In this section describe what your business is selling - your product or service and what makes it unique.

Your competitive advantage is the hard-to-imitate aspect of your business that gives you an edge over the competition. When describing your competitive advantage, try to go beyond simply pointing to your "better service" or "lower prices". Pinpoint the special features of your products or services that makes them different from what your competition offers. For instance:

• If you own the only hardware store in your area, your location may be your greatest competitive advantage, since it makes you a more convenient option than your competitors.
  
  
• If you run a marketing consultant business out of your basement, your low overhead might be a competitive advantage, since it allows you to charge lower prices
  than your competitors.

Perhaps you're in the enviable position of supplying a product or service that no one else does. What if some other clever entrepreneur comes along to challenge you? How are you prepared to deal with competition for the first time?

If you manufacture the product, briefly describe the process and include any technical advantages this gives you over your competition. If you wish to include photographs, add them to the Appendix of your report. Remember to also include information about follow-up or after-sale service, such as guarantees, warranties or repairs.