Home Electrical Contractor Free Electrical Contractor Business Strategy Questionnaire 4.25 Market Value of Owned Home by Region Nationally Analysis Questionnaire
What is the benefit of having an Market Value of Owned Home by Region analysis in a business plan for Lights On Electrical, Inc.?The average market value of owned home by Region analysis gives a small business owner like Andy Powell a very clear idea of just how muchhomes are worth in various regious of the country. This analysis covers a 10 year periodand is able to present a good summary view of spending on an industry sector like Electrical Contractor over time.
The 4 categories that we have used for this Annual Spending by Region analysis are as follows:
Why should a small business like Lights On Electrical, Inc. care about what the spending patterns are like in the rest of the country?
All small businesses like Lights On Electrical, Inc. will be located in at least one of the four major regional areas covered in this analysis.The reason we think that every small business owner like Andy Powell should concern themselves with this analysis is the that this is the only way to really understand what the market place is like beyond the immediate target market like Cuyahoga. We can learn valuable things when we observe the behavior and spending patterns of others. Lets say that our business is located in in the Mid-West and a small business owner conducts this analysis and finds out that the average market value of homes are substantially more in the North East - this analysis will yield many possible ideas and options to this business owner. For one, he or she may try and find one can partner up with another business in that region and offer a reciprocal service offering for each others clients that may be looking for solutions in the other region but where a business does not have a presence.
This is a very common phenomenon amongst Mortgage Brokers and Realtors - often one of their clients may have homes in the New York and also have homes in Florida. By partnering up with a Florida based business, a New York Mortgage Broker or Realtor may be able to pass these leads on to their strategic partner in Florida and in turn receive valuable leads from them when a Florida home owner is looking for financing or a rental in the New York area.
Market Value of Owned Home by Region has changed a lot in the region in which my small business is located - what should I make of that?
If this analysis were to reveal that the market value of homes owned in the South have actually declined during the past few years, much more than the other regions of the country, a small business located in the South may have to make adjustments accordingly. Thus a carpet cleaning business that relies on a healthy real estate market, may have to begin offering specials and coupons to their customers to ensure that they are able to get a decent volume of business. Of course the national analysis would have to be confirmed at the local target market level - but the trends that can be deciphered from large macro analysis can be invaluable.
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