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E#139 17 Proven, Viable Niches for Health and Wellness Coaches

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17 Proven, Viable Niches for Health and Wellness Coaches

If you’re starting a business and you need help to create a solid business blueprint –  make sure you book in for a free info session to learn about my Passion to Profit program.

Click the link in the show notes to book.

Being specific about who you want to work with helps you to create more targeted marketing – but you first have to find a viable niche that has a big enough pain point that they will pay to get help. Today, I will discuss 17 proven, viable niches for health and wellness coaches and provide links to those people who are successful so you can see for yourself!

In this episode, I’ll talk about 
* Understanding niches and knowing their basic concepts
* What makes a viable niche and know which is the right one for you

Understanding niches 

People often ask me, will my business succeed? Which niches are most successful for coaches?

Let’s talk about some basic concepts first.

A target market is a set of buyers who have a common need or characteristic.  In health and wellness coaching, target markets might include things like:

  • Weight Loss
  • Strength and fitness
  • Mental health
  • Self-image
  • Specific chronic diseases

Within each of these target markets, you will find various niches.

A niche is a more specific group of people with a specific problem. For example, within the target market of weight loss, there are many different niches.

If you’re thinking of starting a health and wellness coaching business, then you need to understand the concept of who you are targeting so that you can get your marketing messages right, and create services that will truly help a specific cohort of people – your niche. 

What makes a viable niche?

According to internet guru Frank Kern, there are a few traits of a viable niche:

  • A huge number of people with a specific problem 
  • The problem itself is very big and painful 
  • The person is desperate for help – the problem is really important enough that they will pay to get help no matter what
  • You can access people in the niche easily
  • And my additional point – your high chemistry clients are in that niche.

In essence, you can spot a viable niche because the people in that niche have some really strong values behind them – and they have shared values or stories with you. 

They tend to be people who: 

  • Have had a health scare and are afraid of dying or being incapacitated
  • Feel that family is everything and they want to be better role models for their kids
  • Are driven to achieve more at work or perform better in sport
  • Are you at a certain age or stage of life and are facing specific decisions
  • Have been diagnosed with a serious health issue
  • Desperately want better relationships
  • Are feeling so sick and low and have had enough.

In other words, they have a really HUGE why.

They are also people who value themselves and their health enough to invest in themselves.  Look for people who are already spending disposable income on health-related services like the gym, physio, chiro, massage, acupuncture etc.

Remember that there are different levels of readiness to change and at any given time, the people in YOUR niche may or may not be ready to buy. 

If you’re trying to work out which niche to pursue, then a critical factor is that their why is big enough.

And in terms of the niche containing high-chemistry clients – when you work with people that light you up and have shared values or stories, then you will wake up excited to go to work every day. 

Now, let’s look at some target markets and niches that have been successful for health and wellness coaches in the past five years.

Target market – weight loss

There are several successful niches within the target market of weight loss.

One of the reasons why weight loss niches are so successful is because it is a very visible, painful, and irritating big problem for a lot of people – and weight is a causal factor in chronic diseases. 

That means it qualifies as something that people take seriously and really want to do something about, for aesthetic reasons, self-confidence reasons, and for health reasons.

In other words, there are a lot of drivers and motivators that cause people to want to lose weight and even become desperate to do so.

Not every overweight person is motivated to change though! So within this target market – which types of people are more motivated to change?

Here are a few:

Thinking of these niches, you might link back to some of those drivers I mentioned earlier – the desire for achievement, to look good, to be better for the people around them, and so on.

Also, note that different niches might want to focus on changing different sets of habits. 

For example, people in high-pressure corporate jobs might be overweight because they are sedentary and drink more alcohol as part of their work culture. 

Some people might be overweight because they overeat or eat sweets to cope with emotions or because they are bored. 

Shift workers may be overweight because of irregular meals, poor sleep and poor food choices.

A final word on these niches: hormonal imbalances, stress or both are almost always implicated in weight gain and are important for most niches in the weight loss sector.

Can you see why weight loss is a target market and not a niche? 

The needs of the people in this market vary greatly depending on their life situation.

Target market – mental health

Much like weight loss, there are multiple niches in the mental health market that are viable for health and wellness coaches.

And similarly, mental health issues can be extremely painful and upsetting so there is motivation to change.

Some viable niches in the mental health market include the following;

Where people are struggling to cope with mental health issues, greater skill sets are often required, but not in all cases.

Health and wellness coaches can legitimately work within their scope in the mental health space by focusing on daily well-being habits that build resilience and coping skills.

Target market – self-image

You might notice that there is some overlap between these niches and the mental health niches.

I want to talk a little more about confidence here because there are nuances to this one. 

Coaches often say they want to coach around confidence, but it’s important to be very specific here. That’s because most people want to be more confident but only to a point – and may not pay to get help. 

So who IS desperate to become confident and even pay to get help?

Go back to the drivers and values and the answer to that question becomes clear. It comes down to a situation where confidence is holding someone back from succeeding – they may be motivated by achievement, stability or financial reasons, or a combination. 

An entrepreneur launching a business who struggles to show up needs confidence otherwise they can’t be successful.

Someone who wants to do well in their career needs confidence to take the next step to earn more or achieve more.

Someone who has been out of the workforce for a while and wants to get back in may need the confidence to start.

Someone who is sick of feeling ashamed of themselves, and of self-loathing.

Someone who wants to live a bigger, better life and is using unhealthy habits.

This market is a little less clear-cut than others, but it can still be successful if you can find the right angle and build a supportive community.

Target market – specific chronic diseases

Chronic diseases are an emerging area for coaches, especially at the point of initial diagnosis where change has been thrust upon someone and they are unsure of how to alter their lives to cope with the diagnosis.

Unlike other niches where there is a chance of recovery from the problem, there are many chronic diseases with no cure, and the people in those areas need support to accept their diagnosis and find ways to change habits so they can improve their quality of life.

People tend to be more hopeful of change and motivated to change in the earlier stages of diagnosis, or after they have accepted their condition and that a new way of life is needed.

Some viable niches in the chronic disease market include the following;

I’m sure we will see others emerging in this space.

Coaches who work in these areas often have had their own experience with the disease, and/or work in another profession where they are treating people with this condition.

Summary

Being specific about who you want to work with helps you to create more targeted marketing – but you first have to find a viable niche that has a big enough pain point that they will pay to get help.

Today, I’ve discussed 17 proven, viable niches for health and wellness coaches and a few others that I think have good potential – in four main target markets:

  • Weight loss
  • Mental health
  • Self-image
  • Specific chronic diseases.

If you have a great idea and need help to create a solid business blueprint and turn your idea into a thriving, profitable business –  make sure you book in for a free info session to learn about my Passion to Profit program.

Ready to get clarity on your pathway to success?

Understanding who you are and what you need will allow your business to thrive! If you’re truly ready to break old habits and get out of the rut I encourage you to check out the Habitology membership.

Learn more here:

Learn More

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Episode 97: Defining a New Normal in Business

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As a result of lock down, a lot of people and businesses have been re-thinking what’s important to them, their values, and how they want their business to run.

Today, we’ll look at these related aspects and walk you through a simple process for defining a new normal.

The Need for Change

Before lockdown you were probably doing what you loved, had business goals and aspirations, a plan of attack, and you were using some marketing processes that allowed your business to hum along.

But since lockdown, our clients’ priorities have changed, and so have ours. 

Think firstly of your ideal client. 

They may no longer want a body transformation, but have decided their priority is to be healthy and mentally stable enough to support their families. 

They may have decided not to go out for coffee or food and to rather cook at home or, they may be working at home such that going out for food is no longer part of their work day.

They may be afraid of going back to the gym in case they become ill.

On the other flipside, some people may want to get outdoors to connect with nature, to grab a take away, or to redefine their health goals and weight loss approach.

