find your fit.
by 卡塔尔世界杯常规比赛时间 research
which niches offer the best opportunities for new business next year?
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according to early results from the 卡塔尔世界杯常规比赛时间 outlook 2024 emerging issues, opportunities and trends survey, america’s accountants see more business in the niches they know best – the sectors where they already have experience and proven competency.
many comments reflected what one anonymous respondent says about his or her work with midsized businesses and professional services, “these are what we do at our firm best.”
but many others are looking for easy work, or local work, or more work where the money is.
the survey suggested 17 common sectors where cpa firms tend to focus their services. they ranged from individuals to governments, small businesses to large, tech to construction, retail to nonprofit.
small business
and the winner is … small business, where 73.1 percent of respondents see new opportunities in 2024.
an anonymous respondent in ohio attributed the opportunities to “growth in the small business sector.”
yes, indeed. that’s where the work is. a recent intuit study reports that 77 percent of american businesses have between one and 10 employees, and a bank of america report finds that 67 percent of small businesses (those with fewer than 100 employees) expect their revenues to increase over the next year. forty-six percent of them plan to expand.
individuals and professional services
another common niche in the outlook 2024 survey is in services for individuals, presumably a lot of it tax work, where 41.5 percent see new opportunities.
even more common is the 42.5 percent who are focusing on professional services – doctors, lawyers, etc. – which is really a form of small business.
why them? it isn’t just because they’ve got plenty of money, too little time and they aren’t hard to find.
nigel briggs, chiming in from newton & henry in australia, says it’s because “they are less impacted by discretionary spending by the consumer.”
but most of those who serve that sector agree with john w. weipert, of tama budaj raab, who repeats a common thought: “it’s what we do best.”
phillip brown, head of an eponymous firm in missouri, offers an even bigger and better reason: “small business professionals are looking for different strategies to minimize taxes. this provides opportunity to offer services throughout the year, rather than just the first third.”
an anonymous respondent adds a bit more to that notion, telling us, “doctors, lawyers appreciate your work and pay for it. concierge services – people pay for your attention to detail and personal service.”
midsized business and real estate
midsized businesses are also popular, noted by 37.1 percent. lisa a. wollersheim explains why and adds a warning.
“they are where i am currently seeing the most activity,” she says. “i see nonprofits and technology struggling right now. i am starting to see a downturn in restaurants.”
real estate is big, too, for 31 percent of respondents. peter piluk, with pathway in ontario, summarizes several respondents’ reasons. he indicates real estate and manufacturing because, “we have plenty of experience with these types of clients and we are seeing plenty of these types of clients looking for help.”
and more
construction is a promising niche for only 27.2 percent of the respondents, one of whom is dallas cpa jaclyn mcguinness, who mentions construction along with small and midsized businesses because “these companies have complicated accounting needs, but no accounting staff or expertise.”
among the niches respondents mention though the survey didn’t ask about them specifically were family office services, estates and trusts, international tax compliance, high-net-worth concierge services, and agriculture.
in all, respondents are identifying a lot of niches in today’s complex economy. and they seem to agree that the best niche of all is the niche that fits.