Semi-Local Business Survey results

Firepole Marketing and Small Business, BIG Vision present:

Results of the Semi-Local

Business Survey

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

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Do you make some of your money locally, and some of your money remotely, or online? If you answered “yes” to this question, then you’re Semi-Local.

In October 2011, we surveyed 153 people; 107 were already Semi-Local, and 46 aspired to be:

46

18

27 31

5

12

I'm notSemi-Local

yet

Been Semi-Local for lessthan 1 year

Been Semi-Local for 1-2

years

Been Semi-Local for 2-5

years

Been Semi-Local 6-8

years

Been Semi-Local for 9

years ormore

We asked questions to find out what was really involved in becoming and being Semi-Local. This report contains their answers to those questions.

Part 1

Who were the respondents?

How old are the respondents?

11%

21%

11%

25%

29%

4% 2%

20% 18%

33%

18%

8%

18 - 24 25 - 34 35 - 44 45 - 54 55 - 64 65+

Aspiring Semi-Local Currently Semi-Local

Are the respondents male or female?

71%

29%

60%

40%

Male Female


What is your marital status?

11%

25%

11%

46%

7%

0%

22%

15%

3%

55%

3% 2%

Single In arelationship

DomesticPartner

Married Divorced Widowed


Do you have children under 18 living with you?

21%

79%

30%

70%

Yes No


What is the highest level of education that you have completed?

0% 4%

14%

0%

68%

14%

7% 3%

18%

7%

33% 32%

High Schoolgraduate orequivalent

Trade orvocational

degree

Somecollege

Associatedegree

Bachelordegree

Graduate orprofessional

degree


Part 2

About their Businesses

How do you currently earn the majority of your income?

11%

24%

13%

52%

0%

20% 22%

4%

51%

3%

Freelancing Full-timeemployed

Part-timeemployed

Self-employed/ Own business

Unemployed /Other


What kind of business are you in?

2%

15%

46%

37%

8%

16%

50%

25%

Products (B2B) Products (B2C) Services (B2B) Services (B2C)


How many hours do you spend working (or earning an income) per week?

9%

22%

11%

20%

24%

11%

4% 5%

7%

16%

21%

23%

15% 13%

Less than10 hours

10-19hours

20-29hours

30-39hours

40-49hours

50-59hours

60 ormorehours


What is your take-home income in round numbers?

18% 21%

39%

14%

4% 4%

25%

13%

23% 27%

10%

2%

Less than$20,000

Between$20,000 and

$40,000

Between$40,000 and

$60,000

Between$60,000 and

$100,000

Between$100,000

and$200,000

Over$200,000


How many different business lines or income sources do you have?

17.2%

33.3%

28.0%

11.8% 9.7%

1 2 3 4 5 or more

Currently Semi-Local

Part 3

Motivations

Why did/do you want to become Semi-Local?

87%

71%

24%

53%

84%

66%

43%

58%

To increase myincome

To reduce relianceon a single source

of income

To reduce relianceon a geographic

area

To create flexibilityin my life


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 4

Becoming Semi-Local

In what way do you expect to/did you become Semi-Local?

29%

16%

28%

10%

17%

60%

19%

11%

3% 7%

Same offer,new market

Related offer,same market

Related offer,new market

Different offer,same market

Different offer,new market


What is the impact of being Semi-Local on overall revenues (expectations and results)?

0%

7% 7%

53%

33%

7% 8%

18%

44%

23%

Much less Less The same More Much more


What is the impact of being semi-local on overall costs (expectations and results)?

0%

17%

50%

33%

0%

13%

23%

44%

17%

4%

Much less Less The same More Much more


How much time is required to be ready to “launch”?

17% 17%

27%

10%

30%

21%

25%

14% 15%

24%

0-19 hours 20-40 hours 40-60 hours 60-100 hours 100+ hours


In the last year, have you purchased courses or information about becoming Semi-Local?

57%

9%

17%

9% 9%

58%

8% 8% 10% 15%

No, just freeinformation

Yes, up to $100 Yes, between$101 and $500

Yes, between$501 and

$1,500

Yes, over$1,500


Are you getting/did you get professional help in order to become Semi-Local?

27%

10% 13%

7%

43%

12% 9%

12%

3%

63%

I participate ina trainingprogram

I work with ageneral coach/

consultant

I have a coach/consultant for

this

I've hired staffspecifically for

this

No


How much money did you invest to achieve Semi-Local status?

42.9%

16.7%

9.5% 8.3%

22.6%

Less than $500 $500-$1,000 $1,000-$2,000 $2,000-$5,000 $5,000+


So far, what has been your biggest difficulty/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 5

Lessons Learned

How hard was it to become semi-local?

7.1%

20.2%

53.6%

11.9% 7.1%

Very hard Hard Same as anyother project

Easy Very easy


What was the biggest benefit of becoming Semi-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 of becoming 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 to impart to others who are about to embark on the 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 to impart to others who are about to embark on the 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 this report is useful to you. If you were a respondent, thank you for participating.

Thank you to all the bloggers who helped us promote the survey:

About Firepole Marketing Firepole Marketing is the definitive online resource and marketing training program, designed to turn non-marketers into expert marketers. www.FirepoleMarketing.com About Small Business, BIG Vision Small Business, BIG Vision provides inspiration and practical advice on everything from creating a one-page business plan to setting up an advisory board. www.sbbv.com


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Semi-Local Business Survey results

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