In this session, we discussed key factors for defining a small business target market for your services. We identified the target as small business owners who have less than 10 employees, are not publicly traded, and operate a for-profit business. This could include home-based or retail locations, like a bakery. Gender was noted as not being a defining characteristic.
We also clarified the target business’s turnover, deciding on businesses making from under a million up to 5 million dollars and discussed the current landscape of small businesses, especially in light of economic changes due to the pandemic, and their operational strategies including mainly using contractors. Data on the composition of small businesses, proportion of employees in small businesses, and the practical reality of solopreneurs was highlighted, using the U.S. as a reference point.
Homework includes:
1. Further research into small businesses to better understand their needs and current challenges.
2. Create a clearer profile of your business avatar by considering how your service matches their needs.
3. Write specific use cases on how your services can mitigate risks specific to your business avatar.
Do focus on:
– Developing content that directly address the problems and needs of small businesses with clear solutions your services can offer.
– Being proactive and thinking about preventive solutions rather than being reactive, especially in areas such as legal compliance and risk mitigation.
A comprehensive approach to understanding client needs and how to address them characterized our discussion, aiming to refine your marketing and service approach to be as effective as possible. Please conduct the research as discussed and reflect on the assignment points to better prepare for your future business engagements.