If you have a small business in Vancouver or if you are thinking of starting your own venture soon, you are probably familiar with the highly competitive landscape in the region. Vancouver is known for its entrepreneurial spirit, which draws a lot of people to the idea of being their own boss. It does, however, come with its own issues, particularly with the city being so expensive and the competition being fierce.
When you have an idea that you believe in and you want to start your business, one of the first question that comes to mind is “is there anyone else out there doing this already?”. It is a fair question that leads to a market research to see what the competition is like and how you can execute your idea better or differently. Which brings us to the age old question: how do you differentiate your business from the others?
There is not a one-size-fits-all solution or a checklist for this, of course. Every industry is different and there are so many other variables to consider such as geography, competition and financial resources. But there are a few things that you can consider to at least guide you through the process.