Edmonton Business Consultant | Business Plan Target Market
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Should be targeting people in my city or my half of the city or my quadrant of the city or my neighborhood. 100%. We’re going to lack a focus. Yeah, I can see little home. Why with these two? I can be [inaudible] cause it’s not. Hi, thanks for tuning in for another episode of ask Sperl CPA. Today as the Edmonton business consultant, we’re talking about the business plan target market section. So again, as the image of business consultant, we’re talking about the business plan, target market. Uh, I have Tyson here with me today. Uh, Tyson. So any plans coming up for the rest of the summer? Ah, well a music festival that I haven’t set up for, I’m going to next weekend and then, okay. A two week long camping trip planned. So hopefully you want to Jasper and Banff and so jasper and Beth, right on. Yup. Good camping trip, tent or trip. 10 10 real camping. Here we go. Um, so the quote that we have for you today, it’s a Benjamin Franklin quote, one of the founding fathers, the United States. And it says, if you fail to plan, you are planning to fail.
And Paulo also tells us that, you know, they’ve run their, their surveys and businesses who completed business plan are 50% more likely to grow their revenue than those who do not. So when your businesses complete a business blind, even a bad business plan, but it’s finished, are 50% more likely to grow their revenue, thus solving, you know, one of the great ways to solve the common, uh, more significant problem in business is, is failure to grow revenue. And the story that we have here are most business owners either hit, they either never throttle critically about who their target market path is, or they’re spending way too much time doing market analysis that would only be useful if they’re a large company. Uh, and know there’s probably a happy medium there that’s, that’s a little bit better. So Tyson, what are those questions that these business owners and they’re trying to put a target market and their business plan. Please give us a call now if you need Edmonton Business Consultant today!
Do you put the target market in the executive summary of a business plan? I think so. To me it goes rate with, you know, what am I selling, how much I’m going to charge, what I expect to make off those margins. Now I go to say, you know what? I identify who was that pool of people that I’m going to sell it to because if I’m trying to establish the reasonableness of what I’m selling and what the price points are, I have to identify, you know what, who I’m selling it to. I believe, you know, that’s it’s personal perception, but I, I believe it has to be in there, but you know, keep in mind for anybody who says that it doesn’t have to be in there. Let’s take it from the perspective of, you know, we know that sometimes people who are making decisions for you, bankers or investors only read the executive summary. Do you think it’s easy for them to identify if this business is a viable, if they know how much they’re charging, but they don’t understand who they’re intending to charge it? To my mind, those two are necessary. They should be the same section.
Yeah. If you don’t identify your target market, will your advertisements lack focus? Yeah. If you don’t know, I’m should be targeting people in my city or my half of the city or my quadrant or the city or my neighborhood, a hundred percent we’re going to lack a focus. So you really ought to be a little more specific around on who that is or else we, it’s very difficult to even start any advertising yet. Initiatives. Do you consider characteristics like whole no. Home Ownership, income and family status? Yeah. Those are some of the ones that you really want to consider. Uh, you don’t do they, if you’re looking, if you’re doing any sort of contracting work, you don’t know, you’re generally not targeting renters because they’re not going to hire the contractors. They’re just going to call the landlord. So you want to target homeowners and depending on the price point of what you’re selling, you know, if you’re selling Porsches, you’re not going to sell it to people with less than $50,000 of household income. It’s got to match with what you’re trying to sell. And then the family status, you know, if you’re a new home builder for example, and you’re building, you know, four bedroom homes, you’re not going to sell a lot to single bachelors. And that’s just not how it’s gonna work. And one of the ones that we often have to think about too, and we’re almost encouraged not to think about it. Be sure to give us a call now if you need the best Edmonton Business Consultant today!
Sometimes the school makes us think about thinking about gender and age or bad. When you’re doing advertising, you should think about gender and age. Um, you know her not supposed to think about it when it comes to hiring employees. But when it comes to advertise it, you know, you should be looking at gender and Angel Homeownership status and income and family status and gender and age. It will, those are five common ones that you probably go to want to flush out. And they might, it might, it’ll go over one or two groups. Maybe it’s May or I’ll add female, but maybe you’re in an industry, there’s a lot of, you know, consumer good type industries where females make 80% of all the buying decisions. So we should’ve been aware of that. Is it practical for most small businesses to capture a large percentage of market share? Call us now at 780-665-4949 or just go to spurrell.ca as you can today!
