When setting up your coaching business, you may feel tempted to offer your services to as wide an audience as possible. However, not choosing a niche is a path to potential deadlock and failure. In our post, you’ll learn why it’s crucial to define your coaching niche, how to choose one in four simple steps, and what mistakes to avoid when doing so. You’ll also get a list of 10 trending and profitable niches for coaches in 2021 and beyond.
Why you need a coaching niche
People are more likely to choose coaches with narrow expertise. If you’re planning to start a business, you’re more likely to turn to a business coach who can help you launch a successful business than to a business coach with broad expertise, aren’t you?
Coaches are sometimes afraid of losing opportunities to get clients and therefore don’t pick a niche. However, when you try to serve anyone and everyone, you end up serving no one. The benefits of niching down definitely outweigh the risks of doing so.
By choosing a specific niche to serve as a coach, you’ll be able to set yourself apart from the competition and distinguish your business. Besides, you’ll be able to formulate a clear marketing message. This will make your marketing efforts effective and will let you attract your dream clients naturally and easily, making your business grow seamlessly.
If you want to reach your ideal client, thrive in your coaching business, and maximize your revenue, then it’s time to focus on a niche.
Seven benefits of choosing a niche
People are afraid to niche down, but in reality, it usually makes things easier.
Choosing a niche is the first step in distinguishing yourself among the large variety of offerings in today’s rapidly growing coaching market. Identifying your niche will allow you to:
- Face less competition by focusing on a specific audience segment and solving top-of-mind problems
- Charge more by knowing your clients and their struggles well and offering services that help your clients achieve their desired results
- Spend less on marketing by not wasting your time, money, and efforts on the wrong clients
- Increase profits by offering your services only to people who need them and are ready to pay for them
- Gain trust and credibility by becoming a recognized go-to coach due to extensive expertise in a specific field
- Enhance customer relationships by engaging with a smaller audience and focusing on the quality of your interactions with clients
- Stimulate word of mouth marketing since people from a specific niche will interact with others in the same niche, spreading the word about your services
Four steps to finding your coaching niche
To choose the niche you feel comfortable working with and that will enable you to achieve financial freedom, follow these four simple steps.
Step 1. Define your passion and strengths
You may have knowledge that can be applied in a variety of niches. However, you should choose the niche you’re most confident about and interested in to achieve long-term success.
Let’s suppose you’ve spent the last 15 years transforming your business to achieve the desired revenue and you’re passionate about supporting others in doing the same. Or you’ve experienced a career change that helped you discover your true potential, transform your life, and achieve a healthier work–life balance.
You may also think about what your family and friends ask you for advice about. The niche you’re going to choose should not necessarily be related to your current or past jobs. You can choose based on your life experience.
It can be helpful to create several lists:
- A results list. Results are what your clients sign up for. Make a list of results you’ve already achieved for yourself and others.
- A can teach it list. These are all the things you’ve been able to master in order to accomplish your goals. Think about the tools, strategies, techniques, and topics that you’ve had to conquer along the way to achieve your results.
- An experienced it list. These are things that you probably haven’t mastered yet but that you’re implementing and can help a beginner with.
Step 2. Match the who and the what
Once you’re ready with step 1, you need to identify who exactly you want to help and what specific problems you can help them solve. In this step, you need to match the who and the what. Here are two questions you can ask yourself to make it clear:
- What kind of people would I like to help? Who’s going to benefit most from working with me? For a business coach, these could be small business owners, mompreneurs, ecommerce business owners, etc.
- What will I teach them? What kinds of goals do these people want to achieve? As a business coach, you could teach people to create sales funnels, attract clients, develop action plans, optimize strategies, etc.
Step 3. Check how marketable your niche is
Before you invest time and effort in your niche, you should check whether what you offer is in demand. As a coach, you need to provide a solution to a specific problem that people are willing to pay for. There are three things people are ready to pay for:
- To have… more free time, financial freedom, a better career, etc.
- To be… less stressed, recognized, more productive, etc.
- To feel… happy, healthy, confident, etc.
Pay attention to these three aspects while niching down. To know what people are willing to pay for, look at what people are already investing in, what is already offered, and what people are asking about online. Start by going to Facebook groups and communities, Quora, field-related forums, and other places and asking your potential clients directly. No one will better validate your niche and specialty than your prospects.
Use the template below to post and ask your target audience if they’re interested in the solution you provide. It’s important to highlight what results they’ll get through your coaching.
