Many successful entrepreneurs found their success though a somewhat unusual product or industry. Just take a look through any of the success stories from the TV show Shark Tank. The list consists of all sorts of strange products from cleaning sponges in the shape of a smiley face to bed bug traps. The products may be strange, but they’re obviously fulfilling a need in the market. It’s that kind of need that all entrepreneurs are trying to fulfill. That’s the key to bringing in consistent revenue.
Strange products aren’t just a niche market. There are entire industries doing billions of dollars of revenue each year that you probably never think about.
Here are 5 unusual industries that consistently bring in millions or even billions in revenue.
1) World Wrestling Entertainment
You’re probably familiar with the cheesy television show or live events, but did you know that World Wrestling Entertainment is a public company that does more than half of a billion dollars in revenue each year? Their growth is accelerating too. Revenue in the first quarter of 2015 was 19% higher than the previous quarter.
Revenue comes from television, pay-per-view, and live events, merchandising, licensing and more. Others have tried to capitalize on the sport, but none have been more successful than Vince McMahon whose Word Wrestling Entertainment has a market cap well north of $1 billion. Wrestling is a billion dollar industry.
2) Patent Litigation “Insurance”
Patent litigation costs companies millions if not billions of dollars every year. With the rise in this form of liability, a need in the market was created. Companies needed a way to protect themselves from costly lawsuits. There are now firms that amass large portfolios of patents that then charge an annual fee to protect their clients from these lawsuits.
They are able to protect their clients by effectively licensing the patents within their portfolio as well as by using them as leverage if threatened by another company.
3) Transportation of Biological Materials
Obviously transportation is a massive industry; however, not all cargo can be shipped by standard carrier. There are a number of hazardous materials that require special care. Biological materials is one of these special cases.
Would you want infectious biological materials just thrown in the back of an 18-wheeler? This type of material requires special equipment and expertise to transport. There are a number of companies that focus entirely on the storage and transportation of biological material and the associated equipment. The site pbmmi.com list biostorage options and why biostorage is important in cold chain management, scientific transport, and lab relocation.
4) Treasure Hunting
Odyssey Marine Exploration is an interesting company. With a market cap over $50 million, the company’s sole source of revenue is bounties from shipwrecks. The company uses their expertise and specialized equipment to find a recover lost ships. The company is most notable for its find of a treasure worth more than $500 million off the coast of Florida. Unfortunately, the company lost its claim to this treasure in a heated court battle; however, the company continues to operate, recovering and selling treasure that it finds.
5) Museum Exhibitions
It’s not unusual for traveling exhibits to visit museums. What is unusual is a publically traded, for-profit company that owns and operates exhibits of this nature. Premier Exhibitions Inc. creates exhibits such as Titanic, Bodies the Exhibition, Real Pirates, Pompeii, King Tut, Cleopatra and Extreme Dinosaurs.
Visitors typically pay a premium in addition to the standard museum admission to see the exhibits. The company’s strategy is working with annual revenues of more than $30 million.
Entrepreneurship isn’t about creating a groundbreaking product or service. It’s about finding a hole in the market and filling it. There’s billions to be had out there, even in odd industries that involve biological waste, dinosaurs and fake wrestling.
