Finding the right niche for your bookkeeping business is essential to establishing and growing a successful business. It means you can be better at what you do than your competition.
Bookkeeping businesses offer similar services, but establishing yourself as an expert in your niche helps you stand out and makes you more appealing to clients. Here is your guide on how to pick a niche for your bookkeeping business.
Review Your Business and Clients
It is likely you are already leaning towards a niche but just haven't yet noticed it. Take some time to review and explore your business to see what is the most viable and profitable niche for your bookkeeping business.
Are there any important trends in the type of clients you already work with? It is natural for you to build client lists within an industry. Are there industries you seem to focus on and can you attract more business from this industry?
Do you have networks and relationships you can leverage to attack more business? Are there networks, conferences, and associations you can join to build your client list?
This one should go without saying but is often overlooked.
Are there particular clients or services that are more profitable than others? Are there clients that you spend hours of time on for little revenue? Can you spend more time on other clients or on attracting other clients that will generate more revenue?
And are there business services that you are able to deliver that are more profitable, and can you deliver those quickly and expertly to new clients?
Find out which clients need you the most. What industry are they in and what services do they need? Focus your energy on finding these clients and delivering this service better than your competition.
What Do You Enjoy?
Are there particular businesses and services you enjoy more than others and can you grow your business in these areas? And who do you love to work with? You might find it rewarding working with not-for-profits.
Be careful here though. You do not want to miss opportunities to grow your business in a great niche simply because it isn't on your list of interests.
Another great way to find a niche for bookkeeping businesses is to start a bookkeeping franchise. The BooXkeeping franchise model allows you to deliver quality bookkeeping services to your clients while you build your own bookkeeping business within your niche. You will learn from industry experts and have access to invaluable resources.
Know How to Pick a Niche for Your Bookkeeping Business
Knowing how to pick a niche for your bookkeeping business will allow you to specialize. This sets you apart from your competition, helps new clients find you, and brings in more revenue.
Finding your niche means that you can create a client list of businesses that need your expert services to succeed. Find out more about your niche here.