Semi-Local Business Survey results

Firepole Marketing and Small Business, BIG Vision present: Results of the Semi-Local Business Survey

Firepole Marketingwww.FirepoleMarketing.comSmall Business, BIG Visionwww.sbbv.com© Firepole Marketing 2011. Some rights reserved.You may republish excerpts from this special report as long as they areaccompanied by an attribution link back to www.FirepoleMarketing.com.

Do you make some of your moneylocally, and some of your moneyremotely, or online?If you answered “yes” to thisquestion, then you’re Semi-Local.

In October 2011, we surveyed 153 people; 107were already Semi-Local, and 46 aspired to be: 46 31 27 18 12 5 Im not Been Semi- Been Semi- Been Semi- Been Semi- Been Semi-Semi-Local Local for less Local for 1-2 Local for 2-5 Local 6-8 Local for 9 yet than 1 year years years years years or more

We asked questions to find out whatwas really involved in becoming andbeing Semi-Local.This report contains their answersto those questions.

Part 1Who were therespondents?

How old are the respondents? 33% 29% 25% 21% 20% 18% 18% 11% 11% 8% 4% 2% 18 - 24 25 - 34 35 - 44 45 - 54 55 - 64 65+ Aspiring Semi-Local Currently Semi-Local

Are the respondents male or female? 71% 60% 40% 29% Male Female Aspiring Semi-Local Currently Semi-Local

What is your marital status? 55% 46% 25% 22% 15% 11% 11% 7% 3% 3% 0% 2% Single In a Domestic Married Divorced Widowed relationship Partner Aspiring Semi-Local Currently Semi-Local

Do you have children under 18 living with you? 79% 70% 30% 21% Yes No Aspiring Semi-Local Currently Semi-Local

What is the highest level of education that youhave completed? 68% 33% 32% 18% 14% 14% 7% 7% 4% 3% 0% 0%High School Trade or Some Associate Bachelor Graduate orgraduate or vocational college degree degree professionalequivalent degree degree Aspiring Semi-Local Currently Semi-Local

Part 2About theirBusinesses

How do you currently earn the majority ofyour income? 52% 51% 24% 22% 20% 13% 11% 4% 3% 0% Freelancing Full-time Part-time Self-employed Unemployed / employed employed / Own business Other Aspiring Semi-Local Currently Semi-Local

What kind of business are you in? 50% 46% 37% 25% 15% 16% 8% 2% Products (B2B) Products (B2C) Services (B2B) Services (B2C) Aspiring Semi-Local Currently Semi-Local

How many hours do you spend working (orearning an income) per week? 24% 23% 22% 21% 20% 16% 15% 13% 11% 11% 9% 7% 5% 4%Less than 10-19 20-29 30-39 40-49 50-59 60 or10 hours hours hours hours hours hours more hours Aspiring Semi-Local Currently Semi-Local

What is your take-home income in roundnumbers? 39% 25% 27% 23% 21% 18% 13% 14% 10% 4% 4% 2% Less than Between Between Between Between Over $20,000 $20,000 and $40,000 and $60,000 and $100,000 $200,000 $40,000 $60,000 $100,000 and $200,000 Aspiring Semi-Local Currently Semi-Local

How many different business lines or incomesources do you have? 33.3% 28.0% 17.2% 11.8% 9.7% 1 2 3 4 5 or more Currently Semi-Local

Part 3Motivations

Why did/do you want to become Semi-Local? 87% 84% 71% 66% 58% 53% 43% 24% To increase my To reduce reliance To reduce reliance To create flexibility income on a single source on a geographic in my life of income area Aspiring Semi-Local Currently Semi-Local

What results are/were you expecting? Responses showed some similarities between the expectations of both categories of respondents, and some differences. Both groups spoke of greater sales, increased revenues, and the stability, security and freedom offered by diversification. The noteworthy difference was that whereas respondents who aspired to Semi-Local status emphasized the expectation of rapid growth and passive income, the expectations of those who had successfully achieved Semi-Local status were of generating slow, gradual growth, with a greater emphasis on the expected need for hard work.

What results did you actually get? A few respondents were pleasantly surprised at the rapid growth of their business and income, and a few more were disappointed that their expected results have not yet materialized. The majority of those who have successfully achieved Semi-Local status, however, indicated that their expectations of slow but steady growth leading to greater diversification and stability were validated by their experiences.

