Many CPAs serve a general population of people, doing accounting for anyone with a business, and taxes for anyone who needs a return. As a result, their focus is broad, but diffuse, and because they don’t go deep into one subject matter, it...
Many CPAs serve a general population of people, doing accounting for anyone with a business, and taxes for anyone who needs a return.
As a result, their focus is broad, but diffuse, and because they don’t go deep into one subject matter, it makes it hard to provide enormous value that would justify high fees.
So, rather than grow revenue by increasing value and therefore fees, many CPAs grow revenue by increasing volume.
This is a sure-fire path onto the hamster wheel.
Instead, focusing on a particular vertical, or niche, can solve the aforementioned problems.
Here today to talk with me about niching and niche drama is SaraEllen Hutchison.
SaraEllen is a solo practicing consumer rights trial lawyer. She stands up for the rights of individuals bullied by debt collectors or overwhelmed by the mess of identity theft, resulting in 6-figure verdicts and substantial settlements.
— “Niching creates efficiency and time – I focus on one thing, and get really good at it. That builds confidence and I serve the client better.”
— “Finding where you really belong and where you really fit in is vital to being happy enough to stay in an intense profession like the law.”
— “It's important to be patient with yourself, but also, not get so used to the comfort of the familiar.”
— “The nice thing about finding a niche that's not a super obvious one is that you don't have to outspend your competition in advertising.”
— “I'm totally better off financially because I niched down and I'm better off in a holistic sense in my whole lifestyle.”
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