{"id":4368,"date":"2020-06-05T14:51:59","date_gmt":"2020-06-05T18:51:59","guid":{"rendered":"https:\/\/www.sage.com\/en-us\/blog\/?p=4368"},"modified":"2026-02-12T05:05:57","modified_gmt":"2026-02-12T10:05:57","slug":"niche-markets-are-big-business-for-accountants","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-us\/blog\/niche-markets-are-big-business-for-accountants\/","title":{"rendered":"Why niche markets can be big business for accountants"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/category\/strategy-legal-operations\/\" class=\"entry-header__link\">Strategy, Legal &amp; Operations<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\tWhy niche markets can be big business for accountants\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"entry-header__description\">\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t<span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2020-06-05T14:51:59-04:00\">June 5, 2020<\/time><\/span><span class=\"reading-time\"> min read<\/span>\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"Why niche markets can be big business for accountants\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-us\/blog\/niche-markets-are-big-business-for-accountants\/\"\n\t\t\tdata-share-text=\"Please read this interesting article\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Share<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copy Link<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copied<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n\t<\/header>\n\n\n\n<div class=\"wp-block-post-author has-dark-background-color alignfull\">\n\t<div class=\"container\">\n\t\t<div class=\"col\">\n\t\t\t\t\t\t\t<div class=\"co-authors\">\n\t\t\t\t\t\n\t\t<div class=\"entry-author-wrapper\">\n\t\t\t<a class=\"entry-author\" href=\"https:\/\/www.sage.com\/en-us\/blog\/author\/keirthomasbryant\/\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"40\" height=\"40\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2025\/04\/Keir-350x350.jpg\" class=\"entry-author__image\" alt=\"Keir Thomas-Bryant\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2025\/04\/Keir-350x350.jpg 350w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2025\/04\/Keir.jpg 600w\" sizes=\"auto, (max-width: 40px) 100vw, 40px\" \/>\t\t\t\t<span class=\"entry-author__name\">Keir Thomas-Bryant<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<p><em>John O&#8217;Donnell, a practice consultant at ICAEW Members&#8217; Department, explains what he sees as the many benefits of specializing as an accountant.&nbsp;<\/em><\/p>\n\n\n\n<p>Finding a niche is an excellent way for accountants to unlock new, profitable opportunities.&nbsp;So it&#8217;s no surprise to hear that more and more practices are identifying and focusing on <a href=\"https:\/\/www.sage.com\/en-us\/blog\/build-a-successful-accounting-practice\/\" target=\"_blank\" rel=\"noopener noreferrer\">niche markets<\/a> as a way of optimizing budgets and boosting internal efficiency.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-do-we-mean-by-a-niche-market\">What do we mean by a niche market?<\/h2>\n\n\n\n<p>Many firms will say &#8216;I specialize in SME clients&#8217; without realizing that most other practices will say the same thing. As such, their clients have little to <a href=\"https:\/\/www.sage.com\/en-us\/blog\/avoid-the-client-service-trap\/\" target=\"_blank\" rel=\"noopener noreferrer\">differentiate them from their competitors<\/a>. Defining yourself as a niche firm, servicing a niche market, is a way to help you stand out from the crowd. While brand image, good marketing and so on can help you celebrate your unique selling points, perhaps one of the most effective ways is to focus on one or more niche markets, a move that brings additional advantages too.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-advantages-of-serving-niche-markets\">What are the advantages of serving niche markets?<\/h2>\n\n\n\n<p>There are two fundamental advantages to serving niche markets and specializing as an accountant &#8211; optimized marketing and internal efficiency. From a marketing perspective, you can <a href=\"https:\/\/www.sage.com\/en-us\/blog\/7-questions-firms-need-to-ask-to-grow-their-advisory-services\/\">become one of the &#8216;go-to&#8217; firms<\/a> for clients in your sector and focus your marketing budget accordingly. This will be more effective than a general &#8216;scatter-gun&#8217; approach and should bring greater success. Networking can be more targeted too. If the niche sector has conventions or meetings, you can attend these and expand your client base. Marketing via publications (such as the magazines or articles your niche uses) can also be quite focused, to make the public aware of your firm and specialization.<\/p>\n\n\n\n<p>The second advantage is in the area of internal efficiency and will help <a href=\"https:\/\/www.sage.com\/en-us\/blog\/eager-to-increase-profitability-a-10-step-process-improvement-checklist\/\" target=\"_blank\" rel=\"noopener noreferrer\">improve profitability<\/a> considerably. If you are processing accounts and tax returns for similar clients, you can use efficient processes. This should be considered carefully in your staff recruitment, operational requirements and software choices, ideally prior to marketing yourself in this niche in the first place. You should also consider informing clients in the sector of the way you want them to keep their records (to make both your and their job easier) and incorporate this into your engagement terms with them.<\/p>\n\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Sage 20 for 20 Accountant Accelerator Program<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Designed by and for accountants like you, Sage 20 for 20 provides technology solutions and essential resources to help accountants grow and scale their practice.<\/p>\n<p>&nbsp;<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"https:\/\/www.sage.com\/en-us\/cp\/sage20for20\/\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\tid=\"cta-id-7955\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tdata-button-location=\"cta_box\"\n\t\t\t\t\t\t\t\t\t\t\t>Learn more<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1215\" height=\"810\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2018\/06\/iStock-585492068-1215x810.jpg\" class=\"single-cta__image\" alt=\"Young Accountants\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2018\/06\/iStock-585492068-1215x810.jpg 1215w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-are-there-other-considerations\">Are there other considerations?