The responses you get will tell you if you’re on the right path.
Step 4. Be even more specific
Now you’re going to use the lists you’ve created before to home in. Check what popped up most often in your lists, match those things to your answers in steps 2 and 3, and choose your specialty.
If you’re a business coach, then your definition of your specialty may sound like this: “I help mompreneurs start successful online businesses and attract clients while enjoying time with their kids.”
Four mistakes to avoid when choosing a niche
While choosing your coaching niche, there are some mistakes you should avoid:
- Going too broad
Saying you’re a life coach is vague because there are so many things a life coach can help their clients with. You shouldn’t say you help people with their whole lives. You should focus on a specific aspect of their lives and think of specific people you’re going to support as a coach. Don’t be afraid to focus on a narrow target at first because it will allow you to expand over time.
- Choosing a niche with little demand
Coaches in some niches earn more money than others, and coaches in some niches hardly earn money at all. Some people get very passionate about a specific topic and choose it as their coaching niche. Although passion is an important criterion, you should double-check whether your passion is marketable. You may be passionate about something people are not actually ready to pay for.
- Choosing a niche you have no connection to
Choosing a niche that you’re interested in and passionate about and that can potentially bring money but that you have no connection to is a dead end. Choose a niche you know well in terms of its clients, the language they use, the problems they face, the solutions they seek, etc.
- Choosing a niche you’re not committed to
Some people want to start a coaching business just because they want to quit their job and make more money. But the thing is, you can’t become a successful go-to coach when you’re not into the subject you’re coaching. Choose a niche you’re committed to because it’s going to be the foundation for your business over the years.
10 most profitable niches for coaches in 2021
Now you know how to choose your coaching niche and specialty. If you’re still hesitating, look at the 10 most profitable and trending coaching niches in 2021 and beyond to start coaching today and reach your desired income.
#1 Executive coaching
Executive coaches help managers, executives, and high-potential leaders to unleash their potential, clarify their goals, gain self-awareness, and achieve their development objectives. They also assist their clients in effectively leading teams and companies. Executive coaches guide their clients through tough issues like successes and failures, provide support when things get hard, help overcome obstacles and barriers that hold people back, and evaluate their clients’ progress.
- Team management
- Leadership development
- Conflict management
- Productivity improvement
- Self-awareness enhancement
- Raising motivation
According to salary.com, the average annual pay for an executive coach in the US is $100,357. The average hourly rate is $48, but top executive coaches can charge over $80 an hour.
#2 Business coaching
Business coaches are experts in helping business owners grow successful businesses, guiding them through the ups and downs of running a business. They are typically entrepreneurs or executives who share their expertise and experience to help their clients reach their desired outcomes by providing an outside perspective and identifying a business’s strengths, weaknesses, and opportunities. These experts provide entrepreneurs with growth recommendations and help them determine their business goals.
- Action planning
- Growing a business
- Starting a business
- Team building
According to payscale.com, the average annual pay for a business coach in the US is $70,400. The average hourly rate is $40.07, but top business coaches can charge over $70 an hour.
#3 Marketing coaching
Marketing coaches help clients develop marketing strategies to establish a brand, attract the clients who best fit their business, get a steady flow of leads and convert them into paying clients, maintain stable long-lasting relationships with their audiences, and increase revenue. These experts also help their clients identify the best niche, develop a marketing plan, and increase sales.
- Content marketing
- Lead generation
- Marketing automation
- Marketing budget planning
- Niche development
- PR management
- Search engine optimization
- Social media marketing
- Web analytics
According to ziprecruiter.com, the average annual pay for a marketing coach in the US is $61,475. The average hourly rate is $30, but top marketing coaches can charge over $60 an hour.
#4 Relationship coaching
The aim of relationship coaches is to help people achieve greater fulfillment in their personal relationships. These experts help clients identify and attain their relationship goals, better understand their life partners, and take their relationships to the next level. Relationship coaches help individuals and couples find ways and techniques to make relationships thrive.
- Attracting a life partner
- Communication enhancement
- Deepening intimacy
- Lost relationships
According to ziprecruiter.com, the average annual pay for a relationship coach in the US is $57,191. The average hourly rate is $27, but top relationship coaches can charge over $50 an hour.
#5 Sales coaching
Sales coaches train their clients to set and hit their sales goals. Sales coaching is designed to enhance sales performance at both the individual and team levels. Sales coaches help sellers diagnose problems, focus on the right actions, and build unique action plans to improve their outcomes.
