Pick a Niche

pick a nicheAs an accounting professional, you devote countless hours to your practice. Can you even remember the last time you enjoyed a work-free weekend? If you’re making significant personal sacrifices, then let’s ensure your efforts move your practice in the right direction.

Whether you ought to pick a niche is a common question which occurs during the growth phase. Wondering which niche to pursue can be overwhelming. Although so many options exist, you eventually want to narrow down your selection.

Follow these strategies to pick a niche for your accounting practice.

1. Identify Client Problems and Needs

Start to research the various problems you solve for your clients. Along the way, you’ll gain awareness about your ideal clients specific wants, needs and desires. This avoids the mistake of offering a low value service that your market doesn’t want.

Gain awareness about your ideal clients specific wants, needs and desires. This avoids the mistake of offering a low value service that your market doesn’t want. Read full post. #getpaidwhatyoureworth Click To Tweet

Write a list of all the problems you solve. Then consider the unmet needs your best clients struggle with.

Uber followed this guideline. Ever attempt to hail a taxi in New York or Paris? It can be highly frustrating.  Kalanick and Camp, Uber’s founders, solved the taxi dilemma. People worldwide now hail a ride with a couple clicks. Knowing who’s picking you up and when the driver arrives adds peace of mind to the car for hire service.

2. Research your competition

pick a nicheMost accounting professionals believe they offer a superior service. Doing things better than the firm they previously worked for is part of the reason why they go into business rather than continue as an employee.

Check out other accounting professionals. What services and products do they offer? What ideas would improve the service or the client experience?

Find the gaps. A gap is when your clients possess a need, but no one offers a solution. With that awareness, consider how you can address the unmet need.  For example, the accounting profession historically focused on reporting after the fact. However, clients want to know how to use that information to make better decisions and increase their profits. Advisory services fixes that problem.

Highly disruptive companies aren’t typically the first to market with a product. The digital music player was already available before Apple introduced the ipod. Apple removed the MP3 flaws and added unique features to make it user friendly.

As you know, people love Apple’s innovation and extraordinary design.

3. Lean towards your passions

Don’t dilute your expertise. As you define your niche, consider your specialty.

A niche serves a particular industry, population or segment. It answers the question of who you specifically serve. A specialty, on the other hand, tells clients what you do. It defines the problem you fix for your clients. For example, I have a niche and a specialty. My niche is accounting professionals. Pricing your services to earn more while working less is my specialty.

Where do you stand out? Sift through your passions. Explore which part of your work is highly satisfying. An accounting firm, for example, has a clientele of software developers.  This firm helps their clients improve their cash flow, pay off debt and turn a profit.

Rather than work with a variety of businesses, take your passion to a whole new level. Define and develop your #niche. Read the full post. #getpaidwhatyoureworth Click To Tweet

Rather than work with a variety of businesses, take your passion to a whole new level.

4. Determine Profitability

Once you gather some ideas for your niche, then assess its profitability. Ideas can be great, but if you are going to develop them, you want them to be profitable.

Start with a simple Google search on some of the services and products within the accounting profession. Is the niche your considering filled with similar services and products as yours? If that’s the case, then narrow down the ways you can serve that niche.

Look for a gap in the market. Consider a segment of the population within that niche which is underserved and hungry for someone who understands their unique needs.

Once you gather some ideas for your #niche, then assess its #profitability. Read the full post. #getpaidwhatyoureworth Click To Tweet

Let’s say you offer tax services to business owners. Rather than work with all business owners, you exclusively work with businesses in the trades who offer home improvement services. Once you choose a niche, your resources of time, money and effort goes toward brand awareness. You want these specific business owners to realize you exist and how you address their specific needs.

pick a niche5. Deliver the product or service in a unique way

Gain insight from the top accounting firms. What do they do differently? Once again, explore the gaps in their firms and service offerings. Where is there room for improvement?

Think about how you can solve your clients biggest challenges. If you work with startups, then educate your clients about their financials and how to attract investors. Consider offering strategic advisory sessions to your clients.  Meet with them quarterly for a 90 day growth plan session.

6. Test your niche

Start to test your niche products and services. Consider how to communicate your value, accurately price your services and gain awareness as an industry expert. Offer a quick trial of your new service offerings to your ideal clients to get their response and receive feedback.

Tips to develop your niche.

  • Create a landing page to build your email list. Check out this example.
  • Connect with your ideal clients through social media.
  • Join relevant groups or forums. Then answer questions which are related to your expertise.
  • Be brave and host live video to answer common questions.

Eventually, you may want to run paid marketing campaigns at a small budget to test your message. Ads are an advanced move. They offer immediate feedback about how well your message and offer connect with your ideal audience.

A niche is right when it aligns with your interests and with market needs. The idea is to capitalize on market gaps and serve an unmet need. Read full post. #getpaidwhatyoureworth Click To Tweet

A niche is right when it aligns with your interests and with market needs. Consider how to capitalize on market gaps and serve an unmet need.

Once you have some ideas, start to experiment and get feedback. Even a saturated niche can be highly profitable. It’s simply about finding how to combine your expertise with your ideal clients needs.

Wondering how to pick a niche and what to offer? Discover how to communicate your value and attract clients who happily pay your fees. Right NOW claim your FREE RESOURCE to earn more while lightening your workload.