eXtension Entrepreneurs & Their Communities www.extension.org/entrepreneurship Mary Peabody, UVM Extension Housekeeping Details • Sharing your email address • Webinar evaluation at http://tinyurl.com/yeblabu • Site orientation Identifying Assets and Opportunities in Your Community eXtension Entrepreneurs & Their Communities Bill Pinkovitz December 10, 2009 TODAY Using secondary data to learn more about: Your Community Your Business Your Competitors In order to make better informed decisions about your community/business HOW WELL DO YOU KNOW Customers, Potential Customers, Visitors, Potential Visitors, Residents, New Residents, Workers, Labor Force, Commuters, Congregation, Students, Constituents…. It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” Mark Twain I’ve lived here all my life and I know this town and what it needs We just moved here from the Cities and we know just what this town needs Jackson County, WI NOTHING CHANGES AROUND HERE In 1900, the population of Jackson County, Wisconsin was 17,466. By 2008, the population had grown to 19,900 (14%) During the same period, Wisconsin’s population almost tripled Between 2010 and 2030, the population of Jackson County is projected to grow faster than the state’s population. (14.% vs 11.0%) http://www.census.gov NOTHING CHANGES AROUND HERE A net of only 584 people migrated into Jackson County between 2000 and 2005. http://enterprise.star-telegram.com/ARCIms/Maps/clt/2007/irsmig.asp NOTHING CHANGES AROUND HERE However, that includes 4,477 people who moved into the county and 3,893 people who moved out of the county between 2000 and 2005. http://enterprise.star-telegram.com/ARCIms/Maps/clt/2007/irsmig.asp NOTHING CHANGES AROUND HERE In 2006, there were 9,749 jobs in Jackson County 49.2 percent of all the jobs in Jackson County were filled by non-county residents http://lehd.did.census.gov/led/ NOTHING CHANGES AROUND HERE 9,299 Jackson County residents had jobs in 2006 46.8 percent of those jobs were outside of the county http://lehd.did.census.gov/led/ http://lehd.did.census.gov/led/ NOTHING CHANGES AROUND HERE In 2007, Jackson County residents earned $93.0 million working outside the county Non-county residents earned $65.4 million working in Jackson County http://bea.gov/regional/reis/ http://bea.gov/regional/reis/default.cfm?selTable=CA91§ion=2 NOTHING CHANGES AROUND HERE In 2000, 83.9 percent of the women with children under the age of 18 were in the workforce in Jackson County. In 79.4 percent of the Jackson County families consisting of two parents and at least one child under 18 years old, both parents worked in 2000. http://factfinder.census.gov NOTHING CHANGES AROUND HERE True or False There are more married couple households with children than single person households in Jackson County, WI. http://factfinder.census.gov NOTHING CHANGES AROUND HERE http://factfinder.census.gov NOTHING CHANGES AROUND HERE http://www.wowonline.org/ourprograms/fess/sss.asp SOWHAT? How well do you know your Customers, Potential Customers, Visitors, Potential Visitors, Residents, New Residents, Workers, Labor Force, Commuters, Congregation, Students, Constituents…. SO WHAT? • Half the employed residents work out of the county • Half the local employees live outside the county • Residents earn $93 million outside the county • One in four didn’t live in the county five years ago • One in five residents moved out of the county in the last five years • Both parents work in 80% of the families with two parents and a child • Single person households comprise ¼ of all households • It takes $29,000 per year to support a family of 4 He uses statistics as a drunken man uses lamp-posts for support rather than illumination Andrew Lang (1844-1912) WHAT ABOUT ENTREPRENEURSHIP? Estimating Sales: • Business Capacity • Industry Averages • Break Even Al’s Meat Market http://www.uwex.edu/ces/cced/entrepreneurs/ResoucesforEntrepreneurs.cfm Secondary Market Research Need to Stay Optimistic SECONDARY MARKET RESEARCH THE OPTIMIST With all this horse manure, there has to be a pony…..somewhere SO WHAT? According to Dun & Bradstreet 95 percent of all business failures a result of: • Market Failure Lack of an adequate market Inability to capture the market Inability to adapt to changