Struggling to find a good business idea? Then you’re not alone. In fact, most people looking to become entrepreneurs struggle to figure out how they’ll do it, and many give up before they’ve even gotten started.
Some might even say that finding the initial idea is one of the biggest steps one has to take on the path to success. So where do you get started?
According to Jimmy, co-founder of the trading website BullMarketz.com, the trading and fintech industry is a great option for start-ups and also an industry that gets overlooked by many. Therefore we asked him for some more insight.
As you already know, you need a niche to succeed at anything, and this is especially true in the vast trading industry. And let’s be honest, you’re not going to compete with the NYSE or any other major financial institution. At least not yet. So you need to find a smaller niche that you can dominate.
Luckily, there are so many directions one can choose when getting started with a trading business that it’s hardly an issue finding a unique niche in which one can succeed.
Do you have some knowledge about stock trading? Then start a business offering tips about stock trading or find a way to get traders together to learn from each other.
Are you interested in blockchain technology and cryptocurrencies? Then I suggest you join one of the fastest growing and prominent markets in the world.
Do you have a degree in finance? Then why not try to start an exchange or a trading platform on your own. There is a bunch of reviews of brokers on BullMarketz.com that you look at for inspiration. Many of which offers white label solutions, while starting a trading platform on your own might see like a giant step the fact of the matter is that its not.
Are you a developer? See if you can help brokers update and optimize their software and platforms.
I think you get the picture.
In the past couple of years alone, I have witnessed several small companies take off in a matter of months to reach million dollar valuations. As in any industry, the trick is to find something that no one else offers but everyone needs.
Established industry with a lot of clients
The beauty of the trading and finance industry is the sheer size of it and the number of active users and potential customers you can reach out to. Not to mention the fact that trading is something that humans partake in globally meaning you can easily reach out to a huge number of potential clients everywhere in the world.
Also, despite the fact that the industry is well-established, it is also constantly changing, following the latest trends.
Over the years, the fintech and trading industry have proven to be some of the earliest and most successful adopters of new technology. That means if you can be smart and innovative, you have the potential of quickly surpassing more established actors.
High profitability with low expenses
You will be active in an industry that revolves around making money which is always important if you want to succeed.
Also, thanks to the rise of the Internet and the global adoption of online trading, your overhead will be great. There is no longer a need to have expensive products and offices with tons of staff. In fact, most of today’s trading businesses run at least partly remotely.
If you’re looking to start your own exchange or brokerage, you will most likely need an office and most of your staff in the same location. However, if you start an information portal or any other online trading business, you can probably run most of it online.
There might not even be a need for an office which means you can pocket a lot more of your revenue.
I can actually think of a million good reasons to start a business in the online trading world but I believe the above-mentioned reasons are the most important.
However, that being said, my favorite part of the trading industry is the big players’ drive and ambition to invest and acquire up and coming businesses. Instead of going head to head with young and driven entrepreneurs, they join forces with them, which creates the perfect condition for people looking to flip businesses.
Sophie Jones works for SavvySME, a community marketplace, which helps Australian small and medium enterprises grow their business