There is a phrase that I’m not 100% sure who said it initially but it goes along the lines of:
Boring Businesses Make Billionaires
The line itself essentially states that the more boring a business is, the higher the profit margins will be, due to not many people wanting to go into that industry. Which when you think about it, makes a lot of sense.
Take Tech businesses, over the past 10 years every new billion dollar company you have heard about in the news has been a tech based company. But when it comes to the industries that are extremely boring, the companies that are there in that space have little to no competition because people can’t be bothered to get into that industry, it is simply too boring. Take Haulage, toilet paper, wrapping paper…. All extremely boring.
I actually know the guy who decided to put wrapping paper on a roll, like that was HIS idea. Now he sits in a £3 million pound house and his Cat’s house (yes Cat) is the size of most average houses in the UK… All he did was improve a boring industry slightly.
Today I’m going to talk about how we are looking to improve a friend’s garage shelving business by utilising technological advancements. This is what we have so far but feel free to comment as that would be great to give us some ideas!
Now if you are like me, shelving is not your thing. In fact I don’t know anyone in the world who gets “excited” by it. But it is profitable. The margins are good and if you can get in front of individuals who need what you are selling, then there is no reason why you shouldn’t be able to make money from it. That goes for any boring industry. It’s just about the target audience!
3 Tech Tips for Boring Industries
#1 – Utilise the smartphone revolution. Run ads for mobile users only for specific keywords. For example if someone is on a desktop they are likely to search around, click lots of different websites, look for the best offers ect. But when someone is searching from a mobile they aren’t looking to do this, they just want to get their item and checkout quick. Hence if you target only these users your conversion rate will increase!
#2 – Make your website look better than the competition. Not really much of a tech relevant point, but most boring business sites, look like well just that! Instead run offers, competitions and make the site itself look interesting, although its unlikely people are going to share a business site, there is no reason why they shouldn’t be able to tell their friends in the industry to go there!
#3 – Finally, be creative, there is nothing worse than old school businesses not adapting. Business in itself is changing, don’t fall into the trap of “we are doing well” – Instead make the most of these changes.
Don’t follow what your competition is doing, in fact go the direct opposite route. There is no reason to be a sheep in your industry, in fact that’s the easiest way to stay under £1 Million a year in revenue. Go the opposite route, take some huge risks. Test and let the data speak for itself. Invest more into what works and pull what doesn’t. Get on social and test that. Same for SEO, same for Paid ads. Just TEST. TEST. TEST.