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:

  1. 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
  2. They have the ability to pay. There are tens of thousands of lawn mower people – but they don’t make much money.
  3. 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
  4. You need to enjoy working with them. You’ll spend a lot of time working with them so you need to like them
  5. 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