5 Types of Accounting Niches and Segments

5 Types of Accounting Niches and Segments

A niche is simply a small portion or a segment of a big market. These segments contain group of people with similar needs and behaviors. There are many niches out there that you, as an accountant, can be a part of. The problem lies in finding the appropriate one to get clients that suit your services.

It all begins with thinking about the types of customers you want. What are their preferences and needs? Can you fulfill these needs? If you can, these are called ideal clients. So, building an ideal client profile (ICP) is something of great importance. However, if there are a number of clients in various industries and none of them is profitable or working for you, it’s important to take a look to better evaluate your niche.

Now let’s see 5 types of accounting segments you can get into:

Cryptocurrency

Crypto is a lucrative segment. It is growing on insane levels. In 2020, the global cryptocurrency market was valued at $1.49 billion and is expected to reach $4.94 billion by 2030. Crypto is gaining a lot of traction amongst the financial influencer community. Large companies and high net-worth individuals make a lot of investments in this niche. Cryptocurrency is a good niche as the cost per click (CPC) for accounts is very high. However, accountants must have lot of knowledge about it to beat competitors in the market. So, what are you waiting for?  Take your inspiration from Founder’s CPA.

E-commerce

From unique single-product shops to large retail giants, you can find anything online. E-commerce is a huge business with complex shipping and multiple distribution channels. It is one of the most growing segments in the world. By 2023, it is expected that e-commerce purchases will rise by 22%. Most of the estimations are quite optimistic concerning this area. Many accountants can benefit from this segment as it is very a profitable and saturated niche so it is comparatively easier to find clients. A very good example of this is Bean Ninjas.

Food and Restaurants

Food is an absolute necessity and will always be a solid niche. The annual growth rate of the food segment is 23.26%. Even if many businesses in this niche shut down, as they did during the Covid-19 lockdowns, the segment reset itself. Restaurants began offering their customers online deliveries and making homemade food during the lockdown to keep their businesses afloat. Tremendous innovation can be seen in this segment over the last few years. The biggest advantage is in this area is that accountants can improve profitability considerably. By helping price their menu items and tracking the restaurant expenses, the cash flow of the business can be significantly managed. Since there are a lot of businesses in this niche, there certainly is a lot of room for success. Ry CPAs is a great example of this.

Law Firms

This is a solid segment. Law firms might require massive levels of compliance and regulatory services. This can be built by following the specific needs of law practices. Nevertheless, it is a lucrative niche for accountants. KORE Accounting Solutions is one big example of this.

Real Estate

While the real estate industry is a growing niche, it still has its ups and downs due to technological advances and increased investment. It can be said that the sector is expanding yet is also stagnant. In the year 2020, trends showed that 88% of people bought their property through real estate agents. Nevertheless, real estate sales can be said to be rather lucrative, and the change from an agent to a broker is bound to lead to higher profitability. The Real Estate CPA is an example of this.

It is always important to test different segments before investing time and money in one specific niche. You should always try to see and understand what the pick-up on your proposed niche is. Write a few blogs on the niche you want to tackle to see if the new niche is getting any attention from the blogs. Do a little social media marketing to see if businesses are getting attracted. But do not overly invest your time and money if you are unsure. Keep going back to the drawing board and continue researching unless you know what you want to do. Refine, and optimize your approach. That is the only way you will successfully find your niche!

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