What type of work do you love doing so much that you are willing to take the risk of owning your own repair shop? Second, are there any shops in your area that are already successfully providing that same service? If there are several shops in your area doing something similar to what you want to do, it might be a good idea to focus on something that can make you more specialized and build a loyal customer base from that specialization. After all, if you become the only shop in your area focusing on a specific niche, you become the local experts. This is what defining your market is all about.
Defining your market is a crucial foundation for running a successful business. It allows you to focus on the customers you want to attract, discover what your strengths are, and find your competitive edge. Anybody can sell groceries, but if you’re the only grocery store 15 minutes away selling organic products, customers will drive to you when they want those items. You want to be the in-demand repair shop that someone would make that 15-minute drive for. Defining your market is the key to that success.
We’re here to help you make that happen. Are you ready? Take notes, because this may not be as simple as you think. It’s possible, though, and we’re going to show you how.
You see, many small business owners are hesitant to do any market research and, as a result, are not as successful as they can be. However! This can be your advantage, as merely doing some research of your market will maximize your profit and set you up for success, even before you’re open for business. Experts have determined that up to 90% of your total volume of business can come from the specific area you market for. People might even drive further to get the work they want at a machine/engine or tune-up shop, instead of taking it to a traditional body shop.
Here are some proven ways that will help you clearly define your market and get the customers you want:
In Chapter 3 of our book, “Automotive Business Start-Up Guide,” we go into all the many elements you may not realize are key factors in defining your market. Do you know the percentage of people in your town who are employed in professional, managerial, technical, or sales positions? Knowing your community’s economic base will also help determine if the population is large enough to support your shop. You never want to be in a position where you’re marketing to an area that doesn’t need or even want what you do. That’s the worst-case scenario for any business owner, no matter what you do and how prepared you are.
As you’re defining your market from an economic standpoint, it’s also essential to analyze something known as “psychographics.” Psychographics allows you to see what are a person’s hobbies and lifestyle. You might have been dead-set on starting a tune-up shop, but if you realize there’s a whole community of people passionate about custom builds and engines, then you might need to change your M.O.
We want you to succeed and turn your dreams into reality! Defining your market is an exciting step of making your passion into a full-blown career as a business owner! We created a comprehensive manual specifically for people like you who may not know the necessary ingredients for running your shop. Don’t be like everyone else who is struggling with every step. Find your niche and do everything you can to be the absolute best in that specific market. If you read our guide, you’re going to be successful because you’ll be running your business the right way.
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