Ways Entrepreneurs Can Gain a Competitive Advantage

Did you know that we have over 582 million entrepreneurs all around the world?

In the US, there is a rise of self-made US billionaires with their own business. This is all because their economy allows for many niche businesses to succeed. However, around 20% of small businesses fail during their first year. 

Entrepreneurship won't be easy in our very competitive market. Thus, you should prepare a long term competitive advantage plan to help you take the lead. Here are some advantages of being an entrepreneur and tips to help you gain a competitive advantage.

Advantages of Being an Entrepreneur

What are some advantages of being an entrepreneur?

One of the biggest advantages of being an entrepreneur is that you are your boss. Being an entrepreneur allows you to do as you please with and for your business. Entrepreneurs can choose who they work with and decide how much they get paid.

Being an entrepreneur lets you develop different skillsets and challenges your present skills. You no longer have to worry about running late since you control your schedule. Entrepreneurship lets you pursue and build your goals at your own pace.

?Instead of helping others get richer, your profits will slide right into your pocket. You also won't have to worry about restrictions since you are in control. Entrepreneurs are more involved in the community since you get plenty of opportunities to network with others.

Ways You to Give Yourself a Competitive Advantage

In our competitive market, every business needs to gain an advantage over others. A competitive advantage lets you gain the lead over your competition.

You can do this by offering consumers greater value by having lower prices. Give them better services, too, to entice them to come back as return customers.

?Here are some tips for entrepreneurs to gain a competitive advantage.

Watch the Leads, Not Only the Sales

A strong profit stream is the main difference between a growing business and a slow business. Sales are important, but sales come from your leads. Business leads are the people who look at your products or services with great interest.

If you don't watch your target audience's needs, it won't be easy to secure leads that you desire. You need to identify your target audience's issues so you can introduce your products holding the solution. Without a lead filling in your sales funnel, your sales rep may suffer on who to call and sell to.

Concentrate on a Solution

Note that knowing your target audience is still the beginning. You need to let everyone know the benefits of using your products or services. Selling solutions is more powerful than selling a product based on features.

Go for a Cost-Based Approach

A good way to lure in customers is by offering a good, eye-catching price.

Most companies like Amazon gained a competitive advantage by using the cost-based strategy. The cost-based approach is a pricing method where you base the price on the cost production.

Define Your Niche

Trying to offer everything to everyone can often have the opposite effect. It's best to have a niche, so it will be easier for customers to find what they're looking for. A solid niche can help create a stream of revenue and establish a loyal audience.

An easy way to find your niche is by asking yourself what you enjoy doing. Take a look at your weaknesses and the skill you have more experience. You need to provide more value to your clients and limit your competition with a niche.

Target the Needs of Your Customers

Why should your customers buy or use your service? Your products or services should shout that they need it since it makes their lives easier. Aim to create a service or product that stands out and caters to your target audience's needs.

If you want to get a competitive advantage, you should find a customer base and look into their needs. An example is millennials needing electronics during this pandemic. Another one is photographers using platforms to show their work by using Instagram.

Differ Your Products and Services

A good way to differentiate your company from others is by outlining your unique activities. Find a unique activity to turn to a core strength that differs your business from the rest. Differentiating your products and services simply means branding.

?Your branding should make a memorable impression. People should know what to expect from your business from your branding alone. It also shows that you are a professional business to your customers and your investors and stakeholders.

Develop Your Team's Skills

You can't do everything alone, so the best way to get ahead in your industry is by training a team. As you develop their skills, it also helps them in teamwork and teaches you how to lead them. If your team can work faster and better than your competition, then you're sure to take the lead.

Take your time to get to know your employees until you can fully trust them with their work. Communicate with your team when they have mistakes and teach them what they can improve. You need a solid team around you with people who have strengths that balance your weakness.

Make a Unique Value Proposition

Plenty of companies use value propositions, such as quality and pricing, to gain a competitive advantage.

However, what do we mean by creating a unique value proposition (UVP)? It's a clear statement describing the benefits of your offer.

?UVP lets you tell a story to your customers on how it benefits them. It should also make it easy to distinguish your brand and get your brand more superior than the rest. You should place your unique value proposition on your website's landing page and in every marketing campaign.

Grow Your Business the Right Way

Join in and enjoy the advantages of being an entrepreneur. Strive to get ahead of the herd by gaining a competitive advantage that can give you plenty of events to grow.

Are you ready to be an entrepreneur and grow your business today? Do you want to learn more about how you can be successful?

Kam Johal and the BPA team are here to help you get on the path to success!

Contact us here for more information.