Business Sense
The Niche
Business
Today we are spoilt for choice,
or at least it appears that way
from the outside. But the
reality is that, when everybody
claims to be a coach, it’s
harder than ever for your
potential clients to find the
right support in this congested
and noisy marketplace.
You can stand out from the crowd
by demonstrating your experience,
through your branding and the
services you offer, and in many
other ways. But if you really want
to be distinctive, you need to
establish a coaching ”niche” by
providing a specific service that
a particular group of clients will
especially value because it exactly
matches their needs.
Nowadays, when it’s so simple to
find and compare suppliers online,
if you try to be a generalist—a “onestop coaching shop”—you are likely
to lose out to niche specialists who
are perceived as being able to offer
the best possible support.
Despite the advantages of niching,
many coaches worry about losing
business by reducing their potential
client base, and so instinctively
resist the idea. However, if you want
to make a difference in the world
and succeed , you have no other
choice but to niche.
So, if you aren’t yet in the “niche
business,” here are just four ways
in which finding your niche will
benefit your practice:
1. Use your depth
of knowledge and
experience as a
differentiator.
This will set you apart from
newcomers to the marketplace.
At the end of the day, anyone can
call themselves a coach but only
you have your background, life
and professional experiences,
knowledge, and perspective. This
can help you create a unique brand
personality that will resonate with
your specific clients.
2. When value is perceived
first, pricing comes second.
Because your clients particularly
value your perspective, they are
willing to pay more for it. For you,
those higher prices mean a more
successful coaching practice and
the opportunity to earn more and
create a lifestyle business in which
you work less or enjoy the time to
pursue other interests, including
charitable causes—a much more
rewarding experience, all around.
3. Marketing flows better.
Having a clearly defined message
makes your marketing efforts much
more effective and makes it easier
to attract potential partners and
joint venture opportunities because
everyone knows what you stand for.
As a result, you leverage everything
you do, so you achieve more from
much less.
4. Ongoing learning.
By focusing on a particular area,
you will be continually honing and
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adding to your skills, making you
even more in-demand among the
clients you serve.
However, finding your ideal niche
isn’t always an easy task. So if
you’re not sure what it could be,
here’s a simple way to get started.
Analyze the services you
currently offer. Which attracts the
most clients and brings them the
greatest benefits? Which gives you
the most satisfaction?
Look at your pricing. Which of
your services is the most profitable?
Does one have particular potential
for expansion?
Identify any gaps. Is there a service
you are often asked for which you
don’t currently provide and would be
happy to offer?
Considering these variables will
help you find your perfect niche
and become the owner of a thriving
coaching business. Success will
feel particularly good because your
clients are paying well for your
services, and you feel emotionally
fulfilled and in control.
Maite Barón, PCC
Maite is The Corporate Escape Coach™ and author of the double-award-winning book, Corporate Escape: The Rise of
the New Entrepreneur (Ecademy Press, 2012). She is a co-founder of The Corporate Escape™, a coaching, training and
consultancy practice helping professionals break free from the rat race and reinvent themselves as New Entrepreneurs. Maite
is an international motivational speaker, co-author of A World Book of Values (Van Halewyck, 2013) and Successful
Women in Business (UK Edition, Mithra Publishing, 2013) and a regular contributor to The Huffington Post and
Entrepreneur. You can get regular tips on how to grow your business by subscribing to her free updates and connect with
Maite though LinkedIn.
10 Coaching World