What Makes Your Business Unique?

What Makes Your Business Unique?

Almost every business has attributes that are unique. Whilst the financials of a business are important buyers will also look beyond them. If two similar businesses have the same financial status, what makes one different from the other?

The factors that make a business unique will also make it more desirable and if these are transferable this will also increase the sale price. Here are some points to consider.

Difficulty of Replication: Any business possessing a range of products or services that are not easily replicated has an advantage over a business that is easy to replicate. Whereas a retail outlet without exclusive brands can rent a shop do a basic fit out and fill it with stock for a small outlay is not easy to replicate.

Intangible Assets: A unique intangible asset is a long-term lease with fair rent in a favourable location that is transferable to a new owner. Today’s economy has created a wealth of intangible assets, many of which can be easily transferred to a new owner. Mailing lists and subscriber lists are an invaluable asset to a business, as is a well-established database program for current & potential clients.
Reputation: Many businesses are known for unique characteristics, such as a restaurant with a reputation for a special food item or their free entertainment. Independent businesses are often known for their special service or friendliness, or they always have “just what you need.” These businesses just have that special something that everyone knows about which makes their business unique.
There are many other factors that can be unique to a business that add value when it comes time to sell. Other businesses have unique characteristics that cross over all of the factors mentioned above. All things considered, when it comes time to sell, business owners have to look beyond their numbers for those characteristics that make their business unique and special.