It’s inefficient and unsustainable to try and master the pain points and trends of several different industries. In order to raise your profits and effectively take back your time, you should focus on one accounting niche.
Selecting a niche helps you improve the effectiveness of your marketing and gives you the opportunity to learn how to speak the language of your dream clients. When you can do that, you get an inside look at both their pain points and growth drivers. Last, but certainly not least, it allows you to become the go-to person in a high-demand accounting niche. Here are our favorite niches for accounting firms in 2023 AND why choosing a niche is important.
The Advantages of Choosing An Accounting Niche
- SPEAK THE LANGUAGE OF YOUR DREAM CLIENTS
When you focus all of your time and energy on one specific niche market, you become intimately familiar with your dream clients’ pain points and success stories. This allows you to better understand and solve their primary concerns without them having to ask. Choosing an accounting niche helps you connect with your dream clients.
2. EARN THE COMPETITIVE ADVANTAGE
Let’s say that you’re looking for a new email software. There are tons of them to choose from, and they all accomplish the same thing. But what if one of them was designed specifically for accountants? Your choice would already be made. Specializing in a specific accounting niche helps your firm stand out amongst the thousands of other competing accounting firms.
3. SECURE PREMIUM PRICING
Specialized services, customized for a specific audience always earn higher rates. When you take the time to get to know your dream clients and their businesses, they are willing to pay a premium price, for what they recognize as a premium service. Narrowing your accounting niche allows you to command the value you deserve.
Accounting Niches To Tap Into For Higher Profits & Better Clients
If this looks familiar… Congratulations, you’ve been paying attention. We’re updating our list for the upcoming new year. You can review our old post here if you would like to explore other high-demand accounting niches. There are hundreds of different CPA niches to choose from. This is not a comprehensive list, but a highlight of some of the fastest-growing industries that aren’t oversaturated by accountants.
CONSTRUCTION
The construction industry ground to a standstill during COVID but is currently on a record-breaking path forward. With a 9% increase in new projects in 2022 and an expected increase of 6% in 2023, the industry has catapulted through the recovery period into a new era of unprecedented growth. Start adding value to this industry early, and become the go-to accounting expert in the construction niche.
CANNABIS
It’s one of the fastest growing industries in the country, and they NEED entrepreneurial accountants. As a niche with particularly tricky tax & accounting requirements, cannabis-related businesses need an accountant that knows the ins and outs of their industry. In 2021, the cannabis industry generated an impressive $25 billion. By 2026, it’s estimated that cannabis sales will grow to $50 billion. This industry is still in its early stages… The perfect time to establish your accounting firm as an invaluable resource.
TRANSPORTATION
Supply chain problems are causing pent-up demand in the transportation industry, and it’s about to overflow. And as a result, the transportation & logistics industry is poised for an explosion. Businesses are willing to pay a premium price to get and store the goods they need on a reasonable timeline. Currently, the United States trucking industry has a higher GDP than 150 countries and trucking rates are expected to increase, ensuring the need for more CPAs to serve the transportation industry.
HOSPITALITY
In yet another pandemic rebound, the travel and hospitality industries expect to see record numbers in 2023. Tour operators, travel agencies, cruise companies, and hotels & motels are all expected to see revenue growth of above 50%. The hospitality industry is going to need specialized accountants to help successfully manage all of this financial growth. Start zeroing in on this accounting niche now, to earn maximum profits in 2023.
BLOCK CHAIN & CRYPTOCURRENCY
Cryptocurrency and blockchain technology is an increasingly interesting CPA niches for entrepreneurial accountants. But, because of this industry’s fast-paced growth, there is still a sea of opportunity. Accounting professionals are required to effectively and properly manage these digital assets. Plus, there’s the increasing opportunity in crypto-driven taxes. Total revenue from this industry is expected to grow by $74 billion in the US by 2027.
More often than not, knowing how and why to choose a specific niche is the most difficult part. We put together a quick guide here to help you determine which accounting niches are right for your goals and your firm. Finding the right niche is just as important as choosing a niche in the first place.
I Know My Niche, Now What?
Choosing an accounting niche is one of the first steps to building your dream accounting firm. But it’s just that, a step. Choosing a niche won’t miraculously raise your profits. You also need to learn how to revamp your client acquisition strategy and restructure how your firm operates. Those two things are exactly how so many entrepreneurial accountants have found success with the Create Your Dream Firm program. If you’re ready to niche up and set your firm up for unprecedented success in 2023, you’re not alone.
