Why Develop a Specialty Service within Your Accounting Practice

Benefits of Developing a Specialty

Developing a niche within your accounting practice can be very beneficial, short-term and long-term. Here's why:

-Specialists command higher fees

-Attract better caliber prospects

-Generate leads from a broader geographic area (location matters less) 

-Less competition so you compete less on price

-Becomes easier to scale up your practice by focusing on one industry or service

-Marketing becomes easier and you generate more referrals 

-Makes your practice worth more when you elect to sell

Here are examples of several niches you probably haven't considered:

1031 Exchanges - Similar to companies that provide incorporation services or cost segregation studies, there are accounting firms specialize in 1031 Exchanges. Rather than provide a couple 1031 Exchanges per year, providing 20-50 per year has significant efficiencies and you can provide advisory services as well.

ROBS Arrangements for Franchisees - Develop a specialty helping entrepreneurs tap into their 401k retirement to start a franchise business.

401k Audits - Company retirement plans are periodically audited and require an independent CPA. This might be another way to specialize and streamline the audit process for businesses.