- Closing sales
- Customer meeting debriefs
- Handling sales objections
- Pipeline reviews
- Prospecting via cold calling
- Prospecting via networking and social media
- Prospecting via sales referrals
- Sales negotiation skills
- Sales presentation skills
- Sales time management
According to ziprecruiter.com, the average annual pay for a sales coach in the US is $50,904. The average hourly rate is $24, but top sales coaches can charge over $35 an hour.
#6 Spiritual coaching
Spiritual coaches are experts at helping their clients understand who they really are. They can help people change their lives; discover their core desires and true purposes; uncover their personal power, confidence, and gifts; take steps towards their dreams; achieve their goals; get rid of limiting beliefs; and overcome roadblocks.
- Developing a sense of empowerment
- Discovering spirituality
- Finding appreciation and joy
- Healing past wounds
- Intuitive development
- Learning to listen to intuition
- Life purpose
- Navigating difficult life challenges
- Releasing negative self-talk
- Shifting to a positive mindset
- Uncovering internal roadblocks to happiness
- Understanding one’s true purpose
According to ziprecruiter.com, the average annual pay for a spiritual coach in the US is $50,054. The average hourly rate is $24, but top spiritual coaches can charge over $150 an hour.
#7 Life coaching
Life coaches help clients achieve personal goals, solve everyday problems, and create harmony in their lives. A life coach is a wellness expert, helping people make progress in their lives to achieve greater fulfillment and improve their day-to-day lives, relationships, and careers. Life coaches can help clients identify their goals and the obstacles hindering them from attaining those goals, then offer strategies to overcome these obstacles based on their clients’ unique skills and gifts.
- Dating and relationship coaching
- Divorce coaching
- Family life coaching
- Life skills coaching
- Mental health coaching
- Personal image
- Spiritual coaching
- Stress relief
According to payscale.com, the average annual pay for a life coach in the US is $49,652. The average hourly rate is $31.28, but top life coaches can charge over $140 an hour.
#8 Health coaching
Health coaches help their clients build personal strategies for healthy lifestyles and show them how to effectively manage stress, achieve life balance, improve the quality of life, and enhance emotional well-being. Health coaches support their clients in organizing healthy lifestyles; developing the right attitudes toward problems, difficulties, and stressful situations; developing emotional intelligence; and distributing energy and time in a harmonious way to achieve balance in all areas of life. These experts help people identify and achieve transformations in four key areas of their lives: nutrition, relationships, physical activity, and personal goals.
- Body confidence
- Chronic health issues
- Healthy habits
- Mental health
- Sexual health
- Stress management
- Weight loss
According to payscale.com, the average annual pay for a health coach in the US is $48,490. The average hourly rate is $20.57, but top health coaches can charge over $40 an hour.
#9 Financial coaching
Financial coaches are advisors who help their clients reach their financial goals by teaching them money management skills (such as how to build savings and pay down debts). Financial coaches can also help people improve their financial literacy and assist them with the emotional and behavioral components of managing money. These experts help people unearth what drives their financial decisions so they can cultivate a healthier attitude towards money and acquire better money habits.
- Budget creation
- Debt management
- Emotional components of dealing with money
- Financial planning
- Setting up emergency funds
- Spending habits
According to payscale.com, the average annual pay for a financial coach in the US is $44,219. The average hourly rate is $20.03.
#10 Career coaching
The essence of career coaching lies in empowering professionals at various levels to make smart career choices and helping clients to either transition to a completely new job or grow within their current job. Career coaches support college students, high school students, and anyone else who need guidance in their professional development. These experts help clients identify their career goals, make career moves, get raises or promotions, cultivate leadership skills, search for job opportunities, write CVs and cover letters, and much more.
- Career promotion/advancement
- Changing careers
- Evaluating prospective employers
- Interview skills and confidence
- Job searching
- Resume and cover letter writing
- Retirement planning
- Salary negotiations
- Strength assessment
- Work–life balance
According to payscale.com, the average annual pay for a career coach in the US is $43,725. The average hourly rate is $24.80, but top career coaches can charge over $80 an hour.
Now that you know how to choose your coaching niche and specialty and have a list of the ten most profitable coaching niches in 2021 and beyond, it’s time to make your choice. Choose one niche and learn everything you can about it. Then use this knowledge to build your ideal client profile.