Are you tired of stunting your coaching business because you’re running in circles trying to decide who you should help? Do you think that you need a niche before you can start making money moves?
If so, you’re going to want to catch this week’s episode of The CRUSH Method Show so you can learn our niche selection strategy that will help you advance your biz almost immediately!
This week, Amanda and Chris are discussing the strategies they used to discover who they wanted to serve and how much moola they would accept for their service.
They’re also covering some tips on how you can date around and do your research to help narrow down your search for your niche...
But just how important is a niche exactly?
Don’t miss out on this free discussion that is going to help you discover the type of coach you want to be and the type of client you want to serve... But it doesn’t have to be set in stone!
Come learn more in this week’s episode of The CRUSH Method Show.
Join the CEO Coach Community at The Coach’s Plaza at www.thecoachesplaza.com
Get the full vlog, transcript, and mp3 at https://bit.ly/3brWuKn
Transcript of Podcast - May 21, 2021
Well, Hey there, Amanda here! And Chris Lavelle. And you're watching The CRUSH Method Show and we are talking all about how you pick your niche. Ah, yeah. A lot of people get stuck on this for days, weeks, months, years. "Oh, I don't know what I'm going to do with my niche! What do I focus on?" We don't want that for you, Coach.
We want to help you out. Yes, absolutely. I, my first business coach, actually, we worked for what? Six months? Yeah, it was easily six months. You were a great example of people working for weeks- months and try and get clarity on that niche. P.S. spending thousands of dollars with that poor coach. Yes, let us save you a little bit of money, possibly, with this little chat we're going to share with you today.
So, you know, the, the there's that saying the riches are in the niches and it's, it's cute and all, but the riches are in the client's, my friend. Absolutely. Absolutely. It's not that the riches are in the niches. If you can't find people to coach, it doesn't matter what your niche is. You've got to find people and they actually have to pay you- spoiler, to coach them.
Exactly. I think it's one of those chicken and an egg kind of a, situations where if you don't, if you know the audience that you're targeting, then it's easier to get clients. But if you don't know what kind of client you want to have, then it's hard to know what audience you're targeting. Well, and it's also only easier to get clients if you know your niche,
if they're actually there to buy. Exactly. Exactly. So, you know, what I ended up doing is I didn't work with the first coach and then I kind of like wandered around aimlessly for a little bit. And then I worked, then I joined a community and then I joined another one and then I took another course. And found? another coach. And then I found another coach and she said,
"Amanda ditched the niche." She said, just like Ditch it. What does that mean? Forget it. What does that mean in that context? So at the time I was trying to coach executive women on burnout because I had heard the wisdom. Maybe you've heard this too. The wisdom of coach yourself at some point in your past. Yeah. Five minutes ago. So five minutes before I had been a female executive experiencing burnout.
So a very logical choice. It seemed so. But looking back, you know, sober second thought. Yup. A few years after. Monday morning quarterback. That was a terrible choice because I was dispassionate about the topic. You didn't want to be in that situation anymore. You don't want to coach anyone else in it. Right? I was like, there was a traumatic experience.
I didn't really want to go back. You don't want to relive it with strangers all the time. So actually if you think about it, my subconscious was like, "NOOOOO!", you know, but on top of that, I think I was very hungry to be successful as a coach. So I put myself under a lot of pressure to have a lot of definition about what I was doing as a,
as a business, because I was getting all of that advice from everywhere. Sure. A lot of people were saying, "You've got to have a niche." In fact, you went through a certification program you've got two, and you went through one them and they said, "You've got to have a niche. That's the only way you're going to be successful." They spent a lot of time on helping you get clarity around your niche,
which for you wound up being a little early to do that. You know what I'm so grateful for is this is the second major coach that I hired. The thing she really got me clear on. And I'm just like so grateful for this. And it's really affected my business coaching is she got me clear on how much money I wanted to make. Ah,
I just said the M-word. Well, it kind of ties into what we mentioned earlier. It's great to have a niche, but if there's nobody you can find to coach, you can't make any money and therefore you don't have an actual business. You have a hobby. Yeah. And more than that, I mean, before she gave me that coaching,
I was aiming literally at 10% of what I needed to be. Yep, you had a very small goal as a result. I had a teeny weeny, any bitty itsy-bitsy goal. And so when people would be like, "Amanda, what would you like to do?" I would be like, "Ooh, this would be nice." And they were all like really tiny- this would be nice. And they were all like really teeny,
tiny little itty-bitty goals. And it's like, and I think the reason that I did that was probably because it felt achievable and safe. Well, I think that's a reason, a lot of coaches maybe go that route too. They want to just kind of dip their toes in and get started. They want to feel like they can be successful without hitting a wall and just suddenly coming to a stop.
Yeah. But you know what my coach did is she's like, well, what do you want to do again? And I was like, I want to replace, you know, multiple six figures as a, as a, as a coach. And she's like, how much are you charging? And it was just a math problem. You don't have enough hours at that price to generate the kind of results you want and sleep.
