Small Business Success? How to Make Your Business Stand Out - Part 1

In today's ultra-competitive business environment, a start-up needs tactical advantages if it is going to survive, let alone be successful. Here are five killer tactics that your new small business should have - see Part 2 of this article for the next five must-have tactics.

1. Uniqueness, but with existing demand: In the vast tracts of business literature out there, everybody talks about creating a unique or sufficiently different identity/product/service in order to succeed. That's fine but it's only one-third of the equation. The other two thirds are: (a) that this unique product or service satisfies an existing demand (rather than going down the incredibly expensive road of creating that demand); and (b) you have to have the patience to educate your target market about this new product or service. Unique yes but for existing demand! In fact, most first-to-market competitors lose out to later competitors e.g. iPod, Dell.

2. Speed: By delivering a product or service much faster than any competitor is a pretty good recipe for small business success - depending on three critical conditions: (1) your small business can actually fulfil that express expectation; (2) the time difference between you and your competitors is quite significant e.g. a pizza delivery store offering 28 minute delivery is unlikely to take away much business from a 30 minute delivery operation; and, (3) the time guarantee becomes synonymous with your business; ideally it even forms part of the business name.

3. Price: Price is obviously a proven winner in attracting and keeping business. If you're using this as your primary marketing advantage, keep in mind that the fulfilment of purchases must still be easy, straightforward and professional plus that the price saving is perceived as significant. Perception is everything. Saving $100 on a car purchase will not be perceived as much but $50 on a Blu-Ray DVD player could be. Think of all the price-as-main-marketing-focus types of businesses (they often have the word 'discount' or 'cheap' in the business name) out there.

4. Plug the gap: This is one of the hardest ways of differentiating the product but is still arguably the best. In short, it involves finding a gap wherein a product or service should be but is not. What form might this take? Here are some examples: a busy area without a Laundromat, McDonald's franchisee, tennis court, newsstand or 7-11. And so on. Train your mind to 'look for the gaps' and they will appear. Don't ever have the pessimistic belief that every single thing has already been covered. Major new ideas come along all the time (e.g. Facebook, MySpace, YouTube), that totally disprove this defeatist myth e.g. the internet, fax machines, cell phones, credit cards, cable TV (remember when there were none of these?).

5. Convenience: This could be tied into location or speed but basically you make the process of doing something much more convenient. For example, you bring a service to the client's home rather than having them come to a central location. Some mortgage services do this. Many don't. For busy workers, the home consultation or, better still, online application, is far more convenient. Like paying bills over the internet or via phone or having dry cleaning picked up from your home. Think of the tasks or errands that you need to take care of in your own life and how a savvy small business might make that job more convenient.

That's one way that great new small business ideas start.

Tired of waiting for a great business idea? Find out about over 400 of world's best new business ideas - real new businesses making real money - with Terry Kyle's massive new book for entrepreneurs, 400 Latest & Greatest Small Business Ideas From Around The World.

More details at his website above where you can also subscribe to his free weekly new business ideas e-bulletin.

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