Hey, Juan here. And in this video, we're going to talk about establishing your profitable niche. So we're going to talk about what exactly is a niche, and what makes a good niche and whether or not you should follow the passion of a specific niche or the money, right, because you may stumble upon a niche that may be very profitable, but it may not be a passion of yours. And so with those types of niches, you can make a lot of money very quickly and easily. However, it can take a toll on you. Because anytime that you run through any kind of problems, any kind of issues, it's really easy for you to get discouraged.

So let's go ahead and jump right into this and I want to share with you how essentially, you're going to be able to develop your profitable niche. So let's talk about what exactly is a niche. So a niche market is a subset of a market that has low barrier to entry, and it must be a specific group of people. Individual. So here are some examples, people that want to make a lifestyle change, right? So this is a Lifestyle coaching, right life coaching, essentially at its core, okay?

Another example here of entrepreneurs that want to maximize their performance. So this can be like, perhaps executive coaching, business coaching. And so what makes a good niche market? So a good niche market is people that have a specific problem, and are actively spending money to solve it or actively spending money and looking for a viable solution. Right. And so there has to be competition, there must be others in the marketplace that are doing the same thing that you want to do right and target the same type of individuals that you want to target and that are having success.

And then we have the question of, should I follow the passion or the money? As I mentioned briefly at the beginning of this video, if you're just starting out and you're looking to get started with coaching, maybe you have have a background in sales. Maybe you have a background in psychology, whatever that may be right? When you're just starting out, I highly recommend that you get started in a particular niche that you're very interested in. Because at any given time, that things don't work out the way that you would have hoped, you run into problems, you run into all these different issues, right? Things that happen that are unfortunate, right, you're going to easily feel discouraged, and you're going to want to give up.

And so the best way to combat this is to do something that you're passionate about in the very beginning, right, so that it can be easier for you to keep going and overcome those obstacles. Right. So as you move forward, and as you progress, you can get into different areas, right? That may be a lot more profitable, but it's because you've kind of developed that mindset and you've developed that you know, scar tissue because now you know how to deal with problems in Shoes, right in your particular business. And it's kind of the same thing all over again. Because what I've learned in the several years that I've been an entrepreneur, and several years that I've started, businesses started different products, and sold on various platforms.

One of the things that I've really noticed is that business is essentially 90% mission. Business is essentially 90% in mindset, and 10%, actual action and everything else. Because if you have the most knowledge, the most credentials, if you are the top tip expert in your area, maybe you have been a coach for years, whatever that may be, right? You have all this experience and knowledge. If you don't have the proper mindset, right, the right mindset to be able to overcome obstacles and challenges, then you're not going to be able to do very much because at any given time, that something stands in your way, right, you're going to get discouraged and you're not going to want to take action because You're just going to feel lost, you're going to feel stuck, right? So understanding that mindset is crucial for any business and then for yourself to be able to start and run and build a successful coaching business.

So that's going to be here for this video, and we'll see you on the next one. Thanks