Starting a new accounting firm can be daunting—and starting to build your client list can be even more intimidating. But offering a few niche areas of specialization can help you stand out from competitors, attract clients needing specific services, and get your business rolling.
You’ll want to find the sweet spot between accounting niches that set you apart from other firms but still attract a wide client base. Learn the advantages of accounting niches, as well as some specializations where you can hone your focus (and your advertising).
Why offer accounting niches?
Although it’s important to be versatile and capable of handling a range of clients’ needs, opening your new firm by offering specific services or serving specific clients within an accounting niche will unlock immediate advantages.
Develop and sharpen your focus
Accounting niches allow you to gain clarity into where to invest your time and energy. You know where to pour your efforts and which continuing professional education (CPE) courses to choose to grow a single area of learning.
As you build out these skills in a specific area, whether you're serving high net worth clients or providing small business tax services, you'll be able to serve and advise your clients more effectively.
Attract specific clients
Accounting niches allow you to understand your ideal clients' pain points and speak more directly to how you can help them. You'll be able to speak their language, so you can connect with prospects with marketing, improve your sales meetings, and develop stronger relationships with your clients.
For example, if you specialize in real estate accounting, you’ll can create marketing that will attract real estate clients. With a niche in construction, you’ll know the type of services construction clients. would need and offer them. Whatever accounting niches you develop, you have a much higher chance of drawing in those organizations to request your services.
Increase efficiency
Developing accounting niches and specializing in certain industries will require that you repeat many of the same types of projects for your clients. And when you gain experience performing the same services, you become good—and fast—at what you do. This will not only reduce your stress and workload, but it will also open your bandwidth to take on more clients if you want to increase your revenue.
Offer more
Learning more about specific accounting niches allows you to specialize in that industry’s rules and regulations, applying your accounting services to the specific needs of those organizations.
Charge more
When you provide services that meet specific needs with great proficiency and accuracy, and this niche is rare on the market, you have the luxury of charging more for these services than a general accounting firm would. For example, if your new accounting firm offers accounting services specifically for tech companies, you can charge accordingly for your expertise.
6 lucrative accounting niches to consider
#1 Real estate1
From property valuation to real estate development, the industry relies heavily on accounting experts to perform such functions as:
- Reporting and recording lease financials
- 1031 exchanges
- Assessing investments
- Financial reporting on real estate properties and transactions
In addition to the large real estate companies that hire accounting firms for their financial management and reporting, there’s a booming demand for accounting services from the growing short-term rental business—often manned by individuals or small teams that manage one or two vacation properties and need outside expertise to help them keep their finances, taxes, and reporting in order.2
#2 Construction
Construction is a lucrative and abundant business, but the industry mainly consists of small and medium-sized, regional construction companies. This means that there are many individual companies that need accounting specialists.
Construction companies look to accounting firms to help them manage and report their finances, remain complaint with taxes, and more. They also regularly hire contractors; accounting firms help them remain complaint with state-specific labor laws and expense allocation for their jobs.2
#3 Tech
SaaS companies are becoming more prevalent in the market, and while they need a knowledgeable accounting for the standard services, like tax preparation and financial statement preparation, they also need very specialized services, including:
- Advisory services
- Growth and expansion planning
- Tax planning
- International transactions and compliance1
Any tech startups looking for investors need to present a solid financial statement and growth plan.2 When you specialize in a tech-focused accounting niche, you can be the firm to serve this profitable and growing industry.
#4 Medical & dental
Healthcare is a trillion-dollar industry and one of the largest in the USA. You can tap into this market by providing the necessary accounting services that medical and dental practices of all sizes need to stay compliant and profitable.
Learn the details of insurance reimbursements, government regulations and compliance, patient payment plans, and expanding into new streams of revenue.1
#5 Home contracting and repair
Home workers—professionals like HVAC technicians, plumbers, electricians, landscaping workers, and repair contractors—take on many jobs at once, sometimes working alone and sometimes managing a team. They rely on accounting firms to handle their financial reporting and tax compliance.
Building your expertise in this accounting niche involves learning more about these professionals’ work, schedules, jargon, and business models, using all this to connect with your clients and help them grow their businesses.
This market is a tight-knit group of professionals. Offering this accounting niche often means that, once you’ve gained the trust of one client, you’ll quickly gain more clients through word-of-mouth referrals.4
#6 Law
Lawyers, like accountants and doctors, work in a profession that is always in-demand. This lucrative industry offers the opportunity for you to provide specialized knowledge to support legal firms of all sizes. Accounting services that you could offer law firms include:
- Tax compliance
- Financial reporting
- Growth strategy
- Client billing
- Consultation, investigation, or testimony for financially-related cases
Lawyers value facts, accuracy, and professionalism. If you’re able to demonstrate these qualities in your work, in addition to industry knowledge and your accounting services, you’ll likely thrive in this market.4
Choosing your accounting niches
Choosing your new firm’s accounting niches depends on multiple factors. Regarding the niche itself, you’ll need to consider things like:
- Profitability
- Industry outlook
- Specificity
- Ability to stand out
- Local market need
It’s also important to consider what you bring to the table. What areas interest you most? What services do you want to provide? Consider your interests and experience that will build the foundation on the road to specialization.
Refine your accounting niches with CPE
There’s no better way to start a new form or grow your existing one than to offer accounting niches that fill a very specific market need. Start refining your specialization through CPE courses that train you with accounting techniques and industry knowledge.
Choose Becker Prime CPE to unlock unlimited learning potential that completes your requirements and gives your firm a competitive advantage!
Unlock unlimited CPE with a Prime Subscription
Becker makes it easy to meet your CPE requirements, gain new skills, and stay aware of critical updates and changes in the industry!
With Prime, you can access over 1,700 courses for a full year and earn unlimited CPE credits.
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