It is all about the Niche
I wrote a blog post recently called The need to niche – The Florist. It was based on a standard High Street Florist and how you could find success in this overcrowded industry. I gave ten ideas for a way to niche which would help any florist stand out.
It is widely known that your average millionaire has, on average, seven streams of income. There are all kinds of different ways around this and millionaires may have very diverse investments in many different industries, from income earned to passive income to dividends and so on.
However, let’s stick to the niche. So taking one of my ideas for a niche area from my blog, let’s say as a florist you decide to just focus on one flower. You niche in Roses, Peonies or Sunflowers, whatever is your passion.
A single flower
There is so much scope to create different streams of income by taking on a very targeted niche. Let’s look at 7 ways in which you could create income from this single flower Niche.
1) Earned income from the main business
This may seem obvious but there is a greater chance to increase your income from your niche because it gives you the opportunity to become a real expert in what you are doing. You can become well known for your level of expertise for this single flower. So as we have said before there is a lot of scope to narrowing your offering.
2) Lifestyle products
Create lifestyle products related to the niche, candles, room diffusers, stationery….. The list is endless. Not only are you able to sell these products within your own online and offline stores but you can also sell through other businesses. Look to people like Cath Kidson or Orla Kiely who have created massive income from their lifestyle products. All started from a single pattern or product.
3) Diverse product range
Develop a diverse product range. Could there be an element of the flower that can be used to create a product? For example, the incredibly successful skincare line Caudalie was developed through the family vineyard when someone told them about a powerful component in grape seed. This business now reaps revenues of over £123m a year. How easy would it be, if you niched in roses to create rosewater for your brand?
4) From birth
There is so much scope for you to be the Rose queen or the tulip magnet. Your expertise and knowledge of your clients could lead you to invest in the seeds and development of the flowers that you have niched in.
Invest and work with companies that can help bring new species to market, to create new markets in new areas.
5) Flower farms
Invest in the flower farms that actually grow these species. Are there new areas in the world that could create a flower farm industry or does Brexit create opportunities to support and invest in British flower farms?
Is there a way to create a community of small flower farms based on your niche. Could you create an allotment income for people?
Even think of bee farmers, could you use flowers farms to create a certain flower of honey and help with the dying bee population?
There are so many innovative ways to do this and you could be at the forefront of a new way to bring flowers to the market.
6) Other countries
When your model proves to be successful, you can either set it up in other areas of the country or in other areas of the world.
Also, don’t forget the consultancy route, you are now an expert at this and you can consult with another florist to help to do this with a different niche flower. You could either create streams of income from a high consultancy fee or you could take a percentage of income.
7) Use your expertise
With all of the above you are establishing yourself as an expert, use this as an income stream as a speaker, a non-executive director or a consultant in your industry.
The 7 streams
There you have it, 7 streams of income that could take to a small High Street Florist and turn it into a multi million pound business. But apply the above and you could create this with any industry.
This is how you make yourself stand out in your industry don’t do just because others do. Expand your boundaries, be brave, creative and businesses will be looking to you on how it is done.
To talk about our Niche to Seven Streams package and how I can help you to find the perfect niche for your business and how it can be implemented and to come up with ideas for additional streams for income check me out on my Work with me page.