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Um, no, it is simply just not practical. I mean, just think that you’re starting a, a general contracting business and you want to be a contractor. You know, the big guys, the pcls there, the grams they have the large percentage of the market. You’re, you’re just not going to capture that off the bat. You know, maybe there’s something that you can do after a couple of decades, uh, on businesses in business, but it’s not practical for most small businesses to capture a large percentage of the market share. Right. Well, well, one person I remember a local market share do for most business owners. Yeah. So a lot of people are deflated when I tell them it’s not practical for you to capture, you know, 5% or you know, 10% or 20% of the local market share. But what they’re forgetting is if they can capture 1% of the local market, they’ll probably be the richest person in their entire family, in a lot of businesses. And they just don’t realize how big 1% of the local market is. I mean, if you capture one of the general contracting market and editing, you would be the richest person in your family statistically speaking, unless you’re in a very rich family already. Um, so don’t get discouraged on that. It’s impossible to capture a large percentage of the or impractical to plan on capturing a large percentage of the market. For most small businesses. You got to realize that 1% is all you need. Yeah.How much time should you spend being precise about the exact market size? Make a point to call us now if you want the most epic Edmonton Business Consultant today!
So a lot of small businesses when we, when we take a look at that, that they need to, you know, consider some really basic characteristics. They’re talking about home ownership. And income, family status and gender and age. Okay. Why they need to, they’re probably in a business that they need to capture 1% or less of the entire local market to achieve all their financial goals and their uh, you know, achieve financial freedom and time freedom. Um, so they don’t have to be that precise about it. If they got a general overview of how big that market is, you don’t have to spend any more time of that. Um, you know, if your Pepsi trying to be coke and you want to go from 46% market share to 48% market share, you’ve got to be more precise about what that is cause that extra percentage point matters and one of your competitors has it. But if you’re a small business, you just got to realize who is the big group isn’t big enough to sustain this price. And once it’s big enough, I just need 1% or less. So if my projection of how big the market is, you know, off by a factor of two, it’s not even going to matter. how often do most people need to see an ad before they take action?
Most people need to see an ad. They tell us the, the stat is, uh, 4.3 times. So most people need to see at 4.3 times before they’re even going to take any action at all. So, you know, when we think about running ads once, you know, it’s not really a useful, um, uh, useful in terms of our dollars spent. If we’re gonna run ads once in the entire city, often too, is the entire city often too big for a target? For Small Business? It is. So we think about, okay, we got to reach this person 4.3 times. I want to drop flyers. Okay, you need to drop the flyers and the same location like five times. So it’s gonna cost an exorbitant amount of money to drop flyers and then the entire city five times even run your Facebook ad and this, you know, get it in front of the same consumer five times. So be smaller. Target a smaller part of the city’s target, you know, a half of the city at quadrant or the city or a section of a few neighborhoods even, um, that will make your, your advertising dollar goal a lot further because you’ve got to realize that as even effective as have to get in front of the consumer multiple times before they’re going to take action. Be sure to contact these guys here to get Edmonton Business Consultant today!
Yeah. Ken Commercial, realtor yourself gathered data on location specific foot and vehicle. Yeah. So that’s one of them too, where, you know, if let’s say your, you want to open a restaurant, it doesn’t really matter as much. You know, how much people spend on restaurant food in the entire city. It’s kind of a useless number, you know, for sure that 1% makes you the richest person in your family. So it’s big enough. What won’t be more relevant is how many people walk by the restaurant every day. How many people drive by the restaurant every day. If we put a nice new sign up there into a sandwich board, what can we actually accomplish if we, you know, rent a couple of bus benches in the area and you know, what, what’s relevant for us to get to. Um, so those sort of, you know, foot traffic and vehicle traffic, commercial realtors, you know, have excellent resources at that and they can be a good draw. Be sure to call us now to get the best Edmonton Business Consultant today!
Right. And the city neighborhood census data be an excellent resource. Yeah. I found where, you know, we’re getting into businesses that, you know, it’s, it’s wise for them not to target the Greater Edmonton market. So we’re not talking about just targeting a married homeowning females of, you know, great between 30 and 40 years old, um, who have $100,000 of household income or more. But we’re getting more specific. We’re talking about, hey, we’re just going to get this quadrant to the city. The city of Evanston census data is fantastic. It’s going to tell you how many people in each neighborhood. So you can get really specific on saying, well, you don’t want to go too small. Maybe one neighborhood is too small. But if we go to the four neighborhoods around it, that might be big enough, and now we can get those ad dollars that we actually can get our ads in front of our ideal and likely buyer a, you know, more than 4.3 times a week. We can start to get, you know, some, uh, some traction on those advertising initiatives. So I strongly recommend looking at those city of Everton neighborhoods, census information in any business or any business plan. We’re retargeting, you know, less than the, the greater metropolitan area. So I think that’s what we have here today. Um, you know, as always, please at the lake can subscribe button, so we continue to deliver your tips on how to beat the eyes at business. And if you can leave some comments below, we’d be happy to respond back and use any input that you have to create future videos at spurrell.ca. Also just call 780-665-4949 as you are able to! Thanks very much.