The art of the unbundle
Estimated Reading Time: 3 minutes
In the non-tech world there are tons of industries that are really daunting to try and break into. Not anyone can go and start a plumbing business without being properly licensed to work in the field.
Becoming licensed in a trade like HVAC, Plumbing, Electrical, or Piano Tuning is a huge barrier to entry for many young entrepreneurs.
That’s why good entrepreneurs look to do something called the “unbundle”.
Let’s look at an example.
For years the funeral industry has been the same. Someone dies and the family goes to a local funeral home to make arrangements for the funeral or cremation.
Because there are very limited options for what can happen to a persons body after they die, funeral homes have been able to carve out 100% of the market in the United States. Until recently, you HAD to spend thousands of dollars to properly take care of a family member who passed away.
The folks at After saw it differently. They saw how easily funeral homes were taking advantage of families because they simply didn’t have any other option.
They spotted a rising trend in cremation, and identified that as part of the industry that could be unbundled.
After provides a product that is very specific. Simple, straightforward cremation services that you can use without having to go to a funeral home.
Essentially they provide a DTC cremation.
It can be helpful to think of unbundling with the following question.
What is a product or service that is in high demand, but you can’t get without jumping through unnecessary hoops.
Step 1: Do people want cremation services?
Step 2: Can they access these services in a way that is modern and efficient?
Step 3: Can I provide this service at a better value than anyone else?
You may notice other topics we’ve covered on The Steel Road are examples of an unbundle.
Unbundling could be viewed as the first step in a skill stack.
Being able to identify an unbundle opportunity could help you start your own business or grow your existing business.
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