Our product or service must be unique. It is often referred to as our “Unique Selling Proposition.”
If it is not unique then it is a commodity and supply and demand factors dictate that we will lack pricing power. Our larger competitors with deeper pockets will have the edge in advertising, marketing, costs of doing business and volume discounting. (Think Home Depot, Wal-Mart, etc.)
“Custom” products or services will allow us to focus on a profitable niche. Keep experimenting using trial and error to match our interests, talents, skills, natural resources and experiential knowledge.
Look for the “edge” that we have by exploiting new opportunities as they appear. As a small business, we have the luxury of making decisions quickly without the red tape of bureaucracy.
Keep evolving until we formulate the right product or service at the right moment in time.