It’s easy to get caught up in the day-to-day grind of running your business. You focus on promoting your services, delivering high-quality coaching, and helping your clients achieve their goals.
But have you stopped to consider whether the market you serve is growing or shrinking over time? It’s a crucial question to ask if you want your business to thrive in the long run.
Here are a few questions to help you evaluate your market:
- Will there be more people looking for your coaching services next year than this year?
- Why do you believe that to be true?
- Do you need to course-correct any part of your business based on this information?
These may seem like simple questions, but they can provide valuable insights into the health and future of your market.
For example, let’s say you’re a life coach who specializes in helping new moms manage stress and overwhelm. You might assume that your market is growing because there will always be new moms who need support.
But what if the birth rate in your area is declining, and fewer women are becoming new moms? Or what if there’s a new trend in parenting that emphasizes self-care and stress management, making your services less in demand?
It’s important to stay aware of these kinds of changes and adapt your business accordingly. You might need to shift your focus to a different niche, update your marketing message, or explore new service offerings.
The bottom line is this: don’t get so caught up in the day-to-day of your business that you forget to look up and evaluate the big picture.
Check-in regularly to see if the conditions of your journey have changed, and re-orient your compass to make sure you’re heading in the right direction based on the information you have at this time.
Remember, staying aware and adaptable is key to long-term success as a life coach.