What is a niche? Often tossed around professional circles due to the increased specialization of the field, a niche is primarily referred to as a CPA firm’s area of specialization. In this sense, a niche is an area of practice within a broader area of practice. If your firm is just getting off the ground, specializing in a certain field can help you gain a solid client base to build off of. How to Find your Niche A common misconception about niches in the accounting profession is that you must have a background or extensive knowledge about your niche before even thinking about making it a central part of your practice. A niche can be developed over time by gaining knowledge about a subject that you are generally interested in. A niche primarily results out of the obvious: the assignments and cases you deal with on a daily basis. Examine what types of work you bring in the most frequently and what you enjoy to work on most frequently. Knowing what you’re good at will help narrow it down. Next, find the types of people you want to serve. What is your target market? Is it low-income or high-income? Are they corporate clients or private? These are questions with valuable answers. Answers you can use to find your niche. Though large firms typically acquire/merge with smaller ones to develop multiple niche departments, small firms are not in the position to have multiple niches. Developing a niche in a smaller firm will most likely result from in-house training and knowledge development. It is important to examine the market your firm is looking to target, and aim to satisfy their specific needs. Ok. So you’ve found your Niche, now what? This is the fun part. This is the time where you start implementing your marketing strategies from the ground up. To start a small firm, you have to get yourself out there and have an entrepreneurial spirit. A good first step is to join associations related to your niche. This will create networking opportunities and keep you up to date on all the recent developments in your niche. Your firm’s website is a great avenue to get noticed by potential clients outside of the ones you meet face to face. The days of handing out your business card and waiting for the phone to ring are long gone. Your website must be easy to explore and easy to access. If external marketing services are within the budget, consider Search Engine Optimization (SEO) services. There are plenty of sites online that can teach you some SEO basics. More on CPA niche marketing in a later post. Whether you are starting your own firm or already running one, having a niche is one of the keys to success. By both growing your reputation and establishing a solid client base, it can be the driving factor in getting your practice off the ground. If you are a small CPA firm, visit our website or call us at (888) 803-9898 for a quick, free quote on Liability Insurance for your firm. Also, be sure to visit us on Facebook, Follow us on Twitter, and of course keep up to date with our WordPress Blog!