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Why Develop a Specialty Service within Your Accounting Practice

Why Develop a Specialty Service within Your Accounting Practice


by Hugh Duffy

Finding a niche business 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.

1031 Exchanges

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

Baum CPAs

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.

Anne McCaleb, Certified Public Accountant, PC
Hugh Duffy