10 Interesting and Lucrative Accounting Niches for 2023

So for me, that’s anything without job costing or inventory. My ecommerce clients pay me the most per month, but they take longer than my online coaches. When it comes to small contractors they have specialized needs, sometimes the accounting software can do the job, sometimes they need an ‘app’ to do what their financial software can’t. You want to build a thorough negative keyword list so that your ad doesn’t show up for ancillary searches that have different search intent. Think of all the other companies targeting this niche, you don’t want to show up for bad keyword searches.

Odds are a law firm would prefer a legal bookkeeper over a general bookkeeper. Real estate is also one of those industries that exist everywhere. No matter if you live in a major city or a small town, you can start a real estate bookkeeping business. Real estate is another excellent niche idea for your bookkeeping business. You can work with real estate companies and individuals to manage the books. Lucrative to me means the highest profit margin for the least amount of time.

Getting Started in Your Niche

You and your team might have a wealth of expertise across a few different industries or business types and you can create marketing for each one specifically. Should you focus on one particular industry or business type or is it OK to work with a wide range of clients. Yes, this will include all the tools and features of our Essential websites. In addition, our niche website will focus on your specific industry or specialty service with customized writing, pictures, SEO, etc. Being in an annuity-based business accountants are fortunate to get a lot of repeat business. Being an expert in one industry allows you to improve client retention and increase referrals as well.

• You can connect with other trusted professionals who can provide the solutions you’re looking for.
• What was once an all-cash business has become mainstream and, as with any mainstream business, needs accounting support to comply with accounting and tax regulations.
• Doing so will help both you and your clients to be successful in business.
• Usually we’ll first do the clean-up and then get them caught up.

Many bookkeepers don’t have a clear niche of clients they focus on and, as a result, they likely accept any new customers that walk through the door. Includes website hosting, technical support, and accounting firm productivity tools. We have over 20 specialized niche accounting industries and are adding new ones every year. If there is a niche you want to target, call us and we’ll give you a quick answer.

Position your company as the expert in your niche and start growing your business.

After college, Ben worked in accounting and finance roles before he became self-employed by buying an existing firm from a retiring CPA in his hometown in December 2015. He then scaled his firm using digital marketing and a consultative sales process, and he’s helped over 300 firms in 6 different countries do the same by getting high-paying remote clients. Click here to see his 3-step system to get bookkeeping and tax clients who are eager and willing to pay premium fees without spending a dime on advertising.

Homes have been selling like hotcakes and not just as places to live. Another facet to consider is what is your ideal client’s minimum revenue? This is important if you want to charge premium prices because they have to be able to afford you. If you’re wanting to charge premium prices but only want to work with solopreneurs just starting out, you have a mismatch, and it’ll make it really difficult to attract those clients. It’s common for people in our industry to say “you have to have a niche.” And it’s true, finding clients gets easier once you do.

I think a bookkeeping business can work with any business that’s profitable, but if they choose to focus in the niche, they’ll create a concentrated bit of momentum. Kruze targets software and SaaS startups with specialized services and content marketing geared toward founders. Here’s a non-exhaustive list of some of the accounting niches out there along with some firms that focus on them. Psychographic traits are things such as personality traits, attitudes, values, and interests.

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Well, perhaps you need to stop offering bookkeeping services, and focus on three very profitable QuickBooks Online niches that I’ll share with you. Yes, you can absolutely get more clients by having a QuickBooks Online niche, and not just QuickBooks Online but very specific QuickBooks Online niches. Many Dext partners focus on various sizes of clients, but we know that many of our partners help the small and medium businesses that make up our communities. Firm size specialization refers to the size of the client’s business. Although every business is different, some common trends and factors impact businesses appear differently based on their size. Being a specialist for a specific sized client will allow you to become more versed in the issues that impact them.

If you love coffee, are a big-time foodie, or have a passion for helping smaller family-owned operations, this can be a very rewarding field. Another way to add value is to help your clients streamline processes by implementing the latest time-saving technology and apps. Being well-versed in these tools will help you advise your clients on how best to run their businesses.

Though real estate is not a new field by any means, it’s still a lucrative field involving a large number of investors. Additionally, new investors are entering the industry in record numbers both as real estate investors and realtors. A record number of individuals secured their real estate licenses in 2021.

How to Select a Niche Market for Your Accounting Firm

You’ll see some other resources around the internet like this for accountants, this for tax firm niches, this article talking about copywriting niches, and then there’s the mega list of niches. If you will focus on a specific industry, the difficult part for any accounting firm is to actually choose which niche to focus on. You can’t train to be an expert advisor for every single business type because there’s simply too much to learn. Picking a specific niche that your accounting firm specializes in has never been more important. It will help you grow an accounting firm like nothing else can. Ben Brown is an entrepreneurial accountant who helps accounting professionals start and grow wildly profitable virtual bookkeeping and tax firms.

Discover new days sales in inventory specifically for them…and you will create value that never existed before. While we recommend your firm has a wide array of services to sell and upsell clients, if you’re a general firm, you could benefit from choosing a specific transformation niche to concentrate on. Perhaps you already feel you’re best at tax planning, or you love doing financial coaching, but hate tax preparation. Maybe you already do a bunch of CFO services, or you expertise in exit planning. An industry niche is specific to an industry such as “We’re an accounting firm that specializes in helping restaurants.” It’s a specific type of business you work well with. Maybe it’s dentists, restaurants, e-commerce businesses…the list is endless.

This shows that 75% of the accounting firms we surveyed either have no niche, or the niche they do have is in trouble. —With a specific message, you’ll be able to micro-target your audience with precision. Many clients will actually find you because they are searching for an industry specific accountant, someone that “gets them” and their problems. Join industry associations, such as the Construction Financial Management Association for a construction-focused niche or the Healthcare Financial Management Association for a medical practice niche. When you become an expert in one niche areas, you start speaking your clients’ language.

A subterm is “niching” which means your firm specializes in servicing a particular market or industry. Your marketing material speaks to those businesses, the website is full of their industry language, even your services are tweaked to cater to that subset of business. A large number of people working in the entertainment industry are independent contractors. While they mainly started as sole proprietors, as their business grows, they may need to consider forming companies and hiring staff members. While you can’t always spot the next star, you can find people with enough revenue to warrant your services.

They’re also a profitable niche for your bookkeeping business. Whether you’ve worked as a bookkeeper or not, a bookkeeping business can be a profitable venture. But if you want to be the best bookkeeper, you need to pick a niche. Construction is notorious for attracting folks who don’t pay their bills and are not the type of clients you want. Crosby Digital Marketing helps financial service businesses build and manage Google Ads campaigns that drive high-quality traffic and leads to your website. We will pull potential customers into your sales pipeline by creating an email marketing campaign that educates your prospects and positions you as the expert in your niche.

One benefit is that you can charge a higher rate for your services. When you become an expert in your niche, you’re more likely to be in high demand with new prospects, which means that you have the option to charge a premium. Before you decide which niche is best for your professional interests and qualifications, you should take a look at as much data and market research as possible. This background information helps you make a wise decision for business growth that aligns with your personal and professional passions. To be a general practice accountant, you still need the same training and qualifications.