5 Most Profitable Niches for Accountants
A niche industry is the subset of a given market segment that a certain product is aimed at. For example, if you are into computers, you have a niche industry – computers. Your chosen industry niche identifies the product characteristics aimed at satisfying certain market requirements, the price range, manufacturing quality, and the targeted demographics in terms of buying. It is also usually a small industry segment.
If you want to be involved in business management
then your niche should be in one industry. One industry niche is Information Technology. People who enter this industry have a deep interest and understanding of computer science and its applications. Some may opt for other industrial niches such as Pharmaceutical Engineering, nanotechnology, electronics or robotics, or even Biomedical-Tech.
The second industry niche
to consider when getting into accountants is accountants. Accountants tend to fall into one of two categories: managers or professionals. Accountants need to understand the financial statements produced by the company they work for. If they are managers, they need to be able to lead teams and handle personnel decisions. Professionals, on the other hand, focus their knowledge on internal business management issues such as planning and organizing, cost analysis, and transactional supervision.
The third industry niche to consider for accountants
is business development. Business development is about extending a company’s reach. There are three basic business development activities that an accountant must perform. The first one is identifying clients and potential clients. The second is evaluating the companies to whom they are approaching and the third is trying to close deals. Several financial and non-financial companies advertise their services through publications that are circulated among accountants.
The fourth industry niche is marketing.
Accountants who specialize in marketing are needed by businesses of all sizes because they help them identify their target markets. They help the company determine which strategies are more likely to attract clients.
The fifth and final industry niche
to consider for accountants is bookkeepers. Bookkeepers are responsible for maintaining the records of every single transaction made by a company. They come in handy when it comes to tax reporting and business management. Bookkeepers also perform clerical and administrative duties. To become a successful bookkeeper, an individual must have a solid background in accounting principles, interpersonal communication skills, computer skills, good communication skills, the ability to manage time and have a sense of humor.