Starting a Business: Should You Reinvent an Existing Industry?

Think, think, and THIINNKKK! What business idea has anyone ever thought of that can turn into millions of dollars? Many entrepreneurs obsess about coming up with unique, game-changing ideas to jump-start their businesses.

While the Mark Zuckerbergs are to be commended, you don’t have to create a new idea to launch a successful company. It’s often better to utilize your creative side to solve an existing problem. Even though more recent isn’t always better, established industries like web design and blogging have been around since the beginning because they have proven successful.

With so many choices, how can you choose which industry to enter? Here are few ways to tell if an area is waiting for you to take it over and rule it.

There are four reasons to reinvent your industry and create a new business.

1.Competition within the industry looks beatable

Find the most prominent companies in your industry. Then, look for weaknesses you can exploit to beat them. Some well-established companies are around for an extended period. Their websites might be out-of-date or visually unappealing. Maybe their websites look great, but they’ve not spent much effort optimizing search engines, so you might be able to outrank them.

It’s not uncommon to discover that the competition has many areas that need improvement. I know this because I have been through it myself. Many businesses that you review won’t even have a professional video of their sales process. Some companies might not use social networking or use the persuasive copy in their advertisements. The ability to identify a couple of areas for improvement is an indication that your competition might not be as intense.

2.You have connections

One connection can be enough to make it possible to enter an industry. Let me give you an example: A friend of mine from college started a business creating videos for employee training. He was referred to this company by a Fortune 500 executive who was open to being his first customer. This first client allowed him to show off his work and helped to grow his business.

3.The industry has an unoccupied niche.

You’re not looking at each industry as a whole, making many industries seem more challenging to enter. Instead, look at the drive-in smaller segments and determine if you can find customers that have not been covered.

One example is looking at a service-based market and seeing all the large companies competing for quality over price. The market might be open to you as a high-end premium service provider focused on satisfying customers who value quality over price. You will still need to compete with other firms, but they’ll be easier to beat.

4.You are passionate about the industry and the work you do.

Even if an industry seems promising, it is essential to work hard and put a lot of time into your business. You’ll be motivated enough to do the hard work and succeed by doing something you love.

You can start an online blog if your passion is writing. If you are passionate about creating video content, creating sales videos would be a good choice..

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Samatha Vale
Samatha a senior writer for HC's entertainment team. She is an entreprenuer, mother and an excellent writer. She's also an avid reader, music enthusiast and all around inquisitive person - which is just a nice way of saying she's nosy.

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