When we entered the online entertainment industry last year with our translation services company, I didn’t know how awesome decision it was. Not for the reason that we found quite a few of customers over there but for the fact, that we are going after a smaller piece of the whole puzzle.
Let me explain.
Let’s imagine the business segment as a puzzle. Every segment is made from smaller or bigger parts of the puzzle. Eg. the industry we are working in has these big pieces, that major companies are going for:
- Affiliate networks
- Mobile traffic
- Desktop traffic
- Billing companies
- Advertisement networks
They may be several more, but these are the biggest pieces of the puzzle making the most money. If you are just starting out as an entrepreneur and you have a lot to learn, going for these pieces will be probably a really tough job. If your pockets aren’t full of money, you won’t probably end-up as a winner.
Then there are products or services which are necessary for the “big companies”, but there’s not so much money in it. I’m talking “only” several millions dollars annually. These are:
- Marketing services
- Legal services
- Translation services
- Event-organising services
- Merchandising services
- Big-data analyses services
Choosing one of such pieces of the puzzle could bring you great values both short-term and long-term. Let’s look into it more closely.
1st) The competition should not be that crowded.
Most companies providing such services are probably not fully focused for that particular segment, so if you really suit your branding and services for this niche, your journey will just get easier. Surely, you still have to provide the best services you are able to, but you can quickly become the GO-TO service provider in that niche.
2nd) You build up your business relations once and you benefit from them over and over again.
While you build up the first company, you get to know your customers better and you will find another pain which makes them bad headaches. This opens you the possibility to either extend your services or to build another company.
3rd) You will NOT waste several years of your life and you will build your entrepreneurship skills step by step.
If this is your first company, you probably won’t end up having a $100M company just now, but your 2nd or 3rd company might end up being one. Most people are trying to become the next Unicorn, but a lot of them just waste many years ending up with nothing, not even a smaller sustainable business.
I don’t want to discourage you to go after your dreams. If you’re the next Elon Musk, you go and do the next Tesla or SpaceX right now! But if you want to build more companies and enjoy the journey while still being young, you can consider this approach.
The article was published with a kind permission from the author. To see the original post on Medium, follow the link.
Cover photo: Edu Grande – unsplash.com