The “little” in “small business” can be misleading. Along with employing 60-80% of the country’s workforce, creating nearly two-thirds of all new jobs, and contributing trillions of dollars to the economy, small businesses really mean big numbers.

There are currently about 28 million small businesses in the US, with more than 540,000 new businesses starting each month. The problem for those just starting out is that with so many small businesses popping up, standing out from the crowd can be a daunting task.

You need to give people a reason to choose your business among the millions of others offering the same product or service. This is done by creating a Unique Selling Proposition (USP). To do this, both new and existing businesses must continually review the basics.

identify a problem

Actually, this should be done even before creating a product or service. If your product or service doesn’t really satisfy a need or want, why would anyone pay for it? Also, remember that starting a business should be about giving people something they need or want. The money is only so that you can continue to provide it. As Walt Disney once said, “We don’t make movies to make money, we make money to make more movies.” If you’re in it for the money, you’ll be better off with a desk job.

Provide a better solution

This is the “only” part. This is also often where people get stumped. After all, you can be pretty sure that many others are already selling what you plan to sell. Study them thoroughly. Ask yourself honestly what you like and dislike about them. Think about how you could provide the same thing and yet be the only place people can get it the way YOU do. Find that one, and only, thing that you can do better than your competitors, and stick with it. Everything else is fluff, in case you “want fries with that.”

Define your target audience

In addition to coming up with a unique solution, you need to have an idea of ​​who you’re actually selling to. Once again, be very specific. If you try to please everyone, you will end up pleasing no one. Find out the exact demographic that will benefit the most from your product or service. Stay with them. Of course, they first have to be present in viable numbers wherever you establish your business. If not, adjust your target audience and unique solution accordingly, or find a better location.

BONUS: Always keep your promises

When figuring out your USP, make sure you can actually deliver. There are few things worse for business than raising expectations among potential customers only to disappoint them.