How to Avoid the “Bad Niche” Trap with DopeCFO
Podcast
Summary
- Dope CFO and How Andrew Found His Niche
- How to Find the Right Niche
- Becoming an Expert in Your Niche
- More About DopeCFO
Connect with Andrew
- Email Andrew at andrew@cfobend.com
- Visit the Dope CFO website
- For more info about the program, email bbe@dopecfo.com
Meet Andrew Hunzicker
Andrew Hunzicker is the founder of Dope CFO, a program for accountants looking to specialize in the cannabis industry. He leads the way in providing the information needed to niche down to serve the cannabis industry and grow your firm to new levels. In this podcast, Andrew will explain how he accidentally found his niche and how you can find your niche, how to become an expert in your niche, and more info about Dope CFO and the programs they offer.
Dope CFO and How Andrew Found His Niche
Andrew started Dope CFO roughly four years ago after spending the majority of his career working as a CFO for several organizations as well as on his own. He began working part-time for smaller organizations when he realized the benefit of selecting a single industry to build his client base around. Because of the abundance of growth and opportunity, and a marketing program that advises niching down and becoming an expert, he began the process of solely serving the cannabis industry.
Now, Andrew swears the success of his career is a result of niching down. He believes choosing a niche and sticking with it will build a successful career, allow great clients to find you, and leave you less stressed because you will be an expert in one industry rather than knowing the surface of multiple industries.
Because he wants to see other accountants thrive in the cannabis industry, he created Dope CFO. The program comes in four parts. Part one is set up like a classic course; part two is a marketing system for finding and pricing clients. Part three consists of a tools and workpaper package including everything from report templates to email templates. Finally, part four connects people into an incredible cannabis accounting community, something Andrew views as a very important aspect of the program. Throughout the program, Andrew loves to give pointers and proof of the importance of finding a niche and becoming an expert.
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Andrew made it clear: not all niches are equal. For example, currently, the start-up and cannabis industries are both growing quickly and have limited accountants who have chosen them as a niche, whereas the restaurant industry has hit a standstill because of COVID, and there is an abundance of accountants serving this niche. If you are in the process of choosing a niche, he recommends taking industry growth and demand into consideration, however, he also believes you can be successful in any niche if you are willing to put in the work.
A more specific tip he provides to help you find the right niche is to ensure your average mom-and-pop client generates at least seven figures each year. Your clients should be everywhere and easy to reach. He advises avoiding over-served niches and selecting a niche that is fun and exciting to you.
Choosing a niche should be a one-time decision. As you commit and go into the niche, you will get more familiar with your client base and their needs and have a better understanding of what services you should be providing. You will also learn more about the industry itself, something the business owners appreciate. Andrew says your goal should be to be an expert, instructor, and participant in your niche in order to reach peak success.
Becoming an Expert in Your Niche
Andrew advises everyone to go all-in on their niche. He says if you need to create your own tools because no one else has created them for your niche yet, do it. Put in the work and research price points and tax strategies other people within your niche are using. He stresses that becoming an expert in your niche will not be easy, but it will be worth it.
Another bit of advice Andrew provides is to join as many industry groups and publications, and network with industry members as much as possible. They are the people who know the industry and can tell you what you need to know to get a better understanding of it.
Utilizing clients can also be an advantage, however, Andrew suggests never asking the client what they need. Instead, he says you should tell them what you offer and make it clear how you can help their business grow.
Here is what Andrew offers his clients:
- Solid accounting that is auditable
- Improved cash flow
- Lower taxes
- World-class reporting
- Peace of mind
He says if you can promise these things and provide, you will have no problem getting and keeping clients.
More About DopeCFO
As a final bit of advice, which comes from personal experience in his own firm and with Dope CFO, Andrew urges people looking to scale their firm to find a deep community for whatever niche they choose and outsource within that community so they can scale up without hiring employees.
Andrew says everything discussed in today’s episode and more can be found in his Dope CFO program. The program can be completed by dedicating just one hour a day for 90 days. With the program, all of Andrews’s tools will be available, and you will receive admittance into his already well-established cannabis industry community.
To learn more about Dope CFO, how Andrew chose his niche, how to find the right niche, and how to become an expert in your niche, listen to the full podcast above!
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