To sum it up, business the ‘old way’ may not suit your customer anymore. Your business may need to rebuild customer trust if they are reluctant to attend businesses in person or you may need to pivot your messaging and products or services to speak to what’s important right now to your customer.

Also, think about what’s changed for you as a business owner.

Maybe you have realised you need more work life balance, so the way you do business needs to change.

Perhaps you’ve been forced to downsize, leave your premises or shift the balance of your work to a more online format.

Or even further, maybe you’ve decided to pivot at a bigger scale and pursue a different type of business model or a different niche.

In any case, because of all that’s changed for both you and your ideal client, you’ll need to rethink your business vision and what you want your new normal looks like, and map a clear path to get there.

What’s Important to Your Clients

A lot of people have realised that their families and significant relationships, self-care and health are more important than they used to be.

They are more aware of, and focused on, their mental health.

As a result, people are looking at at-home solutions for health, fitness and wellbeing.

People are talking about taking the pressure off, doing less, and being more mindful. There has been a shift away from the idea of big goals and more into maintaining what they have.

Since lockdown, our clients’ priorities have changed, and so have ours. 

They are shopping more online, but may be more mindful about their purchases and more price sensitive due to economic uncertainty.

They are seeking contactless or more efficient ways of buying.

Consumers may be more ready to leave their old brands and try new things.

They are more willing to buy local and support local businesses and economies, and are looking for ‘value’.

They are more values-driven in their purchases, looking for safety, equality, environmental stewardship, and businesses who are giving back or supporting their community.

In any case, the businesses who’ve done best during lockdown have been those who are actively supporting their communities.

People are risk averse and generally avoiding public social events, but may be engaging more in online communities with like-minded people to feel connected.

They are spending more time viewing media, especially video.

What’s Important for You

Remember that business owners are also consumers. You have probably exhibited a lot of the shifts in thinking and action around your purchases as your customers have.

This puts you in a perfect position to pivot, move sideways or reinvent the way you do business.

You may be ready to shrink or scale your business, to shift to an online presence, to engage with your clients on different platforms, or to rethink your value proposition.

Whatever your situation, it’s time to rethink your business vision, strategy and goals.

Defining Your New (Business) Normal

It’s typical to start any business with a vision of what you want it to stand for and become, and how you will operate going forward.

I think exactly the same process is useful here and I’d like to walk you through it.

Step 1 – Define What’s Important (to you and your customer)

Let’s start with you.

Considering what you’ve gone through, your skills and your strengths, what’s important to you right now?

How will that play out in your business?

Here’s an example.

Let’s say you run a cafe. And let’s say that you’ve realised how important family and your health are to you and in your life. That your strengths are warmth, connection and giving back.

Looking at your old business vision, you might decide that you want to pivot to a delivery or take-away model, offering a healthier menu of family-sized meals, along with a personal hand-written note of thanks for supporting a local business and some staff training on customer service and care.

Or perhaps you run a fitness studio, or work as a coach in a face to face setting. Your strengths are compassion, zest and vitality. The personal connection with clients is important to you, but is difficult in lockdown.

Perhaps your new business model will be to shift from 80% face to face services, to 80% zoom services so that your clients can connect with you from their home, and altered work hours so that you can get enough downtime from the screen.

You could still offer services or events in an outdoor setting with social distancing as allowed, or organise online fitness community events that support your clients around motivation, energy and fear.

So, what about your customer?

We know that pricing is a consideration, yet they want connection and a values-driven approach.

Putting yourself in your customer’s shoes will help you work out the best way forward. 

Perhaps you need to shift your messaging. Perhaps they no longer want a “body transformation”, but are looking to “stay on track” with their eating or exercise or to be kinder to themselves, or develop consistent self-care rituals.

I had this conversation with a coach today, who has seen a shift in clients away from the idea of transformation and into staying on track and self-care, and into more of mental well- being habits than eating and exercise.

Customers want safety and convenience right now; how can you deliver that?

Customers want positivity and some fun; what could you do that offers that?

Creative thinking is required, and so your own resilience and self-care are essentials for facilitating that. After all, nothing creative comes out of a stressed brain.

