WW 247: What Makes a Profitable Niche & How To Pick Your Ideal Client for Your Financial Coaching Business - Solo Show

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A Quick Recap from this episode

Today we’re talking about niching and finding your ideal clients. I really want to take it back to the basics because even if you think you know your niche really well, you need to make sure it’s actually a profitable one for you. Niching is so important to your business, and so often we don’t look at the whole picture when it comes to our niche. So we’re going to dive into what actually makes for a profitable niche along with some tips on how you can actually choose who your ideal client is.

Let’s talk briefly about what a niche is. When we talk about a niche, it’s about both the specific type of client that you want to work with AND a problem that you solve. There has to be a group of people that has this problem or this goal that you help them achieve. You can get really specific on the “who” and be a little more broad on the problem, or you can be very specific about the problem you solve and stay a little loose on who you help with that problem (or be specific on both and become really magnetic to the right people!)

The niche is really for YOU because it’s going to help you actually find the right people and then when you do find them they’re going to be so magnetized to you because you’ve gotten so specific on who you serve and what problem you solve.

So now that we fully understand what a niche is, let’s discuss what makes a niche profitable and how to pick your client. Once you’ve identified the niche (or maybe you haven’t identified it yet because you need a better understanding of either the person or the problem) then you can explore niching from a profitability standpoint.

A profitable niche consists of:
a) people who have the problems that you want to or are equipped to solve;
b) you have the solutions to those problems;
and c) those people are willing to pay for your solution

You need that overlap. Of course there will always be people who don’t value what you have to offer, but there will also always be people who do see the value in it and may not even know that the help is out there. Although paying for money coaching can seem like a catch-22 because you’re asking someone who has trouble with money to spend money, it truly is an investment, not an expense, and the right clients will see it that way.

That’s what’s missing here: seeing financial coaching as an investment and getting your ideal clients to see that as well. You have to stop assuming that people won’t pay for financial coaching.

Let’s wrap it up with how to pick your ideal client. Obviously we need to get to the point where we can no the research and make sure they fit in our niche, but in order to get there, a lot of people have a hard time initiating this. Some of you may realize you have an idea but it’s still pretty broad and you need to narrow it down.

Here are a few ways to narrow it down:
1. Think of a real-life past or current client. Think of a client that you loved working with and helped get really great results.
2. Think about a past version of yourself. If you’ve gone through your own transformation story, think about the situation you were in and how you were able to pull yourself out of it and get where you are now.
3. Think about someone you know who you can help but haven’t worked with yet. If you haven’t worked with clients yet (or with an ideal client) then this works really well. Think of someone that you’ve given some advice to or talked to that you know you could help.

Try to think about these demographics and find out what you can about who these people are, what communities they spend their time in, and where they go for advice when it comes to their finances. You have to learn how to market your program in a way that magnetizes the right people and helps them realize that this is exactly what they need and an investment they’re willing to pay for. This is exactly what we do in the Wealthy Coach Blueprint, so apply for the next round before it opens in 2022!

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