19 Profitable Niches For EntrepreneursEston Swaby
Thinking about starting your own business? It is very important when you are starting out as an entrepreneur that you get clear on your niche, meaning your target market or who you want to serve as an entrepreneur.
You cannot serve everyone, at least not in the beginning. One of the mistakes I made when I first started my business was trying to serve everyone, and as a result I was not serving anyone.
So why you need to pick a niche?
Because people like to buy specific solutions, not general ones. When someone visit your website they are searching for a specific result.
For example: let’s say you were you are diagnosed with a bone disease. Would you rather pay to see a general physician or would you want to see the doctor who is known for focusing specifically on the issue you are facing? Hopefully this never happens to you, but you get the point.
Well, it’s the same with coaching: the more specific you can be about what you do for people, the easier it will be to get clients and the more you’ll be able to charge.
How to discover your niche
The key to figuring out your niche is to combine your real-world expertise and experience, your passion, and what the market wants. If your passion is gardening, but its very hard for you to sell your services, then gardening doesn’t sound like a wise business idea. If your target market is willing to buy what you have to offer, and the market is large enough, then you have a business.
So, as you look through the list I want you to be thinking about the areas of your life where you’ve achieved great results yourself and how you can incorporate it in a business.
Each of the these niches falls into one of three big areas that people tend to invest a lot of money into. Even if you can help clients with lots of different things, it’s helpful to focus your marketing on just one of these channels as a sort of access point, and then choose a specialty within that channel.
The different areas, in no particular order:
Health and fitness
Relationships and dating
Business and career
Let’s dive in…
HEALTH AND FITNESS
1. Weight loss. This is one of the most proven and profitable niches out there. If you can position yourself as an expert in helping your target market to lose weight, then you can charge premium prices. People value appearances and so they are always looking for a coach to help them to stay at their ideal body weight. If you can help people look good naked, you can make a lot of money as a coach.
2. Stress/anxiety. Due to life challenges, a lot people are experiencing new levels of stress and anxiety. This could also be due to our lives becoming faster and more complex. These can have serious effects on your health, work, and relationships and so if you can find people that needs your help in dealing with stress and anxiety, you have a business.
3. Wellness/health/natural healing. This can be a tough niche compared to something like weight loss because it’s often difficult to sell prevention. The more you can use your health coaching to solve a specific problem for a motivated group of people, the easier it will be to get clients (this is true even if your approach is holistic and helps with lots of things).
RELATIONSHIPS AND DATING
4. Dating. You will always be able to find a pool of potential clients who want to improve their dating lives.Keep in mind that each gender will need different messaging.
5. Relationships/marriage. Just like dating, there will always be people who want to improve their relationship or marriage. The thing to remember here is that most people (especially men) aren’t going to look for coaching unless the relationship is in trouble.
6. Parenting. Raising kids can be very difficult, especially for new parents, and so parents are looking for help in raising their children. Whether it’s dealing with specific disabilities, school, confidence issues, or bad behavior, many people are more than willing to spend money if they believe it create a better future for their kids (and their marriage).
7. Divorce/post-breakup. Not all relationships will have a happy ending, some will end in divorce or breakup. And that is where you can come in- by helping individuals navigate the breakup. Bouncing back from a breakup can be hard. Many people lose their sense of self and struggle to create a new life as a single person. If you become the go-to coach for this big life transition, you can create a full roster of very grateful clients.
8. Sexuality/intimacy. A lot of people are not happy in the bedroom or they don’t have an intimate relationship with their partner. If you are able to help people experience greater intimacy (even if it’s in their non-sexual relationships) then you’ve found yourself a profitable coaching niche.
BUSINESS AND CAREER
9. Investing/retirement. Whether it’s through real estate or another form of wealth-management, people want to know how to manage their money. Make sure you are qualified to give financial advice and use client case studies to help build your credibility. Also, keep the focus on what your potential clients want, not on what they know they “should” do.
10. Growing a business. General business coaching is certainly a well-established niche at this point. The challenge is that it can be a bit too broad if you don’t narrow in on a specific target market or become known for a unique approach.
11. Money mindset. A lot of people are not able to create financial abundance because of their limiting beliefs when it comes to money. If you can position yourself as a coach that will help them to make more money and create financial freedom/abundance, you will be in business for a very long time.
12. Marketing. If you are not actively growing your business, then very soon you will not have a business. Marketing is all about getting new customers or clients into your business. If you have a unique approach to marketing, or if you help a specific type of business, this can be a great niche to get into.
13. Time management/productivity. If you are interested in getting into this niche, don’t try to sell ‘being more productive’, people don’t necessarily care about that, what they care about is what greater productivity will get them (more time with their kids, more money, etc.). So, if you choose this niche, make sure you focus your messaging on the results that you get people and not on the process.
14. Finding your passion/purpose. Many people are lost, they don’t know what their passion or purpose in life is and so they are looking for a coach to help them to discover what their passion is and how to monetize it.
15. Career transition/starting a business. There are also plenty of sub-niches here depending on what industries you want to help people in. The bottom line is that people often get restless or frustrated with their current work and they may want some support in making the leap to something new.
16. Transformation/creativity. This niche can be a tough one since it’s so much broader than the others. In order to succeed as a transformational coach, you’ll need to develop an audience that really resonates with your view of the world. You’ll also need to show how the broad self-development principles you share relate back to success in specific domains of life.
17. Leadership. There can be a few different elements to leadership coaching. Sometimes it’s about helping the leader get more out of their team. Other times it’s about helping the person develop personally. Either way, the executive coaching niche is one of the most well-established niches you can enter into.
18. Peak performance. Some people, especially those in athletics and financial services, are willing to pay good money to perform at their best each day.
19. Sales. Sales are very important to the growth of your business. It doesn’t matter how much money you spend on marketing, or how could your product or service is, if you are not closing sales then you don’t have a business. You have a hobby. Whether it’s business owners or sales managers, there will always be people who want help closing more deals. If you want to help people specifically with sales, make sure you choose clients who don’t have a marketing problem. Otherwise you may not have enough leads to work with.
So there you have it, 19 profitable niche that you can choose from and target. It can be very tempting when you are just starting out to be very broad, but to succeed you need to find a profitable niche and target people in this niche. Not to say you can’t have more than one niche, but just don’t try to be broad. You can always expand out to other niches once you’ve gotten traction.
I would love to hear your views, please leave a comment below.
Ready to start or monetize your dreams by starting a business? Have dreams but need help in achieving these dreams? Or maybe you need help in breaking free from the past and limiting beliefs. Let’s hop on a call to get clear on your vision and how you can make it happen. BOOK A FREE STRATEGY SESSION WITH ME