Have you found your niche?

Should you be a jack of all trades or master of one? On one hand, you want to broaden your reach and be everything to everyone - but you also recognize that being a specialist can strengthen relationships, add credibility and improve your service. Here’s a look at how to go niche, and not go wrong. 

The personal touch

In many respects, you can apply the same services in the same way to pretty much every client, regardless of industry. So what would specializing or providing niche services really look like? Specializing isn’t about changing what you do, but rather learning the intricacies of what your client does and what their needs are, so that you can offer services that support their entire business - beyond accounting. 

How to find your niche

If you've been in business for a few years, you may already have a specialty, and don’t even know it. Maybe it’s an industry that’s vital to your area, or one that’s just emerging. Maybe you have expertise in a particular field or friends with connections that can generate leads for you. It’s also a good idea to pick a niche that you’re interested in or passionate about learning more about. If you say you specialize in an area but don’t know anything about it, it won’t feel like an authentic choice, and clients will pick up on that. Some good places to start include health and wellness, franchisees, food service and hospitality, technology and construction. It may require some strategic and operational changes to service that niche, but there are a lot of rewards to reap once you get started. 

Stand out in the market

A lot of accounting firms offer the same services to the same clients, often for the same price. By specializing and targeting niche industries, you can set yourself apart from the pack and create a competitive advantage. You obviously still want to leave the door open for clients outside the niche, but you can leave that door open, while providing personalized services to a specific group. 

Let them find you

Setting up niche services can help you get to the top of online search results for certain clients. You can create dedicated pages on your website for different industries where you’ll demonstrate your deep insights about their business, and talk about the services they need most. You can create blogs, social media campaigns and other meaningful engagement opportunities, and encourage one happy client to recommend you to another. 

Getting started

While this all sounds amazing, you have to put some leg work into starting niche services, and integrating them into your existing business.Take inventory of your business in terms of what you’re good at, what type of businesses you’ve been serving so far and what’s happening in the market. Maybe you have a passion for and insight in the tech field. If so, then that could be a great niche for you. Or perhaps, you already have a few clients in agriculture. If so, you can start to nurture and grow those roots a bit more. And watch for industries that are flourishing versus ones that are floundering. Choose wisely, and do your homework. 

Spread the word

Once you’ve picked your niche - one that fits your passion and experience, it’s time to communicate this to prospects. Maybe you want to create a new business that solely services your niche. Or perhaps, you can build some messaging into your existing marketing and communications tools. Start creating content for your niche through blogs, social media posts and online newsletters - and invest in some paid search advertising so that your message is getting in front of the right people at the right time. 

Time for another niche?

Once you’re off to the races with a niche, it’s time to consider a second one. Maybe your second specialty isn’t in a particular industry - but in a different region altogether or a consulting service. Talk to your team, tap into their knowledge and experience and start thinking big about where you can take your business next. Anything is possible.