When I first launched Ultimo I had very little money to market my business; however, I knew that I had a unique proposition that would help me stand out from the crowd – patented silicone technology adding two whole bra cup sizes. What is special and different about my product? Who will buy it? Why is it better? These were the important questions I asked myself.

It’s amazing how many companies are doing interesting things and nobody knows about it. Over the past week alone, I’ve come across a handful of products and businesses that have blown me away – and that I’ve never heard of before.

Of course, processes and systems, great staff and service levels are all hugely important ingredients in your business – but if you want to stay ahead of the game, you need to stand out, differentiate yourself from the competitors and make your message clear.

Differentiation is about understanding where you fit best and can deliver the most value. Every business is very different and there is no “one size fits all” strategy. Also, trying to appeal to everyone is dangerous territory. Lots of businesses shy away from being “niche”, because they are afraid of alienating potential customers, but if you are really good at what you do, customers are far more likely to come to you for your unique expertise.

Finally, when it comes to standing out, you just have to take that leap of faith – and it can be terrifying. When I first launched Ultimo on a shoestring budget, I pulled together a group of actors to play surgeons and “protest” outside Selfridges against Ultimo – as our silicone competed with breast augmentation! We gained global coverage that lead to massive deals with various companies, and the rest is history.

So, what does it take to stand out? By now, you get the idea – be different, be creative and know who you are. Strive to provide things that your competitors do not and don’t be afraid.

Image: Red Apple from Green Apple by Shutterstock

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Michelle Mone: Standing out from the crowd

Running your own business can be a million different things: exhilarating, daunting, demanding, liberating, stressful and rewarding.

But whether you’re aiming to open a shop or become the next Richard Branson, there are means and ways of ensuring you get the fundamentals right, which will make the rollercoaster all the smoother.

Firstly, I would suggest you plan, plan, plan! Set yourself weekly targets. Work out what your monthly sales need to be and how many people you need to meet to achieve those sales. Who are your hot leads? Are sales up or down this week, compared to last week? At Ultimo, we have a huge wall that tracks all of these things, which is fantastic way to keep everyone focused and motivated, week after week.

Secondly, one of the most useful things you can do in the early days is network. I’ve lost count of how many thousands of events I’ve attended in my career and with one goal and one goal only – to promote my business. Certainly in the initial years of Ultimo, it was a large part of my marketing strategy, attending retail balls and lingerie trade events, and it worked. But avoid being disillusioned if you don’t see the results immediately; remember, you’re playing the long game and some contacts won’t prove useful until years later.

Thirdly, use targeted, clever marketing – don’t waste your money on advertising for advertising sake! From fun stunts that will capture the media’s attention to imaginative e-shots with compelling copy, there are so many ways to promote your business on a shoestring budget. Just don’t be complacent that business will come to you; it simply won’t. But whatever you do, make sure your message is clear, consistent and “on brand” at all times.

Finally, listen to your customers! Browse online for feedback, conduct surveys, hold focus groups – do whatever you can to engage with your target market. Don’t make the mistake of being blinkered about what you want to produce or sell. You have to be very aware of what your potential and existing customers want – not just what you think they want! Continue to pick peoples’ brains as an ongoing habit. This will help you to keep a realistic perspective, which will in turn help to grow your business.

And of course – remember to have fun! Running your own business should be an enjoyable and satisfying experience, and the chance to create a whole new life for yourself. What could be more exciting?

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Michelle Mone: My top tips for running your own business

One of the most important things when starting your business is to come up with a plausible idea. Sounds simple, but this requires a huge amount of thought and passion, as your new business will consume a great deal of your time and money.

Sometimes good ideas are right in front of you; so why not start up a business based on a need you have yourself that is not properly addressed by existing businesses? Is it something that people would actually pay for? Will it turn enough of a profit to be viable? Ask yourself these questions – and whatever your idea is, be sure it’s as unique as possible! This will help you eliminate or significantly contest the competition, which will in turn help to make your business more successful.

Once you have your idea, the next big step is to put together a business plan. A good business plan is absolutely essential and has many functions from securing external funding to measuring success within your business. Your plan should include details of your objectives, strategy, sales, marketing and financial forecasts. One of my career mottos is “fail to plan, plan to fail” – and you wouldn’t build a house without a blueprint, so don’t start a business without a plan!

Next, you need a good, solid business name – something effective, memorable and that will set you apart from your competitors. This would also be the time to explore logos and domain names for your website.

Now, what about funding? Of course, starting up any type of business requires capital – whether that be through savings, securing a bank loan, grants, crowd funding or business angels. Whatever your route, the task of securing investment is notoriously difficult, so this is the time to employ some determination, tenacity and a thick skin.

Also, on the financial front, get an accounting and cash-flow system set up before you begin – so you don’t find yourself buried in invoices and receipts a month in. “Cash is king” for all businesses, after all – so maintaining accurate, up-to-date information about cash-flow is absolutely essential from the get-go.

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Michelle Mone on how to start your own business