Part 4BecomingSemi-Local

In what way do you expect to/did you becomeSemi-Local? 60% 29% 28% 19% 17% 16% 11% 10% 7% 3% Same offer, Related offer, Related offer, Different offer, Different offer, new market same market new market same market new market Aspiring Semi-Local Currently Semi-Local

What is the impact of being Semi-Local onoverall revenues (expectations and results)? 53% 44% 33% 23% 18% 7% 7% 8% 7% 0% Much less Less The same More Much more Aspiring Semi-Local Currently Semi-Local

What is the impact of being semi-local onoverall costs (expectations and results)? 50% 44% 33% 23% 17% 17% 13% 4% 0% 0% Much less Less The same More Much more Aspiring Semi-Local Currently Semi-Local

How much time is required to be ready to“launch”? 30% 27% 25% 24% 21% 17% 17% 15% 14% 10% 0-19 hours 20-40 hours 40-60 hours 60-100 hours 100+ hours Aspiring Semi-Local Currently Semi-Local

In the last year, have you purchased courses orinformation about becoming Semi-Local? 57% 58% 17% 15% 9% 8% 8% 9% 10% 9% No, just free Yes, up to $100 Yes, between Yes, between Yes, over information $101 and $500 $501 and $1,500 $1,500 Aspiring Semi-Local Currently Semi-Local

Are you getting/did you get professional helpin order to become Semi-Local? 63% 43% 27% 12% 13% 12% 10% 9% 7% 3%I participate in I work with a I have a coach/ Ive hired staff No a training general coach/ consultant for specifically for program consultant this this Aspiring Semi-Local Currently Semi-Local

How much money did you invest to achieveSemi-Local status? 42.9% 22.6% 16.7% 9.5% 8.3%Less than $500 $500-$1,000 $1,000-$2,000 $2,000-$5,000 $5,000+ Currently Semi-Local

So far, what has been your biggestdifficulty/challenge in getting started? Respondents who aspire to Semi-Local status point to several major challenges to getting started:  Lack of technical skills;  Lack of strategic understanding as to what actions they should take;  Lack of time to do the necessary work;  Lack of motivation to remain patient and persevere in the face of setbacks;  Lack of financial resources.

In which areas do/did you need the most help? Respondents who aspired to be Semi-Local indicated the need for help with marketing and strategic direction, technical implementation, specific skills such as copywriting and coding, and legal and accounting issues. Respondents who had already achieved Semi-Local status most frequently indicated that they should have realized that they could do it sooner. The also indicated that they would have benefited from more coaching and expert input, and more technical training relating to online marketing.

Part 5LessonsLearned

How hard was it to become semi-local? 53.6% 20.2% 11.9% 7.1% 7.1% Very hard Hard Same as any Easy Very easy other project Currently Semi-Local

What was the biggest benefit of becomingSemi-Local? Respondents who had achieved Semi-Local status indicated several major benefits of the transition:  Increased sales, greater revenues, and more profits to their bottom lines;  “Opened up a whole new world”;  Flexibility, freedom and more available time;  Credibility, and recognition as an “expert”;  Confidence.

What was the biggest unexpected benefit ofbecoming Semi-Local? Respondents who had achieved Semi-Local status indicated several unexpected benefits as well:  Support and help from clients unrelated to the respondent’s main business activities;  “Personal satisfaction and increased skills”;  “Getting my voice out there in the community”;  Unexpected business opportunities;  “FREEDOM!”

What lesson or experience do you have toimpart to others who are about to embark onthe same undertaking? “It will take more than you think it will. Financially, and physical effort. But it’s definitely worth it.” “Researching the market and competition is important but getting in front of the client is number one.” “Get more help at the start.” “It takes far more time than you are expecting, but it is also engaging and exciting if it is your dream. Budget your time and stick to it.”

What lesson or experience do you have toimpart to others who are about to embark onthe same undertaking? (continued) “Be patient and resilient. It’s a marathon, not a sprint.” “Make sure you have a reliable source of income to continue for the long haul.” “Learn SEO.” “Take your work seriously.” “Get a web presence and build your brand across platforms. Stay engaged and network in social media regularly – it’s the best marketing ever!”

We hope the data presented in thisreport is useful to you.If you were a respondent, thank youfor participating.

Thank you to all the bloggers whohelped us promote the survey:

About Firepole MarketingFirepole Marketing is the definitive onlineresource and marketing training program,designed to turn non-marketers into expertmarketers.www.FirepoleMarketing.comAbout Small Business, BIG VisionSmall Business, BIG Vision provides inspirationand practical advice on everything fromcreating a one-page business plan to setting upan advisory board.www.sbbv.com

Semi-Local Business Survey results

by firepolemarketing on Oct 18, 2011

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Semi-Local Business Survey results — Presentation Transcript