Bookkeeping is a type of profession that is mostly seen as an overall single thing. Pretty much every business needs bookkeeping administrations. However, every business is unique. You could treat them generally on a similar route for bookkeeping purposes. But it will not be a productive idea. At the starting of their career, bookkeeping firms only want clients anyhow, they can take the work from any sector and market. 

Since. you have started earning money, you’ve likely understood that to push your benefits to the highest, you need to focus on separating your business some way or another. 

One approach to do this is to set up a speciality (Niche) for yourself. That implies advancing yourself as a specialist in a specific zone to separate your business from different bookkeepers. Your speciality could be engaged around an area, an industry, a kind of entrepreneur, a subject matter or a specific bookkeeping service. 

Clients are getting smarter, they just don’t want a bookkeeper. They need a firm who can provide them with special services and offer them quality. Having a specific niche is quite important to show yourself as a specialist in the market. 

Let’s talk about the benefits of having a niche. 

  • By defining a niche in the bookkeeping area. You will have your USP (Unique Selling Proposition) which you can use to lure the target audience towards your business. It will give you a strategic marketing plan. 
  • Your business will be easier to find online. People who are searching for your speciality business will be easily able to find you. Suppose, clients only look for payroll processing outsourcing partners, then you will be in their alternatives book as you are best at that niche. 
  • You will get more networking opportunities because events and seminars of your niche will invite you and there you will have more confidence in talking about your business. 
  • You can ask for good prices for your services. These prices define your expert level, if you’re a top-rated tax filing expert then you can charge as per your brand value. 
  • You will get more referrals in the market because your firms will be the first name coming out from the mouth of your clients when they talk about your niche. 
  • More business ideas will be generated for diving profits. You can enter into multiple niches after that. 

How to find a perfect niche? 

It relies upon the number of skills and abilities you have in the field of accounting and bookkeeping. A perfect niche is what you can easily ace in. The level of knowledge in this niche should be extensive. 

You will fall into a niche automatically by checking the field your customers are taking your help and in the market generally. For example – companies in the accounting industry mostly hire and outsource bookkeeping services to handle their payroll processing, data entry, and invoice generation etc. 

Here we have talked about some ways to understand the ways to find a niche. 

  • Check what your clients prefer to hire accounting firms for. You will get a vague idea whether your current services are market demand or not. 
  • Do you have any network with a particular type of industry that can provide you a great number of clients? For this you can check the social media accounts of your leads. 
  • Understand the differences between all the niches and decide which niche will make you more money. Tax filing and preparation is a type of niche that can get you many clients as it is one of the most difficult things to understand and business owners don’t have the time to learn all the tax rules and regulations. 
  • Look for the most preferred outsourced bookkeeping service in  your local area. Getting local clients will become easier in that sense. 
  • Check what your area of interest is. Do you enjoy working in that niche. Don’t do it just for the sake of money. 

Now, what type of niche is popular in the bookkeeping world? Below we have talked about some niches, let’s take a look at that

  • Trust/Estate Accounting
  • Accounting Information Technology
  • Forensic Accounting
  • Mergers and acquisitions
  • International Tax

After Covid-19 pandemic, business owners needed specific consultancy from bookkeepers. Below we have talked about those special offerings: 

  • Cash Management
  • Budgeting
  • Forecasting
  • Tax Planning
  • Bankruptcy Consulting
  • Business Shut Down Consulting