Move from Generalist to Specialist
Ready to grow your accounting firm? You’ve heard all the arguments about choosing a niche market. However, concerns of less business and lower revenue stop you from moving in that direction.
What if those worries weren’t true? A specialized focus actually attracts high value clients who want you to solve their problem. Plus, they are willing to pay for your expertise.
You may argue that you’ll become bored. As a generalist, you encounter a wide range of issues. Well, you’d be surprised at the rich variety that appears once you choose a niche.
9 Reasons Holding Back Can Stunt Your Business
Change – either you love it or resist it. Do you dig your heels in and over-think all the options? Or, do you plunge in ready to figure things out as you go?
Change involves risk simply because it’s something you’ve never done before. Let’s look at the concerns about choosing a niche market.Change - either you love it or resist it. As an #accounting firm owner, do you dig your heels in and over-think all the options? Or, do you plunge in ready to figure things out as you go? Read full post. #getpaidwhatyoureworth Click To Tweet
1. Fear About Choosing a Niche Market
Perfectionists worry What if I choose the wrong one? Your fear of making mistakes and being wrong keeps you stuck.
There’s good news. Basically, you need to start somewhere. If your first choice isn’t the best fit, you can change direction.
Once you choose, you will continue to fine tune, adjusting your services as you grow. You’ll discover that as your expertise evolves, your ideal niche continues to evolve as well. With time, you become THE solution.
2. Loss Aversion – Fear of Losing Clients
Many accounting professionals get concerned about losing clients once they choose a niche. You wonder, What if there’s someone I can help that isn’t in my niche? Then I’ll lose that business. In the big picture, yes, some potential clients may not realize you can help them.Many #accounting professionals get concerned they’ll lose clients once they choose a niche. #getpaidwhatyoureworth Click To Tweet
On the other hand, when you focus on solving distinct problems for your ideal client, then your clients become raving fans. They tell others about you, leading to new referrals. Your business grows organically because you solve their unique needs.
3. Fear of Boredom
As entrepreneurs, we love challenges. It’s partly why concerns about boredom arise. However, it’s difficult to realize the rich choices available within a niche when you simply view it from the surface.
Remain open-minded. New opportunities gradually emerge because you’re now a specialist. Instead of working with everyone, you now cherry pick your ideal clients. In addition, you get to choose which opportunities to pursue and which to pass by.
4. Imposter Syndrome
Specializing can feel intimidating. Privately you may wonder, Who am I to call myself an expert? I don’t have the credentials or enough time in the field yet.
Professionals at all levels of expertise experience concerns about being called a fraud–even Oprah talks about it. According to research, women experience Imposter Syndrome more than men.
Don’t undervalue what you have to offer. You’ll consistently gain experience and fine-tune your skills. No matter what, always maintain integrity. And, educate your niche about the problem you solve.
Your clients care more about what you know, than what you do. By the way, confidence is over-rated. That’s not what motivates you to start something new.
Rather, tap into your courage. Connect with the transformation you offer. Believe this is the right choice, even if it’s uncomfortable. Realize that confidence develops over time.
5. You Don’t Know How to Start
Just do it! Are you unsure of who you serve and what to offer? Then decide who you don’t want as a client and what you no longer want to do.
3 things to consider when choosing your niche market
- List three things you enjoy most.
- Identify your 5 favorite clients.
- What do you enjoy most about them?
This gets you thinking about a potential niche market. Awareness starts to develop about the solutions you solve and who you want to do business with. Then use social media and in-person networking to reach your target audience. It’s already starting to happen.
6. Value and Identity
Accounting professionals place too much emphasis on what they do. Your clients actually value what you know more than what you do.#Accounting professionals place too much emphasis on what they do. Your clients actually value what you know more than what you do. #getpaidwhatyoureworth Click To Tweet
Practice communicating your value by discussing outcomes. What is possible for your clients? Share about the problem you solve and how your clients benefit from that solution. This begins to separate you from the competition. This shift in messaging positions you as an expert instead of a technician.
And as an industry expert, you can charge higher fees. Instead of saying yes to anyone who wants to work with you, you choose to only onboard ideal clients who value your knowledge. It’s an important step toward building your ideal accounting firm.
7. Rejection Aversion
You like making people happy, you avoid controversy, and it’s important that people like you. As a result, you say yes to everyone. Being spread in too many directions dilutes your focus. Basically, you remain a jack-of-all-trades instead of an expert in your field.
The fear of saying no is highly common among accounting professionals. Not only does this prevent you from working to your strengths, it also limits your income.
Start to create boundaries about who you serve and what you do. Then gracefully let non-ideal clients know you’re not the best fit for them. If it’s appropriate, connect them to someone who would appreciate the referral.
8. Risk Reluctance
No one else you know has chosen a niche. Why should you? As a result, you question this move. The last thing you want is pushback or clients challenging your decision.
Yes, it feels risky at first. Your thoughts about limiting yourself only delay your decision. Rather than dwell on all the worries, imagine the possibilites. Realize there’s more than enough.
It’s your accounting firm. You get to decide how you want to grow your firm.
9. Money Blocks
Up to 57% of all accounting professionals undervalue their services.
Blocks around money and worth limits your income. Rather than flow, a block exists.
Imagine setting yourself free from those limiting beliefs. Notice what thoughts you would have to let go of in order to own your expertise and acknowledge the impact you make.
Awareness is the first step. Discover your money blocks. Where do you feel unworthy or don’t want to be considered greedy? If you were to double, or even triple your rates, what fears would arise?Blocks around money and worth limits your #accounting firm's income. Read full post. #getpaidwhatyoureworth Click To Tweet
Focus On Your Expertise
Now is the time to consider making the shift. Take the steps to develop a niche accounting firm based on your expertise. People need your service.
And yes, the right people will invest in your services. How long have you been undercharging and minimizing your value?
If you find yourself holding back from choosing a niche market, review the key obstacles.
Seriously consider which ones apply to you. Once you lead with value, your accounting firm soars. Discover how to increase your revenues and attract clients who happily pay your fees. Right NOW claim your FREE RESOURCE to double your income while working half the time.