It seems like the more specialised or niche your industry is, the more profit there is to be made. Whether you’re trying to operate a business purely from the comfort of your computer or if you’re developing 5-minute pitches for picky investors, you usually have a higher chance of success starting out if you try to target a specialised industry.
What is a “specialised” industry
Anything that requires extremely specific knowledge and skill sets could be defined as a specialised industry. Take medicine for instance. You’ll need a large team of scientists to research different chemicals in order to turn them into pharmaceuticals. It’s not the easiest thing to learn and it’s not something you can study by just looking at articles on the internet. It takes a ridiculous amount of preparation and possibly a degree in a science. For instance, buying an ammonia refrigeration system isn’t something that a grocery store owner would think about, but it would be a concern if you’re operating a factory that specialises in producing or processing various chemicals that are sensitive to heat or require specialised storage.
Hire a specialist if you want to specialise
One of the quickest ways to get up to scratch on these topics is to hire a specialist. If you’re going to develop a video game, then hire someone that knows something about video games. It could be a blogger that has plenty of followers, it could be someone that reviews games or it could even be someone that used to have a game design job. Advisors are invaluable in any industry, but they’re even more important in a specialised industry that demands a lot of experience and attention. If you have a vision, then advisors will help you reach your goals assuming you hire the right people. When hiring advisors, make sure they have the right credentials to prove their worth. But even when you do hire an advisor, it’s important to not rely on them for everything. If you’re serious about breaking into an industry that’s hard to crack, then you’ll need to do plenty of research and study in your own time as well.
The new kid on the block
As the new business in an industry, you’re going to be bullied a lot by the larger corporations and even consumers. If people have already relied on another company for many years, then you need to set yourself apart from them and offer something unique, different or better than the competition. Most specialised industries already have heavy-hitters that are dominating the entire market, so you need to be cunning and ruthless if you want to have your say and make your mark. This is far easier said than done, and you need to use a combination of clever social media marketing in order to weed your way to the top. The more you can connect with the consumers and get on their side, the higher your chance of success in penetrating a new market.