5 Questions to Assess the Profitability of Your Niche

Niching resources mentioned in this episode:

• Health Coach Accelerator Waitlist
• Define Your Money-Making Niche Workshop

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Having a clear, effective and concise niche is THE most important part of any new business. It is literally the foundation from which you build your business from.

If your niche sucks, you are going to struggle to sell your program, create social media content and to have any kind of real success. I have identified one of the most common reasons why Health Coaches fail with choosing their niche and we are diving into that today.

If you are confident in the niche you already have defined, then we’re going to put it to the test. We’re going to try to figure out if your niche good, and most importantly, is it profitable? Will it attract people and bring new clients into your business?

I have five different questions that we’re going to go through and these are pulled from my Profitable Niche Self-assessment from my Define Your Money-Making Niche Workshop.

Assessing your Niche: Can you say it in two sentences or less? 

You should be able to clearly say in one sentence “I help this type of person solve this type of problem to get this type of outcome.” It should not take two minutes to describe your niche and what you do. If it does, you need to re-think it.

There are three aspects of a good niche statement. 

Person

Define who the person is you want to help (demographics, lifestyle etc)

Problem

What is the problem that is keeping them up at night? 

Outcome

What do they truly want from solving their problem?

Niche Question #2: Is it a legit worry for your person?

People will pay the big bucks if you are able to help them solve major problems. Yes, they will pay to solve minor problems, but they will not pay the big bucks.

So your niche problem needs to be a real problem that is interfering with their life. It needs to be preventing the quality of life that they want.

Ask yourself is my person lying awake at night, losing sleep and stressing about having this problem and needing to fix it. Because if you cannot picture them doing that, you don’t have a problem and you’re going to have to tweak your niche.

Next, ask yourself: is it in their own words?

 This is another place that coaches tend to get tripped up with their niche client. One of the most powerful things that you can do as a new business owner is market research. Find people with the problem that you want to solve and interview them. You’re not trying to sell them on anything, just ssk them questions.

Does your niche focus on the problem and outcome, and not the method?

Your niche is not your method. The method is the way in which you help people get from start to finish. Your method is important, but from a niche perspective, you don’t want to put it in there because it confuses people. Plus, your method is going to shift based on how you evolve in your business. 

Finally: Is it understandable to a ten-year-old?

This comes back to being clear and concise with your message that even a 10 year old would understand it.

Remember, niching is important for your business and shouldn’t be glazed over. And if you want help in your niche, check out my Define Your Money-Making Niche Workshop.