What’s Your Edge?
What’s Your Edge?
general area. Similarly your coffee shop could have the nicest staff, the fastest service or the best children’s playbox, or be most friendly to senior citizens. None of these
are necessarily original or difficult to organise, but they That may seem like an awkward question. However, there’s no point in competing if you have no edge or competitive
advantage. This is business – if you are not competitive, then don’t compete. So what kind of edge do you have?
This could vary from an innovative product, to convenient location, to expertise, to superior service, to speed. Almost
may make a very big difference to your trade, turnover and profit.
You have to know the one or few things that your busi-
ness can do extremely well. Then you must stay focused on it/them. Growing your wealth depends on your edge. Areas in which you might have an edge:
anything can give you a competitive edge. What you really
• product quality
that is the case the only way you can compete is by cutting
• convenience
don’t want to do is be exactly the same as everyone else. If
• location
your prices and that is a fast way to business hell unless
• service
you have such huge volumes of business that you make it
up in quantity. That is usually not a game that a smaller business can win and is best left to the purchasing and
organisational prowess of the huge discounters or the fast
• customer care • franchise • proprietary brands or processes
food chains.
• after sales service
market values? Could you be the best at it? You won’t
• online presence and information transfer e.g. blogging.
best in your class, but you will need to stand out in your
You need to know what you are able to do better or differ-
station could be the fastest or friendliest or most conveni-
business. The things you choose to have an edge in have
What are you really good at? Is it something that your
necessarily have to be the best in the world or even the area or from your immediate competition. Your service ent or have the best shop or be the most helpful in the 110
• expertise
ently than the competition in order to win with your to be things that your customers or clients value – it is a 111
Don’t Get a Job, Build a Business
What’s Your Edge?
great waste of effort and money to build difference in your
additional revenue straight to the bottom line. This extra
doing the same as everyone else is unlikely to give you the
freedom. Think about some of the less glamorous addi-
business that the customer doesn’t care about. But just advantage you need to create wealth and freedom through your business.
money can accelerate you along the journey to wealth and
tions you could bolt on to your business to add value for the customer and make you some easy money. Examples that we have seen include:
There’s money in muck People gravitate to glamorous businesses. We have already mentioned the tendency to open restaurants or own small
retail shops. The big money gets hooked unwisely into
businesses like airlines or car racing. However, if you are
prepared to do work that others don’t like or won’t do, there is often a killing to be made.
• Electricians and plumbers who remove and dispose of old appliances for a fee, saving you the hassle of a trip to the dump or the recycling station. • Gardeners who remove branches, grass and other waste at a charge and who then recycle it as compost – for which they also charge.
an opening for your business to refocus in an area that
• Automotive workshops that also sell car accessories and gifts for car lovers – they have already paid for the premises and staff and are doing this as a convenience for customers, not as an attempt to challenge the big accessory retailers.
the table if you are prepared to do what others will not.
• Online games for kids that send weekly activity reports and options for upgrades to parents.
Waste management, cleaning and storage are obvious
examples. While these types of business often lack glam-
our and status, the returns are often very high. Is there others are ignoring? There is often a lot of money left on Similarly, we have seen businesses that corner a
low margin niche such as cleaning, gardening or waste
management that are unlikely to attract too much compe-
tition. These versions of flying ‘under the radar’ of your
most obvious competitors can have very valuable payoffs. It is also worth considering all of the ‘extra’ streams of
revenue that can be attached to your business at very little
additional cost to you. You may be able to take most of the 112
• Carpet cleaners who have added furniture cleaning and protection from stains and carpet mites to their repertoire – they have already made the trip to your house. • Recruitment consultants who will write up contracts of employment, job descriptions and offers of employment – all saving you the hassle and earning them an additional fee. 113
Don’t Get a Job, Build a Business
Money – and profit – is no respecter of glamour. Often
there is a lot of value left on the table in your business. Look around at what you do and consider the needs of your clients and customers – are there products or services
you could offer them that might easily bring additional income at little cost to you?
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