How to know what’s right for your business
As with any important business decision, make sure you do your homework first. Think about the clients you’re already servicing. Do you notice a trend? What about your background? Is there experience or knowledge from your past that you can use?
If you’re just starting out, identify any markets, industries, or professions that might require specialist services, then research any competitors already focusing on that niche. This should help you pinpoint any gaps your business could fill. It might also be beneficial to enlist the help of a trained professional or business advisor to assist with the groundwork, and then help you devise a strategy for the transition should you decide to go ahead with it.
After considering all these factors, you might conclude that your firm is more suited to general accounting services, targeting a diverse customer base. This could mean a lot more clients, but with many different problems to solve. Accounting software, like QuickBooks Online, can help you stay on top of all your projects and upcoming deadlines, and give you the training and tools to broaden your offering even further.
Servicing a niche market can lead to great success for some firms and accountants, but it isn’t right for everyone. Make sure you’re comfortable being an expert in a single area before you make the switch.
To learn more about where to take your firm next, check out these resources.