148: Is it Wise to Have 2 Coaching Niches?

This episode is inspired by an excellent question posted by two coaches in my Facebook group called Prosperous Coach Club. Find the full transcript at prosperouscoach.com/148Before we dig into this, let’s get on the same page …What is a Smart Coaching Niche?To me, a smart coaching niche has 3 clear components:1.     One unique viable target audience full of seekers – people who want to grow personally and professionally and are actively seeking solutions. Without this, it’s hard to have a successful niche.2.     A strategic coaching business model built around what that audience urgently wants and the BIG problem that’s in their way. If you don’t know what will motivate investment for your audience you don't have a robust enough niche to earn well.3.     Your skills and talents applied to those other two things. This is more than just coaching skills. This is bringing forward all the skills and maybe even expertise that will make you credible to your audience – something that help you relate to them and them relate to you.A coaching niche is weak if one of more of those things is missing or not solid enough so it’s worth it to take the time to develop a niche fully.And let me just stop the worries here … everyone has skills to bring to the table. I’ve never worked professionally with a coach that didn't have options for their niche based on the sum total of who they are.It’s good to remember that coaching is a business and you need to operate in the marketplace.What do I mean by that? Your business needs to be more than selling coaching services. Unless you don’t need to earn, you need to frequently grab the attention of and enroll clients who pay you well. That’s not a casual thing for the long run. It’s totally doable and some strategy is needed.One Coaching Business for One Well-Formed NicheI encourage my clients to develop one business built for the long term around one well-formed niche. Why limit it? Well, because two niches may very well feel like having two businesses, which is like having two full time jobs. No one really wants that.It comes down to what you can handle effectively. You may be able to do many things at once but is that the best life to live? Why not build a business that’s sustainable for the long run?You might start out with two niches but somewhere along the way one will get more attention and the other will suffer unless there is some way to leverage the two. So let’s talk about those possibilities.Two Different Audiences for Your CoachingTargeting two distinctly different audiences is not a good idea unless the two audiences are related in some easy way.To read the full transcript including 4 circumstances where two niches could work for you, go here.