Step 2 – Ask Your Customer

In my experience, most business owners don’t consult with their clients to find out what they want and need.

But the purpose of any business is to find out what customers want, and then give it to them.

Phone surveys, email surveys, written surveys, competitions with survey questions and other methods can be used to ask your customers what they want and need.

You can ask simple questions like; 

  1. How do you prefer to buy from us? 
  2. What do you like best about working with us? 
  3. What can we do better? 
  4. Is there something we don’t currently offer, that you’d like to buy from us?

I worked with a business once who added $100K revenue to their business and saved $50K on an unnecessary software just by doing a survey like this of their existing customers.

Surveys are part of your marketing; they demonstrate that you care enough about your customer to find out what they want and need, and how you can serve them.

Even better, post a thank you note to their address as a personal touch for participating in the survey.

Your customers feel heard, appreciated and valued. And they will stick with you, possibly spending more, or referring others.

Step 3 – Develop a Strategy

Most of the time, it’s best to make only one or two changes, or a few small changes to your business at a time.

If you survey your clients first, it gives them advance warning that changes may be coming.

Gaining their feedback means you can start working out a strategy that is feasible.

Your strategy could include one or two of the following:

  1. Changing your pricing strategy e.g. 
    1. discount, 
    2. packaging, 
    3. bonuses
  2. Adding a new service or product line e.g. 
    1. smaller purchase, 
    2. product to suit the at-home arrangements, 
    3. product or service to suit their altered priorities
    4. delivering services via video or 
    5. offering a low cost community membership
  3. Collaborating e.g. adding perceived value and/or convenience
  4. Convenience e.g. home delivery, online delivery

It’s important at this stage to see what others are doing and what’s working, not for the sake of comparison, but to validate the idea and give some certainty that it could work for you. 

The final steps would be to get clear on your support, resources and partners that you might need to bring it into action, and then develop a plan.

I’ll cover that in the next episode.

Summary

Today, I’ve talked about how our world and our priorities and values have shifted.

This has undoubtedly changed the way we buy, and the way we sell.

Business the ‘old way’ may not suit your customer anymore.

I’ve outlined the first three steps in a process to review and revise your business vision, to find out what your customers want from you right now, and to brainstorm some strategies to achieve it.

Hopefully, you’re clear that consulting with your customers will tell you most of what you need to know.

And if that aligns with what you want and can deliver, it’s time to pivot and make it happen.

Ready to find your new normal?

Considering what you’ve gone through, your skills and your strengths, what’s important to you right now? If you’re ready to break old habits and move forward I encourage you to check out the Habitology membership.

Learn more here:

Learn More

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Episode 55: Business Models for Startup and Growth

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This episode of they habitology podcast is about simple business models that you can use to run your business.

I want to talk about this from two perspectives.

  1. Transitioning from a job to a business.
  2. Transitioning from startup phase to an established business.

 

Most of us start our working lives being paid an hourly rate for a defined set of tasks in a business for somebody else’s company. So we are used to being paid by the hour. 

And then when we get to running our own business and we go through that transition we are still thinking about the hourly rate model. 

Think about working a job for somebody else. You go to that job and you are doing paid work for 40 hours a week. Your job is to show up and do a job for the business, just a part of all the work that the company does. 

For example, let’s say that you show up at a department store and your job is to sell perfume for eight hours a day at the perfume counter. Every hour that you’re there involves selling directly to clients and making sales so it totally makes sense that you are paid by the hour for that job.

But this mentality needs to change when you start running your own business.

Because suddenly you are doing more than just selling the perfume. You are formulating it, packaging it, costing it, running financial spreadsheets, finding brand ambassadors, pitching to stores, setting up an online store, and paying suppliers. 

Suddenly there’s not a lot of time left to sell the perfume! 

Running a business means you have to do a lot of unpaid business level tasks. 

You have to do administration work, you have to pay bills, you have to create invoices, you have to develop services and products, you have to do research and all of those things don’t earn any income. 

