Kim Avery Coaching

The Worst Piece of Advice Coaches Will Ever Hear

by | 4 comments

“Profit follows passion” may be the worst piece of advice you’ll ever hear.

While it’s tempting to choose a niche based on how you feel, what you like, and what your passion is, unfortunately, the likelihood of that niche being accessible, scalable, salable, and profitable is about the same as betting on the Kentucky Derby horse who has the cutest name. It’s rarely a winner.

So, are you ready for the most important business tip you’ll ever hear? I call it the Golden Rule of Business.

Drum roll, please…

The Golden Rule of Business

Target a group of people who already know they have a problem and are willing to pay money to solve it.

In other words, cut through the endless explanations of what coaching is and how it works. Be done with the hundreds of conversations about why you’re just the person to help someone with a problem they’re not even sure they have. Instead, be the solution they’re already looking for with their wallet held out in their hands.

Visually it looks like this:

0812-graphic

Here’s how it works. Choose your niche from the sweet spot at the intersection of these three components.

People Group: Leverage your marketing time and efforts by targeting a specific group of people who gather together around a common interest or problem.

For example, trying to market to baby boomers through networking means you would have to attend meetings at the Chamber of Commerce, Kiwanis, Rotary, and more, in the hopes of finding three-five baby boomers at each one. That’s a lot of work.

However, if your niche was mothers of preschoolers, you would only have to attend one networking meeting a month, MOPS (Mothers of Preschoolers), and every single person in the room would be a potential client.

Problem: Coaching requires a large investment of time and money. For that reason, most people don’t hire a coach for coaching’s sake. However, they are willing to sacrifice almost anything to get help with the most pressing problems they face.

By addressing these problems using powerful, targeted words, you’ll magnetically draw your niche to working with you.

Profit: If God is calling you to use coaching as the primary means to provide for your family and pay your bills, then it’s not a hobby. It’s a business. And for a business to succeed it has to be profitable.

Just as a restaurant owner would go broke if he gave out free food to everyone with taste buds, as business-people, we can’t afford to coach everyone who wants it.

And while some restaurant goers can afford triple-digit entrees, others are stretched to order from the dollar menu.

In other words, some niches can afford to pay more than others. The wise coach targets a people-group they love that can also pay the price they want to charge.

Convincing others to catch your vision and share your passion could take years. Shortcut your way around all those obstacles by offering solutions to a group of people who already know they have a problem and are willing to pay money to get your valuable help.

It’s Your Turn

Have you tried the “profit follows passion” route? What did you learn?

 

4 Comments

  1. MaryLou Caskey

    That’s all so true Kim. I have found that it takes so much trial and error to see what works!

    Reply
  2. MaryLou Caskey

    That’s all so true Kim. I have found that it takes so much trial and error to see what works!

    Reply
  3. Rayna

    Thanks for the info. Kim! Nicheing is such a challenge. I love the reminder of needing to hit the sweet spot. I also appreciate the list of ideas.
    Blessings,
    Rayna

    Reply
  4. Rayna

    Thanks for the info. Kim! Nicheing is such a challenge. I love the reminder of needing to hit the sweet spot. I also appreciate the list of ideas.
    Blessings,
    Rayna

    Reply

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