I am big fan of niche markets. They get you focused and disciplined on one sector. It also enables you to go deep – very deep – into your niche’s world and become an industry expert. A thought leader if you will. You can select any niche market you want. To make your selection I think there are 5 criteria:
- There are lots of them. No point in picking a small niche of 1,000 target market. Make sure there are at least 10,000 in your target market
- They have the ability to pay. There are tens of thousands of lawn mower people – but they don’t make much money.
- Your IP makes a difference. You have to add value to them and the more you add value the more success stories you get so you can leverage and find more
- You need to enjoy working with them. You’ll spend a lot of time working with them so you need to like them
- Their business will exist in the future. No point of picking a niche that will be killed off by technology.
I think an Accounting firm should only have one singular niche. Niche market = Focus = Value = Fees