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How to Determine if Your Niche is Profitable

October 18, 2021

To Be Profitable, Start By Niching Down

You know you need to niche down if you want to have less of a jobby and more of a profitable business. But you’re still left wondering how to do that.

3 Steps to Finding Your Aligned and Profitable Niche

Let’s start with three simple steps to finding a niche that feels aligned with who you are.

Mine Your Story

1. Mine your own personal story to find your niche. This can be as simple as looking back at the personal experiences you’ve had that have changed your life. Think about things you’ve learned that have helped you get where you are right now.  Or consider what problems you would like to help solve based on your interests, passions, talents, and experiences.

Determine Who You Want to Help

2. Decide who exactly you want to help. Make sure you’re really clear about who this person is.  Don’t just use a broad demographic such as moms or even busy moms.  That’s too large of a population.  Get really specific.  The clearer you are about who our ideal client is, the easier it is for them to find you.

Decide What Problem You Want to Help Your Clients Solve

3. Decide on the ONE problem you want to help your clients solve or the one result you want to help your clients get.  Consider how you help them get that result. Find out what makes you unique or helps you stand out from everyone else who’s offering the same thing. If you’re thinking there’s nothing that makes you unique, you’re wrong.  You have lived experiences, a unique outlook or approach, and a personalized way of connecting with your clients that makes working with you different from working with anyone else.  So, what’s your secret sauce?

Resource (Blog Post): Niche Drama and What to Do About It

How to Determine If Your Niche Will Be Profitable

Once you have your niche dialed in, the next step is to make sure it’s profitable.

The three main search engines people use to find information are Google, YouTube and Pinterest.  When you search the key terms for your niche on any of these platforms, you’ll see what type of content pops up.  If your search brings up a lot of content that’s because it’s a popular and regularly searched topic. You can also use SEO tools to search the key terms for your niche and see how often those key terms are searched. 

Another way to determine profitability is to look on Instagram and Facebook at what other coaches are doing.  If there are other coaches in your field, then that will tell you there is likely a need for their services.

Finally, do some market research to determine if your services are needed. This doesn’t have to be as hard as it sounds. You can connect with people through social media or in person and ask to interview them. Interviewing 5 – 10 people who you think would be your ideal client would give you great insight.  In order to encourage people to jump on a call with you, you could offer them an incentive.  Offering them a Starbucks gift card or a free coaching session is plenty.

On the call, ask them questions to find out more about what they’re struggling with, what they really want or need, and what they’ve tried before to solve their problem. You can ask them if they’ve ever hired a coach or would consider hiring one to help them solve this problem.

These conversations will give you more information to determine whether or not people have the problem you’re helping them solve and whether or not they want help solving it.

Resource (Blog post): Can You Make Money As a Life Coach?

Resource (Blog post): How to Find SEO Keywords for Creatives

One Last Note!

If you’re ready to niche down but you’ve been struggling to figure out how, I’ve got you.  I created my freebie to help you easily mine your story to find a niche that’s perfect for you.  Grab my free guide Nail Your Niche and Identify Your Dream Client below. 

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