How to pick a niche for your bookkeeping business

Are you struggling to pick a niche for your virtual bookkeeping business? I hear so many of my peers asking, “How do I pick the ‘right’ niche?”, or “What is the most profitable niche?” Honestly, until recently, I thought that I had enough of a niche, by specializing in QuickBooks Online. But, after taking some time exploring my options, I recently I changed my niche to working with creative e-commerce sellers who use QuickBooks Online, and it’s made a huge difference in my business. So today, I’m going to give you some tips on how to pick a niche for your bookkeeping business.

Click on the link below to watch my video: How to pick a niche for your bookkeeping business:

What kinds of niches are there?

First, understand that there are different kinds of niches you can specialize in. It might be a client’s industry, their personality, or the software they use. It could even be the apps that they’re using.

I happen to specialize in creative e-commerce sellers, using QuickBooks Online. They might be using Amazon, Shopify and other marketplaces, so I specialize in all of those. This allows me to focus on the problems and needs they are likely to have. So, you can niche to an industry, a type of client, a tool they use, or all of the above.

Focusing on your interests

When deciding on a niche, I would encourage you to think of what you’re passionate about. What are you interested in? I really didn’t make the connection between my love for arts and crafts and working with creative people until just a few months ago. I was compartmentalizing my personal interests from my business. Then I realized that what I’m most passionate about is working with creative business owners, and particularly creative online sellers. This allows me to work with like-minded people and spend time on topics I really enjoy!

Do you love pets? Well, perhaps you should be working with veterinarians or people in the pet industry. Do you have experience working in the retail industry? Then work with retailers. Do you love online shopping? Then focus on e-commerce. Do you love eating and cooking? Then focus on restaurants. It can really be that simple to pick the ‘right’ niche for your bookkeeping business. So, once you choose a niche that interests you, what’s next?

Learning about your niche

You may be asking “How do I learn about all of these industries?” Well, the reality is that there is not a whole lot of niche-specific bookkeeping and accounting training out there. What you have to do is really get to know these business owners and understand the pain points and struggles they face. Get to know their unique set of problems so you can apply bookkeeping and accounting principles to help them find a solution.

You might have some clients who are invoicing for services. Some are using a point-of-sale system, like retailers and restaurants. Some are selling online, like e-commerce. Each will have specific needs and problems that you can help them solve.

Once you decide on a particular niche or a couple of niches that you think would work for you, the next thing you want to do is find out everything you can about your ideal clients. Find out where they hang out online. Do they have associations, Facebook groups, meetups, training, or conventions? Google is your best friend here.

A quick online search can produce a lot of valuable resources. You can often find groups and associations you can join as a vendor or supplier or just to start networking with professionals in the industry to learn about their needs. Many associations maintain a list of vendors and people in the industry often look for suppliers from that list. See what it takes to be included on that list for your niche.

You can also learn about apps and software that are popular. Often, these apps will offer free training so you can become an expert in the tools your niche is using. Reach out to the app developer and ask about a demo or any training they offer. If you work with specific accounting software, like QuickBooks Online, you can search for apps and software for your niche that integrate with that accounting platform.

When you’re targeting a niche related to your interests, you can also learn from your own connections. For instance, if you’re working with veterinarians, reach out to your own vet. Maybe take them to lunch, or grab a cup of coffee. Ask them what their biggest needs are on the financial side of their business. Find out what their biggest business challenges are. You’ll get some great information and be better prepared to help them solve their problems.

Focus is a good thing

Finally, my biggest advice to you is don’t be afraid to narrow down your focus and really specialize in a niche. We tend to think that we’ll get more clients if we work with just anybody, but, in reality, the complete opposite is true. You will find more clients if you narrow down your focus and clarify your marketing message. You’ll be more memorable and your marketing will be much easier!

Closing

I hope you are inspired by my advice on how to pick a niche for your bookkeeping business, and realize that the decision is actually an exciting opportunity. Finding a way to merge your interests with your skills as an accountant or bookkeeper can be life-changing, and give your business a huge boost. Leave me a comment to let me know what bookkeeping niche you have chosen. I’d love to hear from you.

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