In order to succeed as a solopreneur you must differentiate…But HOW? Below is a list of 7 solopreneur strategies to differentiate your business.
Assess those in your marketplace as well as your unique interests, passion, skills, and resources and focus on at least one way you can differentiate yourself.
1. Cost Leadership – while not typically considered a differentiation it can be a sustainable advantage. Solopreneurs can offer certain services or products to niche at lower prices if they are able to keep overhead lower than others.
2. Branding – Perceived differentiation. Think Nike or Starbucks. (here’s an entrepreneur.com article with solopreneur strategies – 5 tips for branding)
3. Innovative Processes – New, unique, efficient. (E-myth argues for efficient solopreneur strategies)
4. Unique Technical Expertise – Be the Master at something.
5. Patents – Invent something. Seek Problems. Seek Solutions. Experiment.
6. Intellectual Properties – Create something. Content. A tool. A resource. It doesn’t have to be extremely unique…just yours.
7. Talented Human Resources – Hire the best when you outsource. Make sure you are the best at what you do.
Survival and success means finding a need and delivering it in a way someone else isn’t. This is differentiation. Competitive advantages through differentiation can lead to long term success. So don’t just read this list and say, ‘I think my business has #3.’
Ask yourself the following questions:
- What does my business do that my competitors don’t?
- What do I get praised for in my business?
- How do customers view my business?
- How can I WOW my customers?
Take 20 minutes and write down answers to these questions. Then brainstorm how to increase or leverage these differences in your daily business. You might just be surprised at the long-term results. Let us know what solopreneur strategies you use to differentiate your online business.