We live in a world where bigger is better, and we’re encouraged to think big. But does that actually work for a coaching business? On the surface, it may seem like bigger audiences and a bigger business equal bigger profits, but there is something to be said for staying small.
Why Smaller May Be Better For Your Coaching Business
The bigger your business is, the more effort it takes to run. There is something to be said for doing a small number of things really well. It allows you to focus on perfecting your offering before you build upon it. It also allows you to establish yourself in your niche as the go-to coach for clients who want to solve a particular problem.
Once you have mastered that one thing, you can bring other people on board to handle the day-to-day operations and free up more time to expand your business. You have clear processes in place, you’ve perfected your coaching, and you’ve got ready-made workbooks and resources. All you need to do is show someone the ropes.
Why a Smaller Focus Is Better
The instinct is to try and make your business attractive to everyone. Why would you want to turn away clients who want to work with you?
Trying to cater to everyone makes it really hard to show the value of your business. Different types of clients would face different types of struggles and would need different things from a solution.
Let’s say you’re a finance coach who specialises in helping people set financial goals and save money. The life stage of your clients and the reasons why they’re saving money will give them different pain points and needs. Someone saving to buy their first home wants to get on the property ladder as fast as possible. They don’t mind making large sacrifices to achieve their goal quicker. They’re worried if they take too long, the property market will rise, and they’ll miss out. An empty nester saving for retirement won’t want to make large lifestyle sacrifices. They did enough of that as a parent. They would appreciate a coach that shows them how to divert some of the money they used to spend on kids to a retirement fund and use the other part of that money to enjoy their newfound freedom.
The same marketing won’t work for those two client types, no matter how talented your copywriter is.
Another benefit of niching down into a very specific type of client is you can get to know their needs and make improvements quicker. The majority of your clients will face the same challenges and need similar support to overcome those challenges. As you work with more clients, you will be able to see patterns, test solutions, and find the best ways to help your clients succeed. Every client you work with will help you to become a better coach.
When you work with multiple types of clients, you’ll be receiving conflicting data. The solution that works for one type of client will not work for another, and each type of client will need different types of support from you. You won’t be able to refine your coaching methods because you can’t create a standard solution. Every coaching session will feel a little like trial and error.
Overcome Your Fears and Aim Small
It is terrifying to narrow your focus. You may worry that you’ll get bored of a particular type of client or that you’ll find that type of client difficult to work with. Those are common misconceptions. What actually ends up happening is you become the expert at solving problems for a particular type of client. You know exactly what they need to implement your coaching and thrive.
If your focus is currently wide, stop and think about the clients you currently work with. What do your favourite clients have in common? Which clients respond best to your coaching and are ready to do the work? Which clients do you enjoy working with the most? Which clients rave about your coaching and look for more ways to work with you?
Look for patterns in your answers. The common answers are your ideal clients. These are the clients you need to get to know so you can tailor your business around them.