Companies without a competitive edge will not survive. But as an entrepreneur, you probably already know that. However, finding your competitive advantage can be tricky. It takes more than just a great idea to create a successful start-up, and the work involved behind the scenes to allow you to hit the ground running can be immense. Rather than putting off your secret sauce until later, it’s best if you nail down that competitive advantage sooner rather than later. Everyone has their own competitive advantage but perhaps in your case it might not be as clear or as defined as you’d like. Follow these tasks to make sure your working smart, not just working hard and doing so in a way that allows you to shine.

Identify Your Strengths

Every product or service has its own set of advantages; for example, it may be something you may provide that is superior to your competitors. If your products or services don’t have any competitive advantage over other companies, you’ll have to start over from the beginning. It doesn’t just have to be ‘better’, it can be better quality, better service, a more unique offering or a new way to deliver value or enjoyment for your customers.

Remember that identifying and capitalizing on your product or service’s competitive advantages might mean the difference between bankruptcy and record-breaking revenues. Instead of attempting to mimic the assets of other businesses, focus your efforts on strengthening your selling features. Make a point of emphasizing these, and make sure that your customers understand what makes your brand a better choice.

Outsource the Small Tasks

Business owners can get bogged down in the small details behind the scenes, pulling their time and attention away from where they need to be. Identify what tasks are taking up the most of your time and outsource them to allow you to put your focus where it needs to be. I ask this question a lot of myself and others in my network; is this task in my wheelhouse and is it something where I have an advantage in doing? Of course you can’t work on the thing that is your competitive advantage all the time but you should try to spend more of your time doing this rather than not. For example, one summer I hired an intern (disclosure it was my sister) to help with things like social media, outreach and keeping me organized while I focused on getting content written.

Outsourcing is the perfect compromise if you cannot manage everything yourself, but you cannot afford to hire employees to do them for you. There is a tech skills shortage in the US, meaning software outsourcing roles are being filled worldwide regardless of where you are based. The nice thing about work-from-anywhere is that you can also outsource anywhere too! Quality is quality regardless of where you or your vendor is based!

Be Creative

Most start-ups are known for their innovative approaches to marketing, user experience, and programming problems. Inspiring your workers to think creatively can help you identify solutions that your competitors haven’t thought about. This goes back to the point on identifying and developing your strengths – oftentimes this can come from being creative!

Finding the right approach for you and your employees will help you to turn creative ideas into solutions. When creative thinkers are free to explore enormous ideas and bounce ideas off one other, the result can be just what you need to find your edge. What have you got to lose!

Niche Down

A niche competitive advantage tries to reach a particular market sector. Some term it the “single market” strategy. Market segments can be classified geographically or demographically.

This enables hyper-targeted advertising. Your ads will be more likely to convert quality leads. Your brand will stand out if you communicate with them. Companies targeting large populations can’t reach every potential customer. Knowing your audience allows you to develop content that speaks to them directly. So get to know your ideal customer to enable you to find your niche target audience.

Adaptability

Adaptability is a start-up’s best friend, from development to operations and marketing. Many companies have lost market share, investment, or even closed due to rigidity and inflexibility. Technology and business evolve rapidly. Keeping up with trends, news, and events will keep your start-up relevant.

Entrepreneurs should seek flexible start-up technologies. Allow for scalable new integrations, external software, custom APIs, or servers. Companies will not want to deal with you if your technology is awkward to interact with or not fit for purpose.

Summary

Start-ups are hard, but if you find a way to remain unique and competitive you’ll stand a better chance at success!

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