SDH 409: The Importance of Identifying and Validating Your Niche

Tess Wicks is a business coach and mentor for new and aspiring money coaches. Her mission is to bring more financial literacy and confidence to the world, by bringing more money coaches to the world. Through Tess’s signature program, The Wealthy Coach Blueprint, Tess helps her clients create life-changing coaching packages, attract their ideal clients, and make a great income while making a bigger impact. Tess is also the host of The Wander Wealthy Podcast, a show that has evolved along with Tess’s own career, going from financial educator to money coach, to business mentor for money coaches. Tess share's about our friendship, how she started her business, and how she's now in Switzerland with her husband. It's an incredible story that demonstrates what's possible when you have a location independent business! Tess left her job without a real plan, which she doesn't recommend to anyone, but she needed to leave. With her savings and money from renting her spare bedroom, she was able to buy some time since it helped cut down her cost of living. Tess was a part of the early stage of She Did It Her Way which she considered to have helped her with her content creation and copywriting skills.In this episode, you will…Learn how Tess started her own businessHow she decided which niche to focus and prioritizeTake time to validate your nicheDiscover the benefits of doing market researchFind out how you can transition within your businessUtilize opportunities to help others and grow your businessGet to know your purpose-driven revenue goalsTess now runs her business from Switzerland, where she spends her free time learning Italian, searching for the best margarita in Europe, and face-timing with her nieces and nephews back in Iowa. Insights:"I like to follow profit first. There is a way that you can actually reverse engineer profit first, to create some amazing goals for yourself when it comes to your revenue.""I number one is absolutely taking the time to validate your niche market, I would say, you know, try to sit down and get on 10 interviews with people who you want to you think are potentially your ideal clients and the people, you want to be working with our ideal customers, and identifying what's getting in their way, what their goals are, what their biggest frustration points are, and then seeing if you know, they'd be willing to pay for something to solve that and what they'd be willing to pay and all of that good stuff.""Every failure has taught me one of two things:1. What doesn't work, so I can remove that from the equation.2. What I need to work on within myself."Resources:wanderwealthy.comwanderwealthy.com/roadmapwanderwealthy.com/workbookRelated Episodes: