We will show that $f(x) > 0$ for $x>1$ and $f(x) < 0$ for $0<x<1$.
Let's start with the first one, $f(x) > 0$ for $x>1$.
For real $p > 2$, we can use Bernoulli's inequality (which holds for real exponents!):
$(1 + w)^r \ge 1 + r w $, for real $w > -1$ and real $r > 1$.
This gives for the first exponent in $f(x)$:
$(x+1)^{p-1} = x^{p-1} (1+1/x)^{p-1} \geq x^{p-1} (1 + \frac{p-1}{x})$
Inserting into $f(x)$ gives
$$f(x) = (x - 1)(x + 1)^{p - 1} - x^p + 1 \\\ge (x - 1)x^{p-1} (1 + \frac{p-1}{x}) - x^p + 1 \\= x^{p-1} (p-2) - x^{p-2} (p-1) + 1 = h(x)$$
with equality for $x=1$. Now note that $h(x=1) = 0$. Further,
$h'(x) = (p-2)(p-1)x^{p-3} (x-1)$
so for $x>1$, $h'(x) > 0$ everywhere. Hence $h(x) \geq 0$ with equality for $x=1$. This establishes that for $x\geq 1$, $f(x) \geq 0$ with equality for $x=1$.
For the second case $0<x<1$, we will see now that this can be reduced to the first case $x>1$, so indeed there is nothing to do.
Let $y =\sqrt x$. Then the function becomes:
$$
f(y = \sqrt x) = y^p \left[ (y - \frac1y)(y + \frac1y)^{p - 1} - y^p + \dfrac{1}{y^p} \right]
$$
We have shown above that for $y>1$, $f(y) >0$. I.e. we have that the following inequality holds:
$$
g(y) = (y - \frac1y)(y + \frac1y)^{p - 1} - y^p + \dfrac{1}{y^p} > 0 \qquad \bf\text{[ineq. 1]}
$$
Now, we want to show that for $0<y<1$, $f(y) <0$. Here, we need to show
$$
g(y) =(-y + \frac1y)(y + \frac1y)^{p-1} -[- y^p + \dfrac{1}{y^p} ]> 0
$$
Now replacing $y$ by $1/y$ we get $y > 1$ and, in the replaced variable,
$$
\tilde g(y) = (y - \frac1y)(y + \frac1y)^{p - 1} - y^p + \dfrac{1}{y^p} > 0
$$
So this is the same condition as before in ineq. 1, which has already been proven.
$\qquad \qquad \Box$