They say in business it’s best to start with a niche. If you’ve got a niche, you’ve got leverage. Finding that niche isn’t always easy. If you specialise, and you become known as the go to person or business in that field then you’ll clearly do well. The issues are that there aren’t too many areas of specialisation which are yet to be filled. Because of this, there’s usually a lot of research to be done on your part. Here are some hints and tips regarding specialisation which can help boost you up to success. Specialisations are incredibly niche and your approach to business in each one must be different and bespoke to the relevant industry. Good luck!
The Medicine Industry
Finding a specialisation doesn’t come more technical than in the medical industry. Dealing with medication and all of the chemicals and ingredients that come with medication isn’t easy. However, medication is dominated by huge government contracts and some of the biggest corporations in the world. Chemical items are in high demand. Take the item here for example: https://gpi.net/product-category/pumps/chemical-pumps/. If you can formulate a vital component which these corporations and governments can buy into your startup will fly. Again, it’s about that niche and doing the right research to determine whether that niche has already been filled.
People have made fortunes simply supplying businesses with what they need. Just look at the alibaba website and you’ll see right away how supply makes a fortune. If you have a logistical brain and can work out new and more importantly cheap ways of transporting goods, you can offer your services to businesses who need raw materials supplied and with a markup, make a hefty profit. Again, contacts are always important here. It’s also great if you can speak another language. Chinese is always great because they’re such a hotbed for manufacturing. Carve out your niche in supply and logistics and you can supply a great many businesses with different materials. It’s a tough nut to crack if you’re coming in from the outside though, but it’s certainly possible if you’ve thought of something innovative to help the industry or those benefiting from the industry.
Offer Bespoke Services
If you offer a service that you don’t think already exists you might be onto a winner. Think about new and emerging niches in the business world and how you can help and service them. A marketing agency for those with an OnlyFans is a good example. It’s shot up in popularity over the last few years. If you can find the right service to offer the right business you’re going to succeed. Sometimes, industry experience is vital here. If you’ve been in an industry and know where the issues are it’s easier to come up with a business to suit them. If not, you need to do a bit of in-industry research to get to the bottom of the potential issue and see if setting up a business around it is a good idea.