How to Decide Which Industry to Enter with Your First Startup - Digital Hints

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How to Decide Which Industry to Enter with Your First Startup

Thursday, October 22, 2020

/ by Nurdin Budi Mustofa
If you’re sure that you’re ready to get your first business off the ground but you’re not yet sure what kind of startup you want to run, there are a few things that you’ll need to think about. Making this decision will be one of the most important things you ever do, and it’ll likely be one of the biggest and most important decisions you ever make too. Here are the things that’ll help you eventually reach the right decision.

How to Decide Which Industry to Enter with Your First Startup

Factor in Your Motivations

First of all, you should consider your motivations for starting a business in the first place. Is it all about making money? Or is there something particular that you want to achieve with your business going forward? You need to make sure you enter an industry and start a business that’s going to be able to align with your own motivations and goals.

Seek Out Gaps

If you can spot a gap in a particular market, then it makes sense to start a business that might be able to plug those gaps and provides you with profitable opportunities going forward. Seeking out gaps and doing plenty of research is a must before you start any kind of business, no matter which industry it will eventually end up operating within. And clear gaps are always profitable.

Potential Startup Costs

Getting a startup off the ground is always challenging, and it can also be very costly indeed. Understanding those startup costs and putting in place measures that’ll ensure you can cover all the costs via credit or other means will be vital. It might be the case that you choose an industry that doesn’t have such a barrier to entry in terms of startup costs.

Choose a Niche You Know

When deciding which industry is going to be the best one for you, it pays off to choose a niche that you know. Maybe you’ve worked in the Food Services industry as an employee in the past; if so, starting a business in that niche might make most sense for you. Having that knowledge will give you an edge when you’re running your business and you’ll have a little less to learn too.

Evaluate the Risk

Finally, you need to think about how you might evaluate the risk presented by the industries you’re considering entering. Each industry comes with a range of different risks and opportunities, and one of the most important tasks you’ll have as you make this decision is weighing those opportunities and evaluating those threats. Doing so will help you reach the right decision in the end.

If you’re unsure of what kind of business you want to start, the tips above should help you to make a more informed decision. Thinking about the points raised here and how they apply to you as you make this huge decision is definitely a good idea.

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