<\/h2>\n\n\n\n<p>If you focus on a transactional specialization (such as corporate finance or strategic tax advice &#8211; as opposed to providing compliance advice), your income may not be recurring. So you may need a good network of client providers who recognize your expertise so they provide clients referrals and ensure you have a continuing supply of new business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-are-there-any-disadvantages-to-tapping-into-a-niche-market-as-an-accountant\">Are there any disadvantages to tapping into a niche market as an accountant?<\/h2>\n\n\n\n<p>There may be, particularly with changes to tax and accounting requirements. Concentrating all your efforts in one area may also leave you vulnerable to economic change &#8211; for example, if a particular sector is hit by a recession. One particular specialization years ago (dealing with small subcontract builders) was affected quite significantly by a change in tax laws. So your niche may lead you to need to swiftly rethink your firm strategy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-do-i-turn-my-practice-into-a-niche-firm\">How do I turn my practice into a niche firm?<\/h2>\n\n\n\n<p>Consider areas where you are technically competent or have an interest. We also recommend that you plan carefully in terms of resource and put together a strategic plan for expanding your firm. We have advised firms in this area in the past (from sole practitioners upwards) in order to ensure they plan for their futures. So consider, will you need to recruit additional staff? How senior do they need to be? Are they available or close to you?<\/p>\n\n\n\n<p>More information about joining SIGs (Special Interest Groups) can be found at <a href=\"https:\/\/www.icaew.com\/groups-and-networks\">www.icaew.com\/.<\/a><\/p>\n\n\n\n<p><em>Editor&#8217;s note: This article was originally published June 2018 and has been updated for relevance.&nbsp;<\/em><\/p>\n\n\n<div class=\"gate-ab515c6e-7e90-4c2f-a67e-113872516e8b wp-block-sage-subscription-form\"><div class=\"gcdc-loader gcv2-loader\"><\/div><\/div>\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Grow your practice with Sage accountant software<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p><!-- wp:paragraph --><\/p>\n<p class=\"\">CPAs and accountants can trust Sage\u2019s tools and resources to grow their accounting firms and better serve clients.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:image {\"id\":8125} --><\/p>\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"100\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2021\/02\/sage-boss-your-practice-tick-horizontal_white.png\" alt=\"\" class=\"wp-image-8125\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2021\/02\/sage-boss-your-practice-tick-horizontal_white.png 800w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2021\/02\/sage-boss-your-practice-tick-horizontal_white-768x96.png 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\n<p><!-- \/wp:image --><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"https:\/\/www.sage.com\/en-us\/accountants\/\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\tid=\"cta-id-3526\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tdata-button-location=\"cta_box\"\n\t\t\t\t\t\t\t\t\t\t\t>Learn more<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1215\" height=\"810\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-645973033-1215x810.jpg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-645973033-1215x810.jpg 1215w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Subscribe to our Sage Advice Newsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Get our latest business advice delivered directly to your inbox.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-ab515c6e-7e90-4c2f-a67e-113872516e8b\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Subscribe<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1073797282-1440x810.jpg\" class=\"single-cta__image\" alt=\"Working from home with tea in hand\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1073797282-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n\n<section class=\"more-topics alignfull has-grey-light-background-color wp-block-sage-post-topics\">\n\t<div class=\"container\">\n\t\t<div class=\"row\">\n\t\t\t<div class=\"col col-12 col-lg-4\">\n\t\t\t\t<h3 class=\"more-topics__title h2\">Browse more topics from this article<\/h3>\n\t\t\t<\/div>\n\t\t\t<div class=\"col col-12 col-lg-8\">\n\t\t\t\t<ul class=\"post-tags__list\">\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/hub\/grow-your-accounting-practice\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tGrowing your accounting practice\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/hub\/staying-competitive\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tStay competitive\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/section>\n\n<div class=\"alignfull wp-block-sage-related-posts\">\n\t<section 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[&hellip;]<\/p>\n","protected":false},"author":280,"featured_media":4380,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"sage_hide_published_date":false,"sage_hide_read_time":false,"sage_hide_share_buttons":false,"footnotes":""},"categories":[158,44],"tags":[359,155],"business_type":[312],"lilypad":[],"context":[],"industry":[57,55],"persona":[150],"imagine_tag":[222,231],"coauthors":[542],"class_list":["post-4368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accountants","category-strategy-legal-operations","tag-grow-your-accounting-practice","tag-staying-competitive","business_type-accountants","industry-financial-services","industry-professional-services"],"sage_meta":{"region":"en-us","author_name":"Keir Thomas-Bryant","featured_image":"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2018\/05\/SAGE_AR_071217_BB_080_All-Uses.jpg","imagine_tags":{"222":"Accountants","231":"Start up business"}},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice US","distributor_original_site_url":"https:\/\/www.sage.com\/en-us\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/4368","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/users\/280"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/comments?post=4368"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/4368\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media\/4380"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media?parent=4368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/categories?post=4368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/tags?post=4368"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/business_type?post=4368"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/lilypad?post=4368"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/context?post=4368"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/industry?post=4368"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/persona?post=4368"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/imagine_tag?post=4368"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/coauthors?post=4368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}