When starting up a new company you’ll often run into a cliff where your ideas never come into fruition, here’s some tips on how to prevent that and some advice on industries to enter and avoid:
- You want to avoid an industry that does’nt have near infinite demand, my main reason for this because it will be very difficult to advertise, market and sell if your customers are few and far; an example of a good industry with lots of demand could be car insurance, or web programming business though there are tons of other ones
- Make sure that the industry isn’t over competitive, if your industry has too much competition and can’t spread through simple networking or compete based on advertising then you’ll have an impossible time getting off the ground. If this is the case your best to start with proving out the demand of the product, rather than making the product or a website before selling it
- It’s best to find industries where your products leads to profits for others, for example an iron mine will have an easy time selling its metals because of manufacturing.
Next, I find it really important to not make the following mistakes:
- Don’t become a partner or affiliate without a very protective contract, a lot of the time people will offer partnership and then take away their side of the deal and leave you wrecked and in a worse position than you started.
- Don’t invest too much money or time into an idea unless you have paying customers.
Lastly, I think it’s really important to try to build up a network and interest around your product, go out to events where people tend to be social and where they might be interested in your product, and then success is likely to come.