It happens that a business idea that no one has ever thought of can make millions. New entrepreneurs are often obsessed with coming up with super-original, things-changing ideas that will give a boost to their business.
Although Mark Zuckerberg can be praised, to start a successful business you do not need to come up with a completely new idea that no one has ever explored before. It often happens that it is better to use your innovative side to organize entrepreneurship in an existing industry. After all, the new does not always mean the best, and established industries such as online blogs and web design have been around for many years because they have proven their worth.
But with so many options to choose from, how do you know which industry to enter? Our tips are given below.
1. Competition within the industry looks attractive
Identify the leading companies in the industry you are considering and try to find at least a few of their weaknesses against which you can win. Many well-established companies in this domain have existed for a long time, therefore, perhaps, for example, their sites are outdated and visually unattractive. Or maybe their websites look fine, but they have spent very little effort on search engine optimization, so there is a chance that you can beat them on Google.
If you carefully analyze the competition, you will be surprised to find that there are usually many areas that some improvements can take advantage of. Many of the companies you rate will not even have professional sales videos on their websites; other companies may not use social networks. Just finding a couple of potential areas for improvement is a sign that competition may not be as strong as it seems.
2. Do you have connections
Just having one profitable acquaintance may be enough reason to enter the industry. One man in college decided to enter the business of creating instructional videos for employees. He got involved in this because he knew a senior executive at Fortune 500 who was ready to be his first customer. Having this initial buyer, he was able to demonstrate his work to other potential customers and very quickly promote his business.
3. There is an unoccupied niche in the industry
Many industries seem tougher than they really are because you are looking at the industry as a whole. Instead, break the industry down into smaller market segments and see if there are any customers who have not yet been served.
For example, you can look at a service-based industry and find all the major companies competing with each other in price over quality. You can then enter this market as an upscale premium service provider seeking to satisfy customers who prioritize quality over price. Of course, there may be other firms with which you still have to compete, but they will be much weaker and easier to beat.
4. Are you passionate about industry related work?
Even if you find that the industry is full of opportunities, you will need to invest a lot of time and effort in developing your business. You need to do what you are passionate about, it will keep you motivated enough to go the whole distance and succeed.If you're a born writer, then start an online blog about the topic you want to cover; if you like to create video content, then perhaps creating promotional videos for small businesses will suit you. When you find an industry related to what excites you, you give yourself the additional motivation you need to build a successful business.