How to choose a niche for your financial coaching business

 

Want to know how to choose a niche for your financial coaching business? Maybe you are just starting your business and have been told to pick a niche for your business. Or maybe you’ve been in your business for a while as a financial coach who helps everyone with everything and now you are ready to niche. Either way, you are in the right place. Keep on reading to find out how to choose a niche for your financial coaching business.

 

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HOW TO CHOOSE A NICHE FOR YOUR FINANCIAL COACHING BUSINESS

 

When choosing a niche for your financial coaching business there are three different approaches you could take. You could decide to have a people-focused niche, a problem-focused niche, or a people-focused and problem-focused niche. Keep on reading to find out about the three approaches for niching and then you can decide what is best for your business.

Approach 1: People-focused niches

The first way you can look at niching your financial coaching business is by having a people-focused niche. This is where you’ll specialise in helping a certain type of person.

To choose the ‘type’ of person you can look at demographics such as:

• Age
• Gender
• Income level
• Life stage
• Occupation
• Geography

 

Here are some examples of having a people-focused niche as a financial coach:

• I am a financial coach who works with women.
• I am a financial coach who works with couples.
• I am a financial coach who works with single men.

 

To make your niche even strong you could add in multiple demographics.

• I am a financial coach who works with women who earn £70,000+ per annum.
• I am a financial coach for recently engaged couples.
• I am a financial coach for self-employed single men in the UK.

As you can see by adding in multiple demographics you are able to get even more specific about who you work with.

 

How to choose a people-focused niche for your financial coaching business

If you like the idea of taking the people-focused niche approach then there are a few things you can consider in order to choose what type of person to niche your business around.

If you’ve already been running your financial coaching business it might be that you’ve really enjoyed working with a certain type of person, or you’ve seen a certain type of person gets the best results from working with you.

Whether you have been running your business or not it might be that there is a certain type of person who you have a connection with and genuinely want to help.

 

Approach 2: Problem-focused niches

The second way you can look at niching your financial coaching business is by having a problem-focused niche. This is where you’ll specialise in helping people from all walks of life with a specific problem.

To choose the ‘problem’ to specialise in solving it is best to think about your skills, your passions, and also the common financial problems people want help solving.

Here are some examples of having a people-focused as a financial coach:

• I help people in debt to overcome financial anxiety, build financial confidence and move towards a debt-free life.
• I help people to save their first 10K
• I help people to prepare for buying their first home.

 

How to choose a problem-focused niche for your financial coaching business

If you like the idea of taking the people-focused niche approach then considering your passions, your experience, your skills, and the money problems people want help with will help you to choose the right problem to focus on.

This blog post is about choosing a niche for your financial coaching business, but I want you to choose a niche that enables you to have a thriving, profitable business and some niches will make that easier to achieve than others.

For example, if you decide to niche around debt you’ll need to really think very carefully about the amount you’ll be able to charge clients to work with you. This isn’t to say you shouldn’t niche around debt (there are a lot of people who need help in this area), but it’s important to be realistic about what you can charge and whether you’ll be able to achieve your financial goals.

 

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Approach 3: People-focused and problem-focused niche

If you liked the idea of having a people-focused niche and a problem-focused niche then it might be that this third approach will be right up your street. Approach 3 is where you niche by having a people-focused and problem-focused niche.

This means that you will identify WHO you want to help and also state WHAT you will help them with.

Here are some examples of having a people-focused and problem-focused niche as a financial coach:

• I help couples to talk about money, merge their finances and plan for their joint financial future.
• I help solopreneurs and micro business owners to understand the profitability of their business better so they can make more profit and pay themselves more money.
• I help single women to save a deposit and prepare for being a first-time homeowner.

 

How to choose a people-focused and problem-focused niche for your business

If you would like to have a people-focused and problem-focused niche you can go through the process outlined for choosing a people-focused niche and a problem-focused niche. Then you’ll need to make sure that the two work together and that the people you want to help actually have the problem you are saying you’ll help them solve.

 

Charelle’s final thoughts on niching

For many financial coaches choosing a niche is a daunting task. It feels as if you are putting yourself in a box (and that isn’t what most business owners want to do). However, when done right niching can help you increase your rate of signing new clients, increase your prices, increase the number of referrals you receive and so much more.

There is a saying that “the riches are in the niches” (you have to say niche the way an American says it) and I totally agree with this saying. Having a solid niche will help you to build a thriving financial coaching business, and it will make the journey easier.

The financial coaching industry is a growing industry. There are plenty of people who need help, but there is also an ever-growing number of new financial coaches setting up a business. Therefore, you need to focus on how to differentiate your business from competitiors and stand out online. Having a niche will help you to successfully do that.

You can learn more about how to stand out online as a financial coach by clicking here. 

 

That’s it! You now know how to choose a niche for your financial coaching business.

Choosing a niche for your financial coaching business will provide a strong foundation for you to build your business and the reality is there is nothing to stop you from changing your niche in the future. Having a niche will help you gain traction and as your business grows you can always expand.

 

In the comments, I would love to hear what niching approach feels right for your business and if you are willing to, share your niche in the comments too.

 

WANT TO GROW A THRIVING BUSINESS AS A FINANCIAL COACH OR SERVICE PROVIDER?  As a financial coach or service provider there is a lot you need to consider and juggle in order to build a thriving business. I have no doubt that from a financial perspective you are confident about running a profitable business, but business is more than just numbers. You need to be offering the right services, at the right price and have the right marketing and sales process. I’m a Chartered Marketer that specialises in supporting financial coaches and service providers to build businesses they love, that support long-term financial wealth, and that change the lives of their clients and the world as a whole. If you are looking for one-to-one personalised strategy, training and accountability then my 1:1 business and marketing mentoring  programme is for you. To find out more about my 1:1 business and marketing mentoring programme click here And to discuss your precise needs book a free, no-obligation, introduction call to discuss your business here.