If you want to make money working as a business coach, you have an important decision to make.  That decision is who you want to help.  It if is one group of individuals, such as small business owners, you have a niche.  It is your specialty.  Do you need to pick one?  No, but it does have its pros and cons.  What are they?

The Pros of Choosing a Business Coaching Niche

You can claim that you have a specialty.  When opting for a niche in business coaching, it is important to choose an area you have familiarity with.  For example, if you want to help those running struggling home based businesses, you should have home based business experience yourself.  You are then able to call yourself a specialist.  What is the importance of that?  Say you want to lose weight, should you turn to a health food expert or someone who just shares easy-to-cook recipes? Your goal is to lose weight, so you opt for the health food expert.  Your clients are thinking the same.

It is easier to stay up-to-date.  When working as a business coach, you need to stay up-to-date and well-informed.  The economy, internet marketing, and the way that consumers shop are all changing.  They change often.  For that reason, you can’t be a business coach and not update your schooling or stop learning new things.  A niche allows you to spend less time and money doing so.  For example, if your niche is home based businesses, stay updated on marketing tactics, laws, and so forth.  You should not avoid, but don’t spend a lot of time or money researching corporate businesses; it isn’t your specialty.

You have a wide range of options.  As previously stated, you should choose a business coaching niche that you have familiarity with.  Luckily, this is easy.  Should you hold a business management degree, you are qualified to help home based, large, small, and medium sized business owners.  Your options are unlimited.  The same is true for management experience.  Do you have experience running a medium sized business?  You are qualified to help the self-employed and those running both small and medium sized companies.  When choosing a niche, pick your hearts desire, as you have many options.

The Cons of Choosing a Business Coaching Niche

You limit your moneymaking potential.  By choosing a business coaching niche, you opt to work with a specific group of individuals.  This is nice, as you are able to focus your attention, but there are cons to this approach too. The biggest is your limitations.  If you focus on helping small business owners, a corporate company with headquarters right down the street could use your services.  Since they aren’t your specialty, they will turn to someone else.  This means you lose a potential client and profits.  

When opting for a business niche, choose a profitable one. For example, right now, a lot of men and women want to work from home and start their own business.  They want to be self-employed.  This is a common dream; therefore, there is a bigger potential to make money.  Choose your passion and a niche that you have experience in, but also go where the money is.

In short, there are many pros and cons to choosing a business niche. Always remember that nothing is set in stone.  You can choose a niche or expand your reach at any point in time.