When life throws opportunities at you, always seize them and take a chance on something new. The thought of stepping out of your comfort zone is scary for most however with new jobs and markets entering the field it would be silly not to jump at all these opportunities.
Here are my five tips for launching a successful business within an industry that you’re unfamiliar with.
1. Research and consult with experts
If you’re looking into starting up a business, it’s crucial that you consult with experts in the field and gain an insight into what the public is demanding in the market. Research online, pay attention to current industry trends and consider a potential demographic you aim to target your business towards. Perhaps a good start is to speak with a business consultant on your start-up idea, listen to their advice and this can set you on the right path, saving you time and money.
2. Look at your competitors and differentiate yourself from them
In order to succeed every business needs to differentiate themselves in a competitive market. Consider your target market, how can you provide an extra benefit or service that will put you at an advantage? Research your competitors and do something different which will make you stand out from the crowd. This way you’ll not only learn more about the culture of your industry but your business has a greater chance of catching a new customer’s attention.
3. Networking with people in the industry
Knowing the right people always comes in handy when you’re entering foreign territory. Look at the connections you have on Linkedln or contact former colleagues that may be able to provide advice which will add to your knowledge. Word of mouth is one of the most powerful tools to attract new clients and promote your business, therefore make sure you’re confident when it comes to openly explaining your vision to others.
4. Trust your gut and lead with passion
The right attitude and confidence in yourself can be the difference between a successful business and a failing one. Trying something different in your career this should not only be exhilarating but also exciting, so make sure you’re willing to put in the hard work and all your efforts will be rewarded. You must remember that your idea may develop and change over time but you just need to make that first step. By learning from your mistakes and improving on your weaknesses, within no time at all you will become an expert in the field.
5. Work experience can be a learning step
For majority of people, following through with a business plan can be a daunting experience without a complete knowledge of where your business will go. One of the best ways to gain a deeper insight into how other companies in this industry have been working is to experience first hand yourself. Internships are always on offer throughout the year so instead of jumping straight into deep water try working part time within a different field and see how you feel. You may discover the industry isn’t for you and take a new direction, however everyone learns from new experiences therefore don’t think this is a waste of your time.
Lars Larsen, Co-Founder, Larsen Jewellery