Article: XX

Library Home

Getting Started

Planning

Library Index

Policies | Site Map | Guarantee | FAQs | Contact Us

Need More Help?

Find out more about our unique educational program!

Ask Our Experts

Ask a question today!

Blog | Courses | eBooks

Home Courses
Ebooks Resources
About LaunchX

Starting a Business? Look for Edge Opportunities!

If you are thinking seriously about starting a business, you likely already know that the most important first step is good planning. Everything about your business idea should be researched, considered, and modified as needed. As you are working through these details, give your venture a leg up by finding and capitalizing on edge opportunities -- a method or process that gives your business a serious advantage over the competition. Developing a significant edge over your competitors is often the difference between getting by and wild success, and the sooner you identify yours, the quicker your business will be in the black.

A huge portion of your startup planning revolves around digging in to your industry and competition. Successful entrepreneurs know their field inside and out, including the details of the competition's operations, the markets they target, and accepted industry principles. You are looking for any area that can be rethought and retooled to improve costs or efficiency. Keep this idea in mind through every detail of your operations planning. Even the most commonly accepted practices should be considered opportunities to do things better. Of course, different is not always better, so be sure any changes actually spur a measurable, tangible benefit over the way things have always been done.

Even if you have significant experience in the industry, don't assume you know everything. Talk to knowledgeable network contacts about their perspective...you might be surprised where good edge ideas come from. Very often, the guy on the line in a factory or on the sales floor can identify efficiency or cost-control issues that are consistently overlooked by managers and above. If you are new to the industry, it can sometimes be easier to identify potential edge opportunities because the standard practices are not quite so ingrained as with those who have worked with them for years.

In either case, the key is to break down each task within the operations procedures and clarify both what exactly is done, why it is done, and what it provides to your customer. Look for unnecessarily repetitive tasks -- some repetition may be necessary for accountability purposes, but if several different employees are touching the same item before it gets out the door, there may be a process issue. Evaluate the bureaucracy of the paper trail typical in the industry -- very often those triplicate forms can be just as effective in duplicate or, better yet, singular form.

Use the available technology to tighten your operations. One landscaper hired an IT professional to design a basic mapping and estimate program that allows them to produce immediate, accurate price quotes and close sales far faster than the industry average. In every business, there are legitimate ways to use the awesome high-tech tools available to improve efficiency, improve customer service, and generally streamline processes. Developing proprietary software or machinery is great, too, but simply utilizing smart phones, GPS, software programs, and the world wide web can make all the difference.

As you identify potential edge opportunities, think big. A small edge over the competition is good, an edge that cuts expenses by 30% or improves efficiency by 50% is better. Watch for assertions like the "conventional method" or "this is how it's always done" -- those are often red flags for major edge opportunities. Get together with other experts in the field and brainstorm against convention. Sometimes the most ridiculous ideas have a kernel of potential. Finding your edge is an essential aspect of business planning, so keep that in mind as you work through every detail of your business plan.

About the Author

LaunchX.com is dedicated to training entrepreneurs to turn their good ideas into great companies. The LaunchX System provides step-by-step education in the mindset and skill set entrepreneurs need to succeed. Our program includes intensive seminar training, key business software, and specialized workbooks that teach you the fundamental skills you need to achieve your financial and worklife goals through entrepreneurship. Register today for our introductory course and see what LaunchX can do for you!