Your Profitable Niche
All niches are not created equal. So how do you choose the best niche for your accounting firm? Consider whether the work you highly enjoy doing serves a specific population. Plus, you want clients who will happily pay your fees. Otherwise, you’re developing a hobby rather than a business.
Research these questions. Look for evidence that your niche market values what you offer. Either there will be similar accounting firms that already exist in that market. Or, you’ll fulfill an unmet need for that population.
Like all things, you’ll get better results when you’re specific. Some industries have a proven track record. Consider one of these five profitable categories when choosing a niche for your accounting firm.
- Health & Fitness
- Wealth / Money
- Relationships & Dating
- Self Improvement
- Hobbies, Interests & Activities
Yes, it’s a pretty broad range. Does your accounting firm serve one of these areas? If not, don’t worry. Plenty of highly successful accounting professionals choose a niche outside of these categories.
6 Critical Factors to Choose a Profitable Niche
I’ve put together a list of six factors when considering a profitable niche market. Keep your ideal client in mind as you review this list.All niches are not created equal. Look for evidence that your niche market values what your #accounting services. Read full post. #getpaidwhatyoureworth Click To Tweet
1. Your Ideal Client Spends Money to Solve This Problem
Think about the accounting services you offer and the problem you solve. Does your ideal client realize they have the specific problem you solve? If so, do they already spend money trying to fix it? Or, did you become aware a gap and your accounting services offers a solution.
- Problem. Your ideal client struggles with a specific problem regarding their financials.
- Awareness. Do they realize it?
- Research. They’re looking for solutions.
- Action. They’re ready to invest in a solution.
- Position. Your service resolves that problem.
I want you to work with clients who value your accounting services. Therefore, don’t charge by the hour or the project. Those price strategies overlook your expertise. Value based pricing is your best option.
2. Passion and Purpose Fuels You Forward
Sometimes you immediately know your purpose. For others, it’s revealed over time.Discover the purpose behind your work. Without meaning, #accounting becomes a grind and you eventually burn out. #getpaidwhatyoureworth Click To Tweet
Either way, a strong purpose keeps you focused through the ups and downs. Discover the purpose behind your work. Without meaning, your work becomes a grind and you eventually burn out.
Your enthusiasm regarding the financials is very client attractive. Your clients appreciate how deeply you care about them. They believe you’re fully committed to their success.
3. You Can Develop Referral Relationships
Imagine a network of people eagerly talking about your accounting firm to potential clients. They’re making connections on your behalf. It’s a fantastic business growth strategy.
Expect 50 to 70% of warm referrals to turn into clients. A warm referral is an introduction to someone who’s interested in speaking with you. Someone else made the connection on your behalf.
Many accounting professionals mistakenly let this occur haphazardly. But what if you create a plan which nurtures referral partnerships? You’d enjoy better results.
Susan, a bookkeeper, and Gary, a tax preparer are both in my mastermind group. Susan discussed her expansion plans. Gary mentioned that several of his clients are ready to hire a bookkeeper. They briefly discussed the best way to make that introduction.
Gary’s introductions will help Susan’s practice grow. Furthermore, a great referral makes Gary the hero in his client’s eyes.
4. A Replicable Business Model Exists for Your Niche
Are you a strategist or a creative? If so, then you’re prone to lots of ideas and some unfinished projects.
You don’t need to reinvent the wheel. Rather, find a business model which already exists and meets your needs. Then blend in your framework, or technique, so it has your unique touch.
Don’t be afraid to look for business models outside of the traditional accounting profession. I’ve often discovered that other professions offer rich clues. How would you structure your ideal accounting firm?
5. Rely on Your Experience, Pursue Further Learning
Your experience, even if it’s outside of accounting, does matter. Highlight your experience, skills, and expertise. Everything you know influences your work.
Figure out how your experience and your skill set benefits your niche market. Competing for market share gets old after awhile. This one strategy separates you from similar accounting firms.As a firm owner, you are the best investment that you can make in your #accounting firm. #getpaidwhatyoureworth Click To Tweet
You are the best investment that you can make in your firm. Experts consistently expand their knowledge with education and training. It’s an evolution; not a destination.
When you are the accounting expert for your niche market, people will want to learn from you. Does that interest you? If so, then trainings, certification programs and professional licenses are various ways you can teach others your method.
6. Competition is a Strong Success Indicator
Competition is a good thing. It’s evidence that your niche market already exists and will invest in your service.
Maybe you are drawn to a new, under-served niche market. You’re forging a new path. Then you’ll need a strong marketing campaign to educate people about who you serve and how you help.
Regardless of which path you choose, traditional or novel, highlight your skills and your abilities.
Develop Your Unique Approach
A profitable niche makes things easier. Search for role models. Then adapt their structure to fit your needs. The key is to borrow the strategy, not to copy.
Separate yourself from the competition by focusing on your unique approach. It’s comprised of your personality, style, and the skills you bring to the marketplace.
Find the best way to highlight your service.
- Clearly communicate your ability to address and solve client problems.
- Design an easy way for potential clients to connect with you.
- Ask for their business.
- Include a call to action on website pages.
- Find an authentic and genuine way to extend an invitation in your emails or phone conversations.
Market Your New Niche Focus
Find ways to let others know about your accounting firm. In the beginning, spend time on marketing activities which directly result in calendar appointments and paying clients. This starts to build your client base and gets you paid.
Choosing a profitable niche takes research, thought, planning, and direct action. If you follow my step by step recommendations, you will grow while keeping your passion alive. Discover how to communicate your value and attract ideal clients. Claim your FREE RESOURCE NOW to grow your bank account while lightening your workload.