Let’s get this out of the way first; if you have no experience with a certain industry then you’re very likely going to fail. However, if you’ve fallen in love with a particular industry and want to get involved with no experience, there are ways to quickly learn and succeed. At the end of the day, it’s the result that matters and if you’re willing to put your head down and work, then you can go from zero to hero in an industry you know nothing about.
But everyone has to start somewhere. So in this post, we’ll be giving you some direction on how you can get started with a business in an industry that you don’t know very well.
Defining your motivation for wanting to break into a new industry
Let’s address the elephant in the room with this article; why would you want to build a business in an industry that you have no experience with? Why not go with something that you’ve previously done before? Why embrace the risk and challenges that come with it?
There are lots of different reasons why someone might decide to embrace a new industry. For instance, perhaps they’ve seen the future potential of a business in a particular sector, or maybe they’re chasing a childhood dream and want to start with a business. Everyone has their reasons for doing something like this, but the key here is to find your personal motivations for doing it. It could be just for money and making more profits, or it could be something more personal. Whatever the case is, make sure you stick with that motivation because it’s going to help you in the long run.
Once you’ve got your inspirations and motivations sorted, you can move on to the tips below to succeed in an industry you have no experience with.
- Persistence is the key to succeeding
Being persistent means sticking with your goals and resisting failure. You’re going to run into many different roadblocks in the future and there will be times when you’ll want to throw in the towel and start a new business in an industry you’re more familiar with. But however difficult it is, if you’re truly rooted in your motivations and have a goal to reach, you’ll get there sooner or later.
The key is to never stop trying new things. If you experience failure, document it and ask yourself what you could’ve done better. Record customer feedback and listen to the people you’re working with. The goal here is to understand why you’re failing and what decisions led to your failures. Once you start learning from your mistakes, you’ll find that your experience and knowledge will grow considerably.
- Don’t be afraid to reach out for specialist help if you’re not sure where to start
Be it a mentor, outsourced services or even a friend in the industry, don’t hesitate to ask for help when you need it. You need to be like a sponge when you start a business in a new industry; you need to be light, agile and willing to soak up as much information as possible. Every interaction with someone in the industry should serve as an opportunity to learn something new.
When you internalize everything that you’ve seen and heard, you’ll start to develop a bigger picture of what the industry is like. It’ll help you understand who the big players are, what it takes to reach your audience and how you can ultimately succeed. If your business is struggling to pick up traction, then seeking specialist help can give you the push you need. Not only does it help solve immediate problems, but working with specialists means you can pick up on their knowledge which can be used in the future.
- Understand that relationships with both customers and supplier are important
Most entrepreneurs know that establishing good relationships with both customers and suppliers is important. However, actually achieving this can be somewhat difficult, especially if you’re a relatively small business with a quiet voice. As such, it’s important to first identify the big names in the industry and get your name out there so you can start forming partnerships.
A good way to approach this is to identify some kind of niche that your business needs. For instance, if the air quality in your workplace is important, then you may be looking at compressed gas treatment to keep things safe and secure. Since this is a niche service, there are likely only a handful of compatible businesses in your area that can provide it. Look up their names, their reputation and their clients if possible. With this knowledge in mind, you’ll be able to position yourself in a way that encourages interaction between the two of you.
When it comes to customers, it’s all about engaging them on their turf. In other words, make ample use of social media to interact with your audience. Put yourself out there on sites like Twitter and Facebook and build up a solid online presence to help you become a staple name in the industry.
- Make sure you have a vision of what you want to achieve
One of the most important things to establish with a new business is a vision. Make sure you know exactly where you want to be in a month’s time, half a year, a year or even a decade. Even drawing up a road map for your products and services can be a great help because it gives you goals to reach and allows you to track your progress.
Without a strong vision, it’s difficult to stay motivated and it can even affect your employees. Once you realize how powerful a company vision is, you’ll start to see it positively affect your employees, it’ll make its way into your company culture and will ultimately inspire and motivate your staff. Establish your company ideals from day one, stick to them the entire time and you’ll be hailed as a reliable, trustworthy and honest business.