Entrepreneurs are people who always have challenges that, in most cases, are something new for them. Even the start of the business is something new to every entrepreneur; entering an entirely new industry is a widespread practice for entrepreneurs. Here I want to share four sources of information you need to consult before you enter the new industry.
Business startups and existing businesses will always need to enter the new industry. The entry is identical whether you come as a brand new or an existing business. For better navigation, you need better knowledge of the industry and markets you want to enter.
In one of my previous posts, I talk about industry analysis by answering 40 questions. This post represents your analysis by answering the 40 questions. When you note the answers automatically, you will have one document called the analysis of the industry. However, the post is not depicted as a procedure to arrive at answers to these questions. Nobody can give you a place where all answers will be there at once.
Let’s start with a list of activities that you can follow to analyze and introduce the industry in which you want to enter a new product or service or an entirely new business.
1. Start Calling Your Network of Friends
This is the first thing I recommend to anyone. Although I know that people are more closed than open, they are still your friends. So, first, make a list of whom to contact in the personal address book. Then, set up questions for social networks that you are often using. The goal is to gather information about which people or business associations have insight into the industry you want to enter and who will share information with you.
2. Start Searching the Internet
The Internet is an infinite source of information that continuously increases. Use and spend some time exploring the Internet for possible information about the industry. Google is the first thing you should try because you will find a truly unlimited source of information. Through Google, you will see all the leading players in the industry, find some statistics, and find products and services offered in the industry. The second source of information is Wikipedia which will give you information about the history of each industry. Collect different information and respond to 40 questions previously mentioned.
The second source of information is Wikipedia which will give you information about the history of each industry. Collect different information and respond to the 40 questions I mentioned previously.
Next, find online trade shows where you can find companies and products that are industry categorized. This type of online trade show is worth a source of information about your industry analysis report.
3. Go to Trade Shows
Start visiting trade shows related to some particular area of industry in which you want to enter. They are a place where you will see the players in the industry. Nowhere else can you find a more considerable concentration of people from one industry. Ask the businesses there about the issues that interest you and note the answers in the notebook.
4. Always Read Everything Related to the Industry
Always seek and read various magazines and publications that the main subjects are the industry you want to enter. They give excellent information about specific movements in the industry and key players in the industry. Try to learn all aspects of this industry and be prepared for the meetings to use the same jargon acceptable to industry members.
Any information can be crucial to the future success of your business when you want to enter a new industry. Use every possible source to find them.