Dramatic Shift
Dramatic Shift In Small Businesses
I have written a lot about demographics and yet I still find that I am making observations and drawing distinctions and today is no different.
20 Million Solo-Entrepreneurs
Perhaps I am a bit late coming to the solo-entrepreneur party, nonetheless the shift to single person businesses is significant.
Personal businesses are a surprisingly large part of the American economy. According to the U.S. Census Bureau, at the end of 2004 almost 20 million Americans operated businesses with no employees (see Figure 6). Businesses without a payroll make up over 70% of the nation’s businesses, and almost one million new businesses without payrolls were added in 2004 (the latest available data). Via Intuit Future of Small Business Series
I have learned that I have two primary markets:
- Solo-Entrepreneurs: I was surprised at the results of the recent survey that 51% of my readers are solo-entrepreneurs. On reflection it all makes sense - we need to be careful that we do not overlook information about our markets that is readily not self-apparent. Which explains why planning on a regular basis is so crucial, because it gives you time to rest, research and reflect - thn make changes.
- Established Business Owners with Employees: specifically people that would like to become a Remote Control CEO so they have lifestyle choices (long vacations, mini-retirement, full retirement) yet maintain control and ownership of their business. Then the business becomes an annuity that keeps giving, and giving, and giving.
As I look at what I just wrote it all seems pretty logical but I can say that it was self-apparent, at least to me. As a result I am developing two separate websites and a new web application
Connectedness of Entrepreneurs
In June Intuit released Phase 2 of the report that they call “The Connected World of Entrepreneurs”. I have yet to review the report but they comment on blogging, mobile marketing, local internet, moving from “Push to Pull” see this excerpt (emphasis mine) from Intuits Phase 2 Report:
The Internet, however, is creating another kind of marketing—“pull” marketing—on a global scale. Online users choose what they click on, what sites they visit, and what information they pull to their computers. The Internet provides broad and deep access to detailed information on almost any topic. Customers are better informed about products and services, and pricing and product information is much more transparent. This has resulted in a substantial shift in power from businesses to their customers.
Then significance of the shift from push to pull cannot be overstated. Tomorrows customer is in control because they can search and find the information they want and need. If you are not serving up a generous portion of information you are missing out on an entire segment of savvy, prosperous, and motivated customers.
So with the predominance of solo-entrepreneurs making up a huge majority of the number of businesses, “What are you doing to reach and serve this huge market?”
Even the big companies like Office Depot and Staples are now quite willing to deliver office supplies to home based businesses and of course they should.
Is the solo-entrepreneur your primary market? if so, act now, and start adjusting to get your business in alignment with their needs. Meet them where they are at and you will be rewarded with loyal, motivated customers.