And in fact you’ll need to spend money on things like marketing and advertising. So what that means is that a portion of the work you do in a business is unpaid – it does not directly earn you any revenue. 

Running a business means you have to do a lot of unpaid business level tasks. 

You might have a few clients to begin with that pay you by the hour. But there’s no way you are going to replace your income in the long-term if you stick with that model.

So while it’s great to start your coaching business on a pay per session model with individuals in a one on one coaching environment, please know that you will need to change your model different later on if you want to scale your income and earn what you need to earn to replace money that you would earn in a job.

 

Let’s now look at TWO business models – firstly the startup service model, and then the growth business model.

The Start Up Business Model

We’re starting with the one to one service business model. 

Let’s first figure out what’s realistic and reasonable in terms of your earnings. 

I’m going to suggest that you just start by selling one core service. You might have two slightly different versions of the same service but let’s understand this-you are going to earn most of your money and income most easily by doing one thing consistently and very well. 

The reason I suggest ONE service is that it’s easier to become good at something and to create a clear marketing message if you start by keeping it simple. And all the other parts of your business will be simpler if you start by focusing on one thing. 

People who are new to business, let’s use the example of coaches, often have 10 different options like corporate and group and one-to-one coaching and 4, 6, 8 and 12 week programs. 

What does that look like to the consumer? 

If you go to somebody’s website and see one person offering all of those things, how do you judge that? For me, I don’t believe that person can do all of that and I’m put off by a lack of trust, and a lack of personalisation.

And from a business model perspective, it’s much simpler to sell one or two things, refine and test them, and become known for them. The financial and planning side is much easier.

So what I want you to do is to define a single, specific program that you can run and test repeatedly with a series of clients in your first 3 to 6 months. 

Usually you would price X number of sessions for X dollars per session and create a bit of a package that way. 

This creates a tangible offering to your audience with a tangible start and finish time and normally that is accompanied by a tangible result that they will achieve in that period of time. After all what people are buying is results. 

This type of business model X week program in exchange for X dollars is the best way to start.

Normally your goal would be to work up to seeing 100 clients per year on a 1:1 basis, perhaps over 45 working weeks of the year so you are taking off public and a few other holidays.

If each of each client paid $600 for an 8-week coaching program, for example, that’s $60K.

So in that scenario, you are delivering 800 sessions per year which is 100 clients x 8 sessions, for $60K.

Hearing this – can you see what would it be like if you kept it really simple and just offered 1 – 2 versions of something, knowing then that all you had to do was find 100 clients who would pay $600 for it?

If you like, you can offer other options, but given that you are investing a lot of time with clients at this stage in your business, and you are learning about business, I think you really want to keep it simple with your client work so you can simplify the unpaid stuff and make it as easy and time efficient as possible.

Working this way for 6 – 12 months allows you to find tune what you do, to become known for it, and become very good at it. It allows you to develop confidence and certainty on your own terms and in your own time. 

Use this period to get really clear on what you offer, the benefits of that one service, the types of clients you attract, and what they are getting out of working with you.

Then you are ready to adjust or grow.

From a business model perspective, it’s much simpler to sell one or two things, refine and test them, and become known for them.

The Group Model

The easiest way to scale your income and start earning a full-time income is to start working in groups. 

As a coach you can realistically only give enough attention to a group of 10 people at once, unless you are doing a more educational or teaching style approach where you can see rooms full of people. 

But let’s say that your ideal is to coach very interactively with a small group of people – this is an easy way to scale.

In the previous 1:1 scenario we had $600 for an individual 8 week program.

Now imagine that becomes your group program rate, and you run 10 per group.

Now you’re earning $6,000 in 8 weeks. You have 10x your income for 1/10th of the time.

If you ran 3 concurrent groups per week, you double or triple that amount. Your annual income would be in the order of $72K per annum, for around 96 sessions.

My scaled business model was just like this. 

I ran 3 – 4 x 8 week group coaching programs every school term. My groups ran on Tuesday at midday, Tuesday at 5.45pm and Wednesday at 5.45pm.