Exactly. Now it probably helped that she herself was charging me multiple five figures to work with her, which is the most like, I'm like, you want me to, to pay another human being this much money for a service that now, fortunately I did have a rather nice car cause you gave me that Challenger for our engagement ring. So I'm like,
I have bought a nice car before, but I've never given a human, the equivalent of a nice car, the equivalent, like I'm like, I don't even get a car at the end of this. And, and, and, but here I am giving you the car. Why? Because she was working on a problem that I really cared about. And that's really the clue there that the whole point of that particular consideration is you want to work on a problem of appropriate magnitude,
what you call a Pam, a problem of appropriate magnitude. Which is more important than a niche. That's right. You want to be able to help people with a problem that they really value at a rate that you actually want to be paid at. Ring-A-ding. That's important. And, and so it, I just remember the mindset shift was so radical instead of me trying to like,
oh, I'll help with this safe niche here- I'll help people with their mail stack. Nobody's going to pay you the equivalent of a car for a mail stack. Yeah, exactly. Or I'll organize their office. And it's like, that's not a big enough PAM. You Can do office organization. You can, there's nothing wrong with doing office organization so long as you're clear that people only value that so much.
Yup. Right. Or you have to do a lot of work to find the people that do value it at the level you want it to be valued at. Because at the end of the day, it's kind of like the classic analogy of the three legs on a stool. And you have to have all three, you have to have the Pam for the people you want to serve.
That's a problem or result they want that's of sufficient magnitude that they're willing to really pay for it. At the second point, a price you're willing to accept. That's the second leg of the stool. And the third one is on a topic that you actually want to coach on. For example, if somebody wanted to ask you to coach them on,
I don't know- Six pack abs! I have no interest in that, for example. But if you're talking to me, I might be more interested in that. So it's, it's got to have all three of those elements to it, and that can be easier in some ways when you know your niche, but also harder in some ways when you know,
your niche and the same, conversely is true when you don't really focus on a niche and that's kind of option number one here is what, if you don't jump at a niche and you just say, you know, I'm going to discover it naturally over time, based on coaching a lot of variety of people and getting clarity on what they actually pay me to coach them on.
Do I want to coach on that? And can I get paid at the rate I want to be coached on? All three of those elements I was just talking about. Yeah, I think of it almost like in relationships, you know, you got to date around a little bit, maybe. You need data via dating to get clarity in this case. And so naturally the niche develops over time and we call this option,
the natural niche. That's ultimately what worked the best for me was to date around and not get so committal. And, and I, I kinda, I actually do remember being so serious. I was a little boy crazy when I was a teenager and, and so serious about what my whole future was going to be- You were planning it out from 15, 14 years old. And I just didn't,
I wasn't taking into account all the other people that I might need. Like, don't worry, I'm not going anywhere. But the point is is that, you know, when you're, when you are young and when you're first starting out with your, with your business, you have a very limited view of what's possible. And I think sometimes it is a good idea to date around and to,
And to- To get some real data of what's possible. Join a mastermind, go to some networking groups, ask around, meet some other business owners like explore the internet. And don't just scroll through what's being fed to you genuinely go out there and research like, oh wow, there's experts in these areas. Oh my goodness. Get some real data to validate things,
Get some data about what is actually out there because you you'd be surprised. There are experts on everything, you know, all kinds of things, all kinds of things. And by the way, we did a much deeper dive on niche selection in a full-blown training in our community, The Coach's Plaza, which is our free Facebook group community, you should come check it out.
It's www.thecoachesplaza.com. If you want to come join us for free. Yeah. And we talked about a second and even a third option for the niche, topic and strategy. To help move you forward. Yeah. Yeah. I mean, like I ditched the niche for a while, but then I realized, you know, from my kind of history,
I really have always been drawn to systems and process. I'm a bit of a process nerd. Right. I have a chemical engineering degree by background, which is just like step by step. That means process. Remember New Kids On The Block? Oh no, don't do it. "Step-by-step, ooh babaaayyy." I'll stop there. Oh, thank you. I love like step-by-step,
I'm a spreadsheet queen. I mean, you remember when the kids were little itty-bitty and we had, we had the nanny au pair situation. I made a handbook for our house that is 114 pages long. Here's how we run our house. So she likes a good process. I love a good process. That's just like who I am. And, and for 10 years I was a strategy consultant for a big corporation.
So like, I know how, like that's how I think that's how I am. Right? And then I add to that, the personal development, the coaching, the mindset, the energy work, you know, when you look at what we do in The Coach's Plaza and with The CRUSH Method, helping people leave a corporate job because they are stepping into their genius.
They're stepping into their expertise. They're stepping into entrepreneurship. They've got clarity on processes and systems and strategies that can help them successfully transition. That's what we do. I'm so excited to help with that because I have the equivalent of two MBAs on entrepreneurship at this word, right? Isn't that hilarious? For years, I was like, I'm not going to get an MBA.
And then jokes on me. I became an entrepreneur. I invested heavily, I have at least two MBAs worth of, of programs and courses and coaching and life experience. But I just love codifying that. And being able to like hand it over to two people who speak my language, to be able to say like, here's how you entrepreneur, former employee,
this is how you can actually make a lifestyle out of it. Yeah. So anyway, super excited about it. There's two other ways though. You can, you can do the niche thing and I'm going to invite you to come check out the training, Find out more about it. We go a lot deeper over in The Coach's Plaza. We'd love to see you there.
We'll see you there, Coach. All best, Coach. Bye! MWAH