Deciding your niche or “niching” has become a buzzword in the coaching and consulting community as a way to hone in on a certain area of expertise, drive more traffic to blog posts, and . But before you make drastic changes to your business model or needle in on your core passion, you need to consider these three factors.
1) Do you enjoy working in that space?
Do you love solving problems for the people you have chosen to serve? Are you willing to bear the pains of seeing your students go from being a novice to an expert? If you don’t enjoy this developmental process, you are likely to get burnt out. You’ve got to be passionate about what you do and how you do it.
2) Do you have the knowledge?
People don’t pay for average. Whatever niche you serve you want to make sure that you have expertise in it. Don’t just go in there because there is money in there. You need to know that you have the capabilities and skills to help people travel the journey.
3) Is there money to be made?
There has to be a demand for it or else you will be frustrated because people will not pay. Now, just because there is a need for it doesn’t meant people want it. Don’t build a business around people’s needs; build around their wants. If you want to build a business on needs, you’re probably looking for government funding.
