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.