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:want to work with someone who has
achieved and been through the same
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:thing that they want to go through.
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:And as coaches, we know that that isn't
required, but as someone purchasing
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:coaching, a lot of the time, that
is something that people look for.
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:Let's talk now about financial coaching.
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:I have another client who I am desperate
to help move into this type of coaching.
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:She has been a finance director for years.
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:And is really resisting niching
down, despite the fact she absolutely
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:loves this niche, but she is
fortunately going on my yoga retreat.
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:So I'm looking forward to
discussing that when we are there.
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:Because it's such a great
niche in so many ways.
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:So you can obviously niche into something
like the money mindset which denise
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:Duffield-Thomas does really well.
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:But you can also niche into helping
business owners with their finances.
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:If that's something that
you are happy to do.
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:And balance that with the emotional
side as well, because a lot of the
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:time, it's not just about the numbers.
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:People will avoid looking at
the numbers because of the fears
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:and all of those other things.
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:So it's such a great niche.
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:If you are happy to really dive into
that, understand the numbers, but also
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:understand the emotional side of things.
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:Let's move on to career coaching niches.
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:I have had lots of clients successful in
this niche and I previously used to be a
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:career coach so I know this niche well.
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:What lots of my clients have been
successful doing is figuring out what
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:they want to do next in their career.
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:So that kind of career transition phase.
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:I've had a wonderful client, Natasha
gain lots of clients in this niche to
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:help them figure out their next move.
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:There are also ways of going
really specific in this niche.
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:And lots of my clients have done this
by choosing a specific industry that you
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:want to help people change career with.
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:Also in the career coaching niche,
you can have gain a promotion.
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:Or get a better paying job.
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:That is something that most
people want because we are all
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:obsessed by climbing the ladder.
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:So that is another angle you
can use in career coaching.
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:Let's talk about life coaching
now, because this is what I find
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:the trickiest niche to sell.
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:Because despite the fact we all need
every angle in our life sorting out.
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:Most of the time we get one urgent
problem that makes us purchase
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:something or look into doing something.
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:So maybe you are having difficulties
in your marriage or relationship, and
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:that's the kind of crux that makes
you think I need to do something.
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:But then at that point, You are
looking for someone to help you
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:with that particular problem
rather than general life coaching.
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:The same with someone
helping you with your kids.
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:Like there will be a crux point that
helps you to think you know, my kids
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:are leaving home and now I'm feeling
really lost and I need to figure out
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:what I'm going to do with my life.
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:So that is a way, if you do want to
do more general life coaching, you can
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:think about a specific time in people's
lives that they will seek out support.
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:I guess what could also fall into the life
coaching niche is overcoming an addiction.
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:One of my clients, Chloe
helps people to stop drinking.
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:so helping people with a
specific problem in their life.
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:I think the more general one, like
I talked about at the beginning of
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:cultivating balance is really tricky.
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:If you really do want to go into this, I
would advise, picking that type of person,
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:like entrepreneurs who need balance and
need to connect back to their vision,
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:why they doing this, that type of thing.
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:So anything you can do to gain
an extra edge especially in
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:this general life coaching niche
will really, really help you.
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:Okay.
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:The final one I will cover
is relationship coaching.
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:And this reminds me to tell
you that people pay for health,
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:wealth, and relationships.
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:So think about how you can hook your
particular niche into those buckets,
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:health, wealth, or relationships.
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:Generally wealth, and any return on
investment you can, who can too is
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:way easier to prioritize, but then
there are also people that will
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:pay for health and relationships.
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:So in this relationship, coaching niche,
you may want to help people improve their
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:relationships with their partners, maybe
with their children be a better parent.
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:Maybe it is a dating coach
to attract a great partner
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:and what's holding them back.
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:I'm hoping you are noticing the theme
through reflecting on this podcast.
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:That people pay for specific problems
to be sorted out in their life.
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:And that's a really tricky mindset
shift for a coach when we learn,
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:we can help everyone with anything.
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:And we are so desperate to do
this and use our amazing skills.
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:But I think if you are struggling
with this, please just think how
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:much of a difference will you be
able to make when you can actually
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:help real people with real problems?
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:And know that when they are in the front
door, you will get to do all of the
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:amazing work you love in the back door.
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:Let me summarize where we went today.
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:So I talked about some
profitable coaching niches.
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:Starting with business coaching.
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:Moving on to executive
and leadership coaching.
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:Then I covered financial coaching.
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:Career coaching.
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:Life coaching.
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:And relationship coaching.
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:There are loads of other niches.
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:This is not saying other
niches aren't profitable.
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:There's obviously health
coaching, fitness coaching.
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:Loads of things I have failed to
mention here because we only have so
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:much time but I hope what you have
heard, gives you the inspiration to
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:think about how you can help solve real
problems with your coaching skills.
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:If you want my help in doing this,
this is what I do in my program.
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:The business of coaching, because once
you have your niche, you still need a
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:really good offer and you still need
to become an expert in your field and
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:become an expert marketeer as well.
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:That is a skill that needs to develop.
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:It isn't just something
that you should know.
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:If you have never practiced
marketing and these skills before.
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:So do join us -you will find
the link in the show notes
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:to the business of coaching.
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:Also, if you are listening to this
episode on its release date of Thursday,
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:the 23rd of May tomorrow, the 24th
of May I'm doing a live workshop
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:to help with many of these concepts
to become an expert in your field.
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:So you will find the link
in the show notes for that.
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:It's at 10:00 AM on
Friday the 24th of May.
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:And like I say, at the end of every
episode, trust yourself, believe
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:in yourself and be the wise Gardner
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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:I have a mess of free resources on
my website joannalottcoaching.com.
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:That's Joanna with an A
and Lott with two T's.
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:joannalottcoaching.com.
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:And 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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:Remember to trust yourself, believe
in yourself and be the wise Gardner
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:who keeps on watering the seed.
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:Get into the arena dare, greatly and try.