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Business

How Big is Your Market?

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If you want to grow a large, profitable business then it is important to understand the size of your market. Do you really know how big your market.
Is for your business?
The key factors to knowing how large your market is include:
• Analyzing the current markets condition
• Understanding how large your market is
• Identifying how the market is growing
• Knowing how fast your market is growing
• Seeking out the potential profit growth in your market

If your potential market is small you can understandably see how this is going to reduce your business growth. You have limits on what and who you can sell to. On the other hand if your market is large, this provides you with almost endless growth and the potential of increased profits.
To estimate your market size you need to perform some research. Finding information about any particular market or industry is not that difficult. You can use online research or your local library to uncover facts and figures. It may be helpful to use a source such as the U.S. Bureau of the Census.

This is a great way to identify demographical statistics in certain categories. You can search by age, income, number of children and more.
Other ways to research your market is to run your own surveys and polls. By asking specific questions you can identify all types of information about your market. This includes their needs, their problems and more.

Once you have this information collected you can use it in several ways. It can help you identify a specific need or gap in the market. Or it might show you what types of products or services are needed.

By tracking your own statistics you can get a good idea of how fast or slow your market is growing. You can then act on this information accordingly.

If you consistently keep your eye on your market you can get a good insight into their needs. One way to do this is by hanging out in the same places as your target market. This may include visiting the same Facebook pages or groups that they do. Or visiting online forums or even local community events.

Once you have a good understanding of who your target market is, it will be much easier to see how large your market is. Plus you can identify the type of profit potential this market has for your business.

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Business

Do You Have a Break Even Plan?

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It can be extremely difficult to predict where your revenue comes from on a regular basis. Income can swing depending upon the time of year and the economy. What is important is for you to have a plan that will help you survive any bad times.
It is to your benefit to work out different plans that cover several scenarios.

This means being able to keep money coming in so that you can pay your
expenses and your staff. If you don’t do this when you hit a rough patch it will be much harder for you to get through it. The same actually applies to unexpected growth.
When your business flourishes you should have a plan in place so that you can take advantage of this.

The best way to handle different situations is to have a good business plan drawn up. In this plan you should cover different scenarios such as slumps in the economy or slowdowns due to the time of year.
Research has shown that 64% of business owners who had a solid plan in place experienced growth. While only 43% of business owners who didn’t have a plan could say the same.
You want to create a break even plan that shows you the minimum amount of revenue that you need to continue running your business. This breakeven point covers all of your expenses without having you dipping into any type of loan or savings.

As your business grows you will need to adjust your break even plan and your business plan accordingly. This will help keep your business out of the red and in profit, even a small profit is better than no profit at all.
By putting plans into place for your business you will have a solid path to follow if things turn a little sour. You will know exactly what you have to do to keep your business running and paying your bills. You won’t have to worry about laying off staff or stocking less inventory. You can easily make adjustments to survive slower periods.

If you truly want to create a profitable business then take the time to create a good business plan, which includes a break even plan. Then monitor your progress each month so you can ensure that you are reaching this point comfortably. If not, then you will need to adjust your plan so that you can break even each month with no problems.

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Business

Create Targeted Promotional Material

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The best way to reach your target market is by providing specific marketing material that talks directly to them. When you put your offer in front of qualified buyers you will ultimately see an increase in your profit margin.

So just how do you achieve this? Great question, and the answer lies in having taken the time to research who your target market is. Unfortunately this is a step that many marketers often overlook. But, if you were to add this step into your business plan you might just be amazed at the returns.

Let’s look at an example of how you can easily create a target advertising campaign.

What are the requirements for a good campaign?
1. Knowing where your potential buyers hang out. Are they online? Do they use Facebook groups? Do they use mobile devices more than their PC’s?
2. Next you need to know their age group and gender. Are they male or female, or a mix of both? What age group do they fall into?
3. Another important item to know is what their location is. If you discover that most of your target market is in the Southern U.S. for example, you can target this area in depth.
4. Next you want to know what their problems and needs are. By doing this you can easily come up with solutions and answers for them.

The above items are just basics that you will need, the more detailed information you have, the better you can target your material. Now that you have this information you can start working on your sales and promotional material.
You now know that your target market is males and females in their fifties who live across the U.S. and English speaking countries worldwide. This allows you to write your material in a suitable manner to reach this targeted audience. They like to visit specific forums and subscribe to newsletters.

Of course, if your target market were males in their twenties, you are going to write for them in a completely different way. Plus this group of people are more likely to use social media. So it could be beneficial to run Facebook ads for example.

So in our senior example above, you could place advertising in specific newsletters that your target market likes to read. If you were to use Facebook ads you may just be wasting your advertising dollars.

By taking the time to create highly targeted advertising material you will be able to place your content in front of more potential customers regularly.

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