Are You in a Lucrative Niche Market?

Out of hundreds of coaches, authors, and speakers I have consulted, interviewed and collaborated with, I have NOT met a single one who achieved a high level of success without specializing. That’s why I think this is the first and most important issue to address in your business.

In fact, if you can’t say that you can enter a room full of people, and at least 90% of them are interested in your message, then you don’t have a good niche. In other words, there must be groups and organizations your target audience belongs to; there must be merchants who sell to your target audience; there must be newsletters and magazines published specifically for your target audience. If you can’t name at least 10-15 such organizations, companies and publications, then it will be very difficult for you to build a six-figure business.

Why Specialize?

Because if you specialize, you will have a higher value as an expert and professional. If you specialize, you'l lbe able to charge higher fees, b much more effective in any marketing activity, and able to develop repeatable solutions essential for building a "turnkey business."

So what's next?

1. Choose your niche market as soon as you start your business - don't waste valuable time!

2. Determine what your expertise and specialty is, and what target audience would be willing to pay you to solve their problems.

3. Study your niche market to find out what some of the biggest challenges your target audience experience, what solutions are already being offered to them, and how you can reach them easily.

Reality Check

It is possible to build a successful expertise-based business without a very specific niche. In my experience and in my observations over the years, it takes a lot longer AND you may end up working just way too hard because your coaching fees are too low, so even if you have 20 clients who are paying you $400 a month, the most you can ever make is $90,000 – before taxes and before your expenses.

Let’s say that your business costs are a third of that, which is not unusual, then the most you can take home is $60,000. You may be thinking, wow that’s a lot of money! I would love to bring home $60,000. But do you realize how hard you’d need to work if you had 20 clients? Do you realize that you wouldn’t have any time left for marketing, creating products, building leverage into your business?  In other words, with 20 clients you have a practice, not a business that can grow and take off on its own. I am not saying that you shouldn’t work with coaching clients.

There are much more effective ways to be a successful entrepreneur, who impacts many many people in some really great ways, and you don’t have to break you back doing it.