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Last Updated on August 26, 2021 by Tyler Clark
Lots of us think a brilliant idea will come our way and that will give us an edge in business.
In almost all cases, this is a complete fallacy.
If anything, the super idea is the best way to not get anything done in business because it puts you in the mindset of sitting around waiting for the miracle idea which isn’t a very action based plan.
Barring the idea approach, many of us think that our story is special or that our style of business and the little things we do will make us unique. This is true to a certain extent but it’s not going to launch and float your business to begin with.
In the beginning, you need to bring something to market that is going to be better than what’s already there.
Unfortunately, you may come to find that what’s already there is pretty good. It’s already stayed afloat and that means it’s doing something right.
So what are you going to do to stand apart?
Forget the “what makes you unique” idea.Â
You’ll get to share what makes you unique when the client really knows you. In the beginning though, you’d better at meeting their needs.
It’s about them first and then way down the road, you.
So, why are you better?
In other words, what gives you an edge in business?
The millionaires I trained always had some form of edge that helped their business take off.
All of them did. Sometimes they spotted a need, other times they saw an inequity. They figured out ways to offer better services and products and they learned ways to combine businesses to cut costs and offer mutual benefits. Sometimes it was simply the location they were in but whatever it was, it gave them an edge in business.
They all had some kind of edge.
If you’re planning on starting a generic business with no edge, that’s an even worse plan than the one of trying to come up with the brilliant idea.
You MUST have an edgeÂ
Examples of Edge:Â
1.Location Based Edge. This is an obvious one, you’re the only store in a certain location and thus far more convenient. This has a huge impact regarding franchises. You can put a start two blocks from another Starbucks and both can be successful. This is a rare example. Can someone put in another similar business close to you and knock you out?
2. Information Edge. I had a site based on a really rare sport where the information was terrible. Because I’m almost the only site, the site made some money.
3. Selling/Marketing Edge. Do you have super specialized skills in selling or marketing? These can get you ahead. There are millions of personal finance blogs but only some do well. This is in large part to incredible marketing and selling efforts.
 4. Trend Riding Edge. This is somewhat of an edge in business but I would venture to say it’s not a great one. Sure you may sell a few trendy Covid masks but fairly quickly, your style is going to be copied. This doesn’t give you great long term income so try to create a business that isn’t solely dependent on trends.
5. Audience Edge. This is by far the most important edge. Companies will pay celebrities 20 million for their autobiographies because the celebrity already has a huge fan base/ email list to sell to that will buy the book. Who do you have? This can be a tough question if you don’t have anyone.
6. Education Edge. This can be a knowledge edge that you have over someone else. Doctors and lawyers get paid more because of their specialized knowledge. That being said, businesses can often hire out to match your knowledge and the interest seems to flow at about a grade 9 level of education so I wouldn’t say that people benefit from having massive educations online or offline when it comes to making money. It can help but it’s certainly not necessary.
7. Inequity Edge. You notice there’s a need not being met or not being met well. This is the great blog niche search. If you can outwit the best statisticians on the net, you may be able to find a little niche that hasn’t been completely monetized yet. Though this is possible, the net is reaching a level of maturity that isn’t making things easier, that’s for sure. Niche hunting wouldn’t be my first choice of edge in business, that’s for sure.
8. Established Edge. This is by far the best one. I don’t write about my clients that weren’t first generation millionaires. If they took over a company and are the second generation, I don’t feel this is topic for becoming a genuine millionaire. That being said, I do feel taking over an already established business is a fantastic edge. All that time and work to get the business established and known has been done for you. This can give you a huge leg up. This can put you way further ahead than you would be if you didn’t have anything to takeover. If there’s a business that’s already established, it may be a business with a fantastic edge worth taking advantage of.
Bonus Edge #1. Equipment and People Edge. If you have specialized equipment and employees at the ready, you have a big edge over the one person start ups. Though money could buy equipment and help you hire employees, if you’re already past that point, you can beat out competitors on the size and type of job.
So there you are, a few edges in business that you should look for. Don’t worry about the brilliant idea, it’s not an edge you need to have to be successful in business.
You’re also welcome to combine the edges listed above.
If a business has more than one competitive edge, that’s huge too.
Think long and hard about the edge your business is going to have. It’s a really valuable process to figure out how you’re going to thrive in your business.
Best of Wealth,
Tyler.
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