The group sessions may be slightly longer, say 1.5 hours instead of 1 hour. And you can still the same program in a few 1:1 situations if you like, probably for a higher price of say $800.

It’s feasible for a coach who has a great program that gets results, to earn around $80K per year this way.

The Premium Model

Another way to scale your business is to increase the prices of your packages because you have more experience – a specialty – and/or give a bigger result. 

In either case, you are offering more value and this transcends the idea of paying an hourly rate. Now the client is truly paying for a specific result and for access to the value of your experience.

In the Premium model, you can continue to work 1:1 or with small groups, but you significantly increase your prices so that you are charging a premium price to reflect the increased value of your services.

The way you deliver services could take a few different forms, such as 

  1. A VIP program that packages small group and individual coaching sessions, or 
  2. An intensive longer-term program or 
  3. A series of workshops.

These are just a few examples – and you would pick ONE of these to focus on.

No matter which format you choose, the model is based on doing some sort of deep intense work done to create a big transformation and you must specifically articulate the transformation and result, and the value of it, in order to be able to charge a higher price.

Usually these programs would involve highly personalised sessions, longer sessions, or the addition of coaching and/or other resources. It might include a hand-created welcome pack – it’s the real ‘chocolates on the pillow’ type of service, the Rolls Royce Service.

Your goal would be to service a few high-paying clients – often called high ticket clients – over the year.

For example, your 12 – 24 week program, VIP package or workshop series might cost $5,000 per person, and your goal is to sell your chosen Premium service to perhaps 20 clients per year. 

That would earn you $100K per year.

This is a more advanced strategy and is good for someone who is highly specialised, creates massive transformations, or is working in the richer end of the market.

The Automation Model

Another option for scaling is the Automation Model.

There are numerous ways to do this, but it is essentially a one-to-many service that might be a version or a combination of the other two models I’ve just discussed.

One way to semi-automate your program, such as an email system of worksheets or quizzes sent via automated email, supported coaching-style videos of you asking open ended questions, some self-coaching elements, and supported by 15-minute laser coaching sessions that you or a subcontract coach delivers.

This is like a group coaching model with less contact time and more self-coaching resources.

Another option is to deliver a program for people who don’t need a lot of intense coaching support, such as people who are in the maintenance stage of change, so you can see perhaps up to 50 or 100 people at a time.

You might run live webinars and use worksheets for your clients to fill in as you talk to them and ask questions of them. While much less personal, this is highly scalable. You could charge $100 per month to upward of 100 people which is $120K.

Automation models are the most advanced as they rely on technology, a strong coaching presence, good resources and an ability to stay in the coaching mode without reverting to teaching.

You are the boss and you have the flexibility to earn the income and work the hours that suit you best.

Summary of Business Models 

Let’s summarise the different business models that I’ve discussed today.

Firstly, the 1:1 model is the easiest place to start for most coaches or other service based businesses.

If you are someone who has left a job to start a business, this way will be easiest for your brain to handle as it’s basically like the hours-for-dollars model of the job you used to have.

If your goal was to work up to 100 clients per year, selling two slightly different versions of your one program, that’s an easy way to deliver a great service, become good at something and learn about running a business effectively.

That’s around 800 sessions per year, possibly 500 – 800 hours depending on session length.

When you become proficient at that, you can look at models to scale your income and reduce your time. In this scenario, you are focussed on selling value and that is what’s required to attract larger numbers and/or charge a higher rate independent of your time.

The three different options I mentioned as growth models included:

  1. The group coaching model, which is the easiest, ($80K, around 150 hours)
  2. The premium model which is for specialty and packaged services ($100K), and 
  3. The automation model which is higher tech and services many more clients at once (upward of $120K, possibly around 100 hours)

In any case, you are the boss and you have the flexibility to earn the income and work the hours that suit you best.

Ready to get your business model up and running?

I can help you work out which model is best for you, and start applying it.

If you’re truly ready to break old habits and get out of the rut I encourage you to check out the Habitology membership.

Learn more here:

Learn More