Find Your Flugelbinder!
Now I’m from the generation of the ‘flugelbinder’ so if you’ve seen the movie ‘Cocktail’, you’ll get my vibe on this page. It’s a very specific solution often for a problem that people didn’t even think existed!
Flugelbinder is actually a fictitious word originated in the movie “Cocktail”, during a discussion about the ordinary objects that can turn their inventors into millionaires.
It’s an anglicisation of a made-up German word, Flügelbinder, literally “wing-binder”. The standard word in English is aglet.
An aglet is a small plastic or metal sheath typically used on each end of a shoelace, cord, or drawstring. An aglet keeps the fibers of the lace or cord from unraveling; its firmness and narrow profile make it easier to hold and easier to feed through the eyelets, lugs, or other lacing guides.
It’s what’s also known as a niche product!
A niche is a place, position or product that’s particularly appropriate for someone or something. It is very specific with distinct differentials from others.
A niche is the profitable segment of any market with a focused audience who are looking for a solution to their problem.
It can be further segmented into more categories such as sub-niche, and under that sub-niche, there could be more sub-niches to cover.
Industry : Creative
Niche : Writing
Sub niche : Scripts
Sub-Sub-niche : Scripts for Netflix
Every industry has a niche & a sub-niche in which you can easily penetrate if you are skilled and willing to drill down on what you intend to deliver.
- In ecology, niche refers to the function an organism occupies within its environment among other species of plants and animals.
- In a situation, niche refers to a unique set of descriptors and circumstances that requires particular knowledge or skills sets.
- In a person, their niche is a focus on an aspect of their interests or abilities in a role to which they are highly regarded, specifically educated and experienced in.
- A niche market is a segment of a larger market that can be defined by its own unique needs, preferences, or identity that makes it different from the market at large. It’s a speciality or specialised set of skills or products for a specific purpose.
So I guess this is where I deliver the blow…..Sorry but small business is not a niche, and you will need one if you want to stand out and here’s why.
There are 2.3 million small businesses in Australia.
How to define and deliver to your niche.
- Find your knowledge intersection. Start by listing out areas you know and skills you have
- Serve an Industry. What group of people are looking for what you do?
- Provide a Specialized Service. Cut down your offerings to the ones you are the best at.
- Target a Tough-to-Serve Customer. Serving small businesses at the stage of hiring their first employee.
- Provide Your Service in Unexpected Places. Go to your customers or be a business within a business, like a snack shop inside a bank.
- Consider Geographic Location. Forced or chosen according or legislation, industry or production requirements
- Offer the Best Service. Be outstanding at customer service
- Distinguish Yourself with Price. A flat fee lawyer. Highest or lowest. Packaged Services.
Finding a niche that’s both lucrative and something you can feel passionate about.
1. Evaluate your passions and skills.
This is often an exercise people avoid or never get the opportunity to do. I remember when I was asked by my psychologist, what do you love doing? I baulked. Paused. Love is such a strong word and they say that if you end up doing what you love for work – it never feels like the daily grind, it’s an exciting adventure that makes you look forward to walking up in the morning. But passion and skill are very different. So what I came to understand was that my passion had skills I could learn, it had an industry where I could find mentors and leverage connections. S
2. Figure out if there’s a market for your niche.
Is there a problem you can solve?
Have one-on-one extraction conversations with your audience. Make sure to find or create a framework for asking questions that helps you uncover their frustration.
Research Search Quora, Facebook Groups or find forums that attract your niche and read, read, read. They’ll be in discussion, asking questions and possibly providing solutions that you can develop on.
This is all about finding your flugglebinder!
Who else is in the competition arena? Would it be profitable? Most businesses need at least 20% profit to stay in business.
3. Narrow down your niche.
Who would have thought eyebrow waxing or eye lash extensions could be it’s own business. The sub niche of a niche also has a niche. And that’s the one you want.
4. Check out the competition for yourself.
The value of your niche will depend on the size of your market and the demand or need of that product, skill or service. You can also aim to be the first, best or most experienced which adds value and points of difference.
Carving out a niche requires you to be a brave leader, prepared to fail and expand, quickly. Researching the past, analysis current trends and finding or creating the products that solve the problem will help you strategise the delivery.
5. Test your niche.
The only question is….Is your audience willing to pay?
Researching what similar markets offer and charge will help establish a base line and the level of demand. But determining what people will pay to have that problem resolved by someone else means that it is not worth their own time.
In recent times, baking your own bread was a thing. Home Bread makers flew off the shelf but now, Artisan bread has infiltrated the market and people are prepared to pay.
“It’s considerably cheaper to make your own bread than to buy it, if you’re comparing similar types of loaves. In a recent comparison, the ingredients for a loaf of homemade classic sandwich bread cost $2.06, or 13 cents per slice. A loaf of hearty Arnold Country White costs $4.29, equaling 27 cents per slice, and at today’s research a large loaf of Sourdoughwill set you back $8.00, which is around 65c per slice and up to $9.00 for the fig and cranberry loaf.”
This style of bread has become so popular that people travel to purchase it, larger supermarkets order in bulk and the store has created it’s own brand that is promoted in other cafes as a sign of quality.
So I wanted to update you on the most popular small business ideas in Australia that will help you find your niche.
When researching I found a website that helps you do just that. Check out www.nichehacks.com
In the meantime, here is the top 16 ecommerce products for 2021.
- Political books.
- Natural feminine care products.
- Natural pet care products.
- Disinfectant products.
- Boutique rugs.
- Organizational helpers.
- Smart speakers.
- Eco-friendly versions of everyday products.
- Face Masks.
- Fitness Fashion
- Yoga Mats.
- Wearable Devices.
- Posture Correctors.
- Water Bottles.
The top 3 most profitable niches on the internet are:
- Dating and Relationships.
- Traveling. Despite Covid19 people want to see and hear about the destinations they’d love to go to.
- Beauty. Latest and most effective treatments.
- Fashion. Seasonal and Eco Friendly
- Health and Fitness. Lastest and most efficient strategies.
- Lifestyle. Leisure. Luxury.
- Parenting. Children
Well I hope this has extended your knowledge on finding your niche, and explains how important it is to have one and how to capitalise on it. For me, writing was a passion, synthesising the information from others about themselves was a skill. It put me in the world of personal branding.
Skills in podcasting helps my clients express themselves in their voice, to achieve their purpose, and increase their profile through a genuine conversation. The types of writing I do require different skills and knowledge, can take longer or be more creative, which makes pricing interesting. Communication and Marketing are still one of the largest markets as you can imagine – getting your message right and to the targeted audience requires a concentrated and significant effort.
If you would like to discover your niche, check out
a product I created to efficiently and effectively unpack who you are, what you do and why in a way so that others see the value you bring and the problems you help them solve. It also shares your story or journey to where you are today which is perfect for the about me page you’re about to revamp!