that things were going a little crazy. People with no business experience were starting Web-based businesses and becoming millionaires within months. That sounded cool, and I wanted a piece of it. I spent a lot of time developing accounting systems and solutions solely for dot-com start-ups, and I knew several other accountants who were doing the same thing.
What would have happened if I had neglected my existing clients and put all my eggs in the dot-com basket? I would have lost my client base and replaced it with clients who, in most cases, soon ceased to exist. In a matter of months, good clients with investors pouring money into their businesses would have become bad clients unable to pay their bills.
Having one niche is beneficial, but risky. If you happen to choose an area that suffers a severe downturn, you may be in trouble. That is why it may be best to work on developing at least two niches.
What is good about a niche?
One of the main advantages of developing a niche for your business is that word-of-mouth naturally occurs if what you do is specific and unique, and that is what people are more apt to remember. Because you have defined exactly what products or services you offer, it’s more likely that you will come to mind when these people happen to talk to other people who could use what you offer. That may be reason enough to establish your own specialty, but there are other advantages:
• The learning curve is faster. It takes you less time to investigate issues relating to new clients because you will already be familiar with many of the problems that they may have. If you take the time to document policies and procedures for dealing with clients in a manual, new employees can refer to it instead of having you continually investigating and explaining things to them. This could save you and your employees significant amounts of time.
• You decide what type of work you do. Because you have spelled out your niche, you will attract work of your choosing rather than simply accepting what comes your way. Take my case, for example. I have been an accountant for over 20 years and have wrestled with the issue of identifying my niche for much of that time. Accountants do many things, but I have found that people often assume we are all tax specialists interested in doing personal tax returns. Over the years I have tried to dispel this notion because it is not an area I want to be involved with.
• It is easier to keep current. Trying to keep up to date on many different types of businesses at once is time-consuming. If you specialize in one area, it is much easier to keep current.
Always be thinking about your next niche
It is also important to remember that establishing a niche should not be a static process. You should constantly be thinking about changing your current niche and perhaps adding new ones so that you don’t get caught flat-footed as client demands change.
Over the years I have always been on the lookout for new niches and considering what my next niche should be. Here’s just a partial list:
• Doctors
• Women entrepreneurs
• Engineers
• Incorporated businesses
• Dot-com start-ups
• QuickBooks accounting set-ups
• Training in software
• Tax minimization
• Nonprofit audits
• Notice-to-reader accounting engagements
I’ve finally arrived at a mix of niches that I enjoy. This process of constantly reviewing one’s current niches and thinking about other ones has allowed me to phase out of a traditional accounting practice and focus on other areas that I enjoy more and that I find more profitable. Here are my current niches:
• Small business — reaching out to small businesses by writing books, articles, Web content, courses, and other material, and participating in speaking engagements
• Personal finance — writing, lecturing, and speaking on behalf of organizations including banks, learning institutions (including universities), and government departments whose mandate is to help individuals handle their personal finances and prepare for retirement
• Accounting and taxation for small service businesses
• Outsourced accounting work — providing outsourced functions, including internal audit functions, to government and other organizations
* * *
Now is your chance to dream a little. What is it that you’d love to do for the rest of your life? Can you make good money at it while enjoying more time off? Your choice of business may be obvious if you enjoy what you do, but it doesn’t have to be. Be logical and don’t rush. Now is the time to invest in your future — a future that could be your dreams come true.
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