A business doesn’t have to be different from all other businesses to succeed but it sure helps to stand out in some way if you want to be recognized as a business worth visiting and one that isn’t just a me too type of establishment.
How different you want to be depends on the kind of business you are getting into and the competition you are facing. You don’t want to be unique just for the sake of being different because that alone won’t bring people into your business. Obviously there is room for more than one hamburger chain and more than one kind of steakhouse.
With that in mind, however you need to be aware that there are nuances to each one that make the ones that have lasted different enough from each other to work and the ones that haven’t stood out haven’t stayed around unless they existed simply by being the only available option.
Therefore, when you plan your new business you definitely want to give some thought to what is going to make your business stand apart from the competition you are facing in a way that will be meaningful to the people who might become your customers. This sounds easy but there is more to it than you would think at first glance.
Just as one example, a lot of new restaurant owners think that their secret recipe for this or that will be the thing that sets them apart. That might be true, but practically every place claims to have a secret recipe or two- that alone won’t be enough to get people in the door.
If the food really is that good that people will come back no matter where you locate or how much you charge, great but you are still going to have to do something to get them there in the first place. Unfortunately, most restaurants’ food doesn’t come anywhere near this level of tasty addiction so they are further challenged to come up with a reason for people to pick them over the competition.
Some of them base their concept on a theme, some on the price point (high or low), some on the celebrity of the chef, the freshness of the ingredients, the ambiance, the speed of the delivery or any number of other factors. What it is matters less than that you have something. If there is no reason for people to think of you over any other business in your same category you have already lost the battle.
If you don’t have anything unique to promote about your business you are going to not only find that you have a much harder time being successful you are also going to have a much harder time finding any investors, partners or lenders willing to get involved.
A concept that can be marketed and sold is essential not just to your success once the doors are open but even before you have started when you are in the fundraising mode. People want to invest in someone with vision and a new take on things not someone who is simply starting just another one of a long line of very bland, boring and forgettable businesses.
The question you need to answer as you work on getting funded is what is going to make my business stand apart from others in an attractive and compelling way- what is my angle? Find your angle and finding your funding will be a lot easier.
