EP45: Ingrid Edstrom How To Find Your Profitable Bookkeeping Client Niche

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By having a niche, you can position yourself as an expert in that area and create targeted marketing messages that will resonate with your ideal clients. Yes, all of our websites are built with search engine optimization. So that, gradually over time, your website will be easy to find in the search engines. And because it is easy for small business owners to find your website in the search engines, our websites will generate leads for your practice. If you offer only one industry or specialty service within your accounting practice or you wish to grow only one industry or specialty service within your accounting practice.

If you realize you can’t make enough, you can wave accounting for other bookkeeping niche ideas. It’s not worth choosing a niche if it won’t get you enough money to support yourself. You could focus on local restaurants if you enjoy trying new foods. Or, if you have a passion for the arts, you could work with arts organizations. If you don’t have experience or want to do something new, focus on what you like. If you’ve been in the workforce, think about your previous jobs.

profitable QuickBooks Online niches for bookkeepers

In fact, many restaurants are having a tough time hiring enough staff to keep up with demand. Many people purchased vacation homes during the pandemic to have a safe place to stay on weekends. Sites like Airbnb, HomeAway, and Vrbo make it easy for property owners to rent out their vacation homes while not in use. Access all Xero features for 30 days, then decide which plan best suits your business. Your business plan is vital to reality checking all those ideas you have.

Within the entertainment industry, there’s room for further specialization. You could focus on a specific talent such as comedy or lighting specialists or talent agents. Though restaurants don’t meet all of the criteria outlined above for the best niches, the large number of restaurants can make it a lucrative niche.

The Benefits of “Going Niche”

Ask business owners what keeps them up at night, what challenges and opportunities they see, and what services they want that their accountant doesn’t currently provide. This will help you build out your accounting niche to offer value-added services to your client base. The problem is, different industries have different problems, opportunities, best practices, and key performance indicators .

After you start, you may not need to work that hard to get new clients, and you can raise your rates to earn even more as you gain more experience. You won’t have to worry about finding the perfect niche yourself. And you can get help with marketing and training to help boost your business. If you aren’t sure if your chosen niche is a good idea, you can ask someone else for their thoughts. You can connect with a bookkeeping franchise to get support along the way when building your business. You can focus on all medical services, or you can specialize in bookkeeping for certain medical specialties, like veterinarians or chiropractors.

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Non-profits focus more on fulfilling their mission, while for-profit companies answer to their stockholders. Both can be profitable, so consider what you want from your work. You may want to work with a bigger company for more structure, for example.

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The more clients you serve in your chosen niches, the more you will learn about their business, and the better you’ll be able to serve them. Before you know it, potential clients will seek you out as the go-to specialist in the industry, and your profits will grow along with your reputation. For many accountants, the challenge is selecting the right niche. To help you out, we put together a list of the fastest-growing niche markets for accounting professionals. Any business that needs a part time accountant or bookkeeper is a perfect niche, but some niches are easier to focus on than others.

  • This person has a lot to prove, and wants things to run smoothly.
  • While most veterinarians have in-house resources to assist with billing clients, they still need financial statement preparation, income tax advice, payroll processing, and sales tax assistance.
  • Remember that restaurants are often a passion project for the owners as well.
  • As the other person said, don’t hitch your horse to one wagon.
  • That can be a great sign that legal bookkeeping is the right niche for you.

You should consult your own professional advisors for advice directly relating to your business or before taking action in relation to any of the content provided. You can target industries or niches in specific states as well – allowing further concentration of the niche. This CPA firm created content around surviving during the pandemic, turning the downturn into a positive.

Disadvantages of Accounting Niches

If you have an interest in health care, you can utilize that to start a medical bookkeeping business. It’s one of the best bookkeeping niche ideas for practicality. You can work with engineering firms to help manage the finances, and you can do many of the same tasks as you would for any other business. Working with a law firm can be difficult because you need to make sure the attorneys don’t accidentally report personal expenses for the business. Attention to detail and organization is essential for success as a legal bookkeeper. But when it comes to construction and trades in my area you will not find anyone more knowledgeable.

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It would generally take me 6 to 12 hours to train a brand new QuickBooks Online user. So, that was the first profitable QuickBooks Online niche, QuickBooks Online coaching and training. Tech has already transformed our lives and is showing no signs of stopping anytime soon.

After a challenging couple of years, restaurants have bounced back significantly. It’s not hard to see why since eating, drinking, and merrymaking is always a popular pastime. And with the various nuances of cash flow, tax compliance, and tip reporting — just to name a few — accountants who understand this niche will always have their plates full with clients.

Starting a bookkeeping business

—ChiroPro isn’t just a group of accountants, we’re financial experts for chiropractors. We can help you with all your tax and accounting functions to make the most profit possible. While most accounting firms just help with your tax prep, that’s just where we start. We help you focus on chiropractic forecasting and budget management, chiropractic wealth management, chiropractic practice acquisitions, consulting, tax planning, payroll, and insurance. In short, we craft everything we do specifically for chiropractors. The number three profitable QuickBooks Online niche, and this is the one that I focus on now, is QuickBooks Online clean-up.

Many of these high-earning independent contractors could benefit from forming an LLC or S-corporation, which comes with its own set of books and tax returns. The Internet has become a part of our daily lives, and the need for software to service our various needs is growing. The software as a service industry grew by 11.7% in 2021 alone.

  • We’ll work together to answer these questions and lay the foundation for a successful marketing campaign.
  • Becoming an expert in a sector can let you stand out from the crowd.
  • Additionally, software companies seeking outside funding need solid financial statements readily available and may need a financial representative to meet with investors.
  • A guide to help you work through the big decisions around starting a bookkeeping business.

You can set up your business almost anywhere, and you can find at least one nearby hospital. While you may be a bit far away if you live in a rural area, there will be a hospital somewhere.

Many software companies are started by a single individual or small team of founders. Though they have a passion for programming and software, they often need assistance with money issues and don’t need full-time accounting staff. Offering fractional CFO services to software companies is a growing niche. But if you don’t niche down, you won’t be an expert in any one area. Instead, focus on a niche and learn about the finances behind that niche so that you can better help your clients.

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You can save your construction clients a ton of time and money by offering these skill sets. For these reasons, positioning yourself as a construction specialist can be very lucrative. In this article, we’ll explore the benefits of specializing in a niche and go over the 10 best tax and accounting firm niches.

A VC Told Him He Had a Billion-Dollar Idea. He Stayed Niche Instead – Inc.

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In addition, fewer businesses want stale reporting that provides a recap of what happens and want their accountants and bookkeeping professionals to provide real-time insights to power their decisions. As a result, more partners are moving to this advisory area of specialization. It opens the opportunity to make a more significant impact on their client’s success and provides additional opportunities for more revenue from both current and future clients. Material discussed is meant for general illustration and/or informational purposes only, and it is not to be construed as investment, tax, or legal advice.

Whether it’s startups, small businesses, and larger firms, becoming a subject matter expert in clients of a specific size unlocks unique opportunities for your firm to solve unique issues. Things such as contracts, payment schedules, and even standard suppliers allow you to better serve your clients by building a solid foundation that will make your firm attractive to similar businesses. New developments, infrastructure maintenance, building renovations, and upgrades — the sky’s the limit for contractors and construction.

My entire business has been built from the momentum I created on YouTube. The key to having a successful lead magnet campaign is that you really need to identify something that peaks the interest of your end-user. This all starts with creating a piece of content that’s actually really valuable.