Staying up-to-date on the regulation changes and requirements will take a significant investment of time and resources but will likely pay off in the long run. Instead, combine your interests with the goal of a profitable business. Then, you can push through the beginning when you may not make much of a profit. That can be great if you want to work from home and control your schedule. You can use email and phone calls to communicate with your clients. The biggest difference between for-profit and not-for-profit organizations is who they answer to.
- If you use digital tools, you can start for free or cheap, and you can keep more of your revenue.
- We’ll also help you determine specific product packages you can offer to companies no matter their spend level.
- You can take advantage of these benefits by specializing in any niche, but frankly, some niches are easier to work with than others.
- But it’s now experiencing a quick recovery thanks to the high demand for housing and homeowners using their equity to fund home improvement projects.
- And with the various nuances of cash flow, tax compliance, and tip reporting — just to name a few — accountants who understand this niche will always have their plates full with clients.
Becoming an present value formula in an industry allows you to sell your specialized accounting services at higher fees. Your knowledge in their field allows you to avoid competing on pricing. Accountants who specialize in this industry will likely grow in their knowledge of multiple fields and be able to provide comprehensive services to clients. Engineering firms have very similar needs to construction firms.
Niches for Bookkeeping Businesses and Accounting firms that are great!
Create lead magnets that imprint you in your ideal clients’ minds by giving them massive and immediate value. When looking at accounting niche’s people usually specialize in one of the following areas. You can also look at helping industries that you’re passionate about. Do you really love crafting as a hobby and want to help crafters or Esty sellers with their books?
The recent black swan event of Covid19 negatively impacted some industries, more than others. By niching across different areas, you are spreading the risk, keeping it interesting, and benefiting from the positive impact of niching. Below is the authoritative list of niches for B2B sales and marketing.
Qualities to Look for When Choosing Your Niche
Large companies struggle to spend the time to create specific niche campaigns and advertising. I’m going to talk more about each of these strategies later in the article. For now, let’s all look at this super long list of industry niches. Accounting has many niches, from tax accounting, management accounting and cost accounting, to auditing, forensic accounting, and yes, bookkeeping.
- It’s not hard to see why since eating, drinking, and merrymaking is always a popular pastime.
- You might deliver an awesome service at a great price, but what if no one knows?
- Regardless of your niche, CountingWorks PRO will help you realize the limitless potential of your business.
- To help you out, we put together a list of the fastest-growing niche markets for accounting professionals.
- Not-for-profit companies are another powerful niche required to document and report details on finances.
The problem many are facing is that it’s not clear even by industry what niches are profitable. For example, it’s easy to say that the travel industry is in trouble and that accountants should now avoid that niche, but always remember that there are niches within niches. —You’ll be able to relate to specific businesses easier and speak their language. This will make you more attractive even with charging higher fees than the generalist firms. For example, you might consider specializing in medical practices, restaurants, and real estate because most restaurant owners and physicians purchase real estate for their businesses. Because SaaS companies typically operate as subscription businesses, they need unique accounting, advisory, and tax services.
It’s not a good idea to pick a niche when you don’t know anything about it. A lot of bookkeepers think that if they niche then that’s the only business type that they work with. Niching is when you identify a specific group of people or businesses that have unique needs, preferences, and qualities, and then you create specialised marketing strategies to cater to them.
Industry Niche Websites for Accountants Attract the Right Type of Client
The restaurant industry has a high failure rate, so accountants in this niche need to select their clients carefully. Working with restaurant owners who understand the value of accurate and timely accounting, and are open to taking advice can bring many opportunities. Tech-focused accountants who understand the accounting and tax challenges that technology firms face will never run out of work. Designing your bookkeeping business around a specific type of client or your strengths can be a successful way to go.
An example is selling virtual CFO services to a growing startup’s COO. This person has a lot to prove, and wants things to run smoothly. There’s a need and angle there for your service, and once you have the profile, you’ll know who you’re looking for in your client search.
Accounting Niches [What, Why, How + 10 Examples]
Remember that restaurants are often a passion project for the owners as well. They are doing what they love and it matters to them that their accountant cares too. They’re comfortable operating in the fast-paced digital world and are very familiar with utilizing online tools for communication and workflow. They also measure everything and understand the importance of tracking ROI. These are all areas where you can stand out and make your client’s life easier, and ultimately, that’s what people pay for.
You can tailor your services to a specific business or entrepreneur. That way, when that person or business comes across your business, they’ll know you’re the perfect bookkeeper for them. Having a small niche means you can make your marketing efforts hyperfocused. Or maybe you worked as a teacher and enjoyed working with kids and other teachers.
Steps for Marketing Your Accounting and Bookkeeping Business
Marketing agencies tend to be a bit more tech-friendly than most other industry niches. Tradesmen are a tight-knit community, so it may be difficult to build trust initially. Of course, they don’t expect you to know all the technical aspects of what they do, but they do place a high value on professionals who take time to get to know them and understand what they are about.
Spreading your services across a few industries also diversifies your risk because when one experiences a downturn, another might be booming. The pandemic brought about rapid investment and modernization across the healthcare sector. You might deliver an awesome service at a great price, but what if no one knows? Using targeted language and on-point branding, Green Leaf CPA knows their ideal client. Restaurants are a solid niche, even if they did shut down for a period of time during the pandemic. It’s almost at a reset level, with new advancements in delivery service and takeout.
They put credentials, testimonials, headshots of accountants, and several other elements that dig into showing who they are and why they’re the right choice for lawyers. Crypto has insane popularity, is gaining traction amongst the financial influencer community, and the regulations are increasing. All of these factors make a very lucrative niche, from new high net worth individuals to companies looking to invest or take crypto payments. First, the ICPs you settle on may be rigid, a bit more loose, or somewhere in between. But whatever your profile makeup, sticking to finding and closing those clients is an extremely important aspect of niching.
You should choose a niche or two to focus on within your bookkeeping business. They’re delivering tailored content on how to file taxes, crypto accounting software, and other key terms crypto buyers are searching for. Firmographic are traits of the businesses within your niche. For instance, if you’re targeting dentists, perhaps you’d settle on those doctors with 2-4 offices, certain annual revenue, number of employees, and so on.
What that entails is actually working with clients and helping them one-to-one to work on their QuickBooks Online. You are working with a client and customizing your training to show them how to use QuickBooks Online specifically for their business. I found this to be a very profitable niche, and I would actually sell training packages in 3-hour increments.