I am planning to get into creating software for a niche industry. I see that there are some providers already in that space and has room for more. Looking at the quality of products in the market, I feel that I could build a much better product by studying the gaps in these products.
I have one problem though. I will be able to sell this software only if it has a certain minimal set of feature-sets. It will not be marketable unless it has those. I assume I have to go about building a product and hiring at least a few engineers to get the version 1 of the product.
What are a few techniques I should use in getting a foot-hold in a market where I have no proven track record? Neither have I worked on software for such niches before.
Basically, I am pondering over if I should move into that niche? Before moving, what kind of strategy should I start with to get a foothold? What things should I do differently at the outset to achieve the above?