3 Tips for Starting in a New Industry
There is often just as much challenge as reward associated with starting a business. It is imperative to consider this if the upcoming business is in a new or unfamiliar industry. It is wise to keep a few factors in mind to ensure that you are making the right decisions when you make that leap. In addition, it is wise to learn the fundamentals of starting a business in an industry that is relatively unfamiliar to you.
On one of my podcasts, I had Amit Kumar Agarwal and Saurabh Garg, both IIT graduates and founders of NoBroker.com- a real-estate platform that lets you rent/sell/buy a property without paying any brokerage. How cool is that?
It was interesting to hear how and why they entered the real estate market despite having settled into their lives and having high-paying jobs. We had a rather insightful discussion. Their discussion focused on how to overcome the challenges of entering an unknown industry. It was fascinating to follow their journey.
Here are some excerpts from our conversation:
When you’ve never run a business before, starting one can seem intimidating.
Listed below are 3 keys to starting a new business:
1. Invest in Research
Choosing a relevant industry and determining the total addressable market are the first things to consider when launching a new business. Also, how much of the market can you capture? For this, one needs to look at successful competitors and those who have not and the reasons for each.
And all it takes is a tad of research. To make the most informed decision, examine the companies currently operating in the market. Check their market value, how big the target market is, and what the market trends are. This is all a helpful indicator of the state of the market at the time of your launch. So, you can assess the most appropriate approach for your launch and prepare for potential pivots once it is launched.
2. Find Investors
An entrepreneur venturing into a new field usually takes on a high risk. Therefore, it is not the ideal business where leaders should try and bootstrap an initiative to succeed. The best way to launch your business in new industries is to look for investors with experience launching new ventures in new industries. These investors are willing to help the company grow and build its brand.
3. Personal Branding
You should update your profiles over various platforms and ensure the new business branding is repositioned to present a positive image. You can add your expectations regarding your new business to impress clients, investors, and employees alike. Create a unique experience section and write fresh content focusing on this upcoming business venture that will be added to the website.
Even though starting a business isn’t easy, it doesn’t have to be overwhelming. These steps can help you make your dreams a reality, bring solutions to problems you are facing, build a profitable business so you can be self-employed, create opportunities for others, or earn some extra money.
Good luck!
Listen to the full conversation here and let me know how you liked it.
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