Dec. 21, 2022

221 12 Reasons to Niche Your Accounting Practice

221 12 Reasons to Niche Your Accounting Practice

*Want one piece of business strategy delivered daily to your inbox?* Subscribe here: In this episode, I want to give you 12 reasons to focus on a niche or an industry, or your ideal buyer or a market segment. Whatever term you like to call it. There...


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In this episode, I want to give you 12 reasons to focus on a niche or an industry, or your ideal buyer or a market segment. Whatever term you like to call it.

There are slight differences in the details but what's most important is understanding how valuable it can be to your business to focus on an ideal buyer, to pick a niche and move in that direction. 

  1. It simplifies your business.
  2. It deepens your expertise
  3. Expertise is more valuable than general knowledge. 
  4. When you create value, it enables your prices to go up. 
  5. When your prices go up, your margins also go up when you niche. 
  6. When your prices go up, you need fewer clients to meet your revenue targets.
  7. Your business starts to feel easier, because there's just less to keep track of.
  8. When all your clients look like each other, it becomes so much easier to systematize.
  9. The more you can get your clients to nest the more space you create in your business and the more mental space you create in your mind. 
  10. When you niche and you focus on an ideal buyer and you deepen your expertise, you become less duplicatable.
  11. You put yourself in a position to sell expertise without having to do any work.
  12. Niching and going in the direction of deepening expertise creates options for you in terms of how to create revenue.

 

And here are some of the objections that I hear about niching: 

  1. Letting go of existing revenue.
  2. I won't be able to create future revenue.
  3. I will be bored.
  4. It feels limiting, as in, “I’m eliminating too many potential customers.”

 

Each of the above objections gets addressed. 

Narrowing your industry, your niche, focusing on an ideal buyer opens up more options for you.



Episode mentions:

211 Pricing for Improved Profitability

212 Hold My Beer and Watch Me Niche

220 How to Price for Access, not Work

179 Digital Products, Courses, and 90% Margins with The Real Estate CPA

 

Blake Oliver's Earmark CPE podcast

https://earmarkcpe.com/