As a professional, certified coach, you have many niches you can specialize in. Using your strengths can help you determine which niche you’d enjoy. And, perhaps it’s wise to test a few niches to make sure you can create the business model you want.
After determining a niche, or sometimes while testing several, it’s vital that you develop packages that meet the needs of your avatar or primary target client and price the packages accordingly. If there’s incongruence with any of these elements, you may create confusion in the minds of those you want to attract. The result? Lose them.
This process in my experience has been part trial-and-error and part business strategy. I find that I gather information, put it into practice, and iterate based on the results. In my humble opinion, imperfect action is better than perfect inaction. Practice, test, and repeat.
As you coach others, you’ll find that you grow personally and learn alongside your coaching clients. You never arrive; after more than 27,000 coaching sessions I still find that I observe my practice as a novice would, discovering things newly.
As you discover, practice and test, ask yourself some questions. I try to think of coaching offerings as a retailer. Am I a value-driven coach or a luxury coach?
Think about your favorite department store. Some, like Wal-Mart, pride themselves on low prices and mass marketing. Others, like Neiman-Marcus, offer exclusivity and limited inventory. If you’re a mass-market, value-driven coach, you may offer more affordable group coaching. On the other hand, if you are exclusive, your rates will be a lot higher and you’ll focus on one-on-one coaching.
Are you a coach that is trying to be all things to all people? A department store business model? I highly suggest you don’t adopt this! Being all things to all people makes it hard to attract who you desire to serve.
Or are you a specialty store? In other words, you’ve found your niche and stay in your lane. This is the business model I would recommend. And, if you were my coaching client, I’d actually implore you to specialize.
When you compare your coaching practice to a retailer’s business model as I’ve described above, it’s not just about the label. It’s about the level of customer service, pricing, skills, systems, knowledge, and how it’s sold–from the first interaction to the post-coaching service.
Offering a premium service means you can command a premium price and people are willing to pay for it. Finally, make sure you are able to achieve short-term results. Your clients won’t stick around if they don’t see transformation quickly.
If you’d like more information on how to develop your coaching practice, consider taking the Coach Business Builder Masterclass