Now here’s what you can do:

1. Make a list. Take out a sheet of paper and write down every advantage you can think of why someone should do business with you. Get a big list. Don’t worry about whether or not your competitors can offer the same advantages or not at this time. Just get some points down on paper. Think in terms of how your business might fit in the following categories:

A. The name of your business. Does it say what you do, and position you in such a way that there can be no mistake? Can there be any doubt what kind of business “The Hair Club For Men” is in? As another example, if you didn’t know it was a men’s clothing store, what would you think “The Men’s Warehouse” sold… men? What about your business? Can you use the name as an advantage?

B. Exclusive niche. Are you trying to be all things to all people? Or do you occupy and dominate (or at least have the potential to dominate) a certain market? The tighter a group you can cater to, the more control you’ll have and the more opportunity you can have to dominate and control it.

C. Expertise. Do you have some type of specialized understanding of a particular market segment so you can become a recognized expert? If you do, when people look to you for help and expertise they can’t get anywhere else, you’ll have a tremendous advantage.

D. Guarantee. If you have an unusual guarantee, you can use that as a competitive advantage. We’ll discuss the concept of “risk reversal,” and guarantees later.

E. Market positioning. How are you viewed in your marketplace? How do you stack up against your competition? What is your market’s perception of you versus other competing businesses? Domino’s didn’t go head to head with other pizza shops trying to make a better pizza. Instead, they went after quick, in-home delivery, and nearly completely dominated a market in a very short time.

F. Price. How are your prices compared to those charged by your competitors? Do you have the lowest prices for your products, and operate as a “discount” operation? Or, do you take a higher price-point position and operate at a more “exclusive” level? Either position can be an advantage depending on how you position your business and the products and services you sell around it.

These are just a few of the areas that you may want to consider as competitive advantages. Of course, there are more, but at least this will get you thinking.