I am going to share with you the three S’s of niche building.
It’s critical that you start developing niches, develop a real focus and find your specialism. The specialist always makes more money than the generalist.
If you want to get better prices, win more work and earn more money and better quality clients - you need to focus and build a niche.
Let’s look at the three S’s of niche building…
You can watch the video here.
Is there a particular industry that you are particularly fascinated by?
It could be the dental industry for example. Or perhaps doctors. Maybe you are interested in the construction industry, or the restaurant industry.
There are a lot of sectors to choose from, but you should pick one that interests you.
Think about the life-cycle of of a business.
They start, and at some point the business owner may sell their business. Think about the different types of businesses, the circumstances they could be in.
It may be you decided to specialise in business start-ups, so you could set yourself up as the start-up expert.
You would conduct a lot of research and familiarise yourself with the typical problems of a start-up business. How do they keep their books and records? What can they claim? What types of deductibles?
You might build up your expertise for business start-ups, position yourself as the expert and then you will be able to attract business start-ups and charge higher prices.
It could be you specialise based on a particular thing you do. It may well be tax planning, or technology and setting up apps. Maybe you specialise in price consulting or strategic planning.
You could aim to become the very best tax planning expert in your area for inheritance tax planning.
Now you don’t have to choose between sector, stage and service - you can combine the three. The more narrowly focused you are, the more specialist you become, the more you can position yourself as the expert and the more sought after you will be.
I started my own accounting firm as a sole trader in 1996, and I took on all sorts of clients. I had no focus.
Then, in 2000, I was invited to speak at a workshop for accountants. I loved it so much that from then onwards I started teaching accountants. I sold my accounting firm and I’ve been teaching accountants ever since.
For about 10 years I taught all sorts of things. In 2010, I made the decision to specialise in teaching accountants how to price more effectively. I wrote my first book ‘Effective Pricing for Accountants’, and now it’s all I teach.
I built my niche in the sector of accounting, and the service of teaching pricing. Now I teach accountants to value price.
You can do the same thing by finding what you love to do and specialising in it.
If you want to learn more from me, I run a free online monthly training session with a different topic every month. You can attend and ask me questions which I will answer live in session. Click here to register and I will send you an invitation to the next session.
And if you would like to join a community of like-minded accounting professionals learning to price more effectively and confidently, you can join my Facebook Support Group here.
Wishing you every success on your pricing journey.
Chartered Accountant, Public Speaker and Author of Amazon 1 Best Seller “Effective Pricing for Accountants”
Your Pricing Journey gives you access to my pricing training delivered every month in easy to digest, and easy to implement, steps.
So if you sometimes find yourself working too hard, for too little money, this programme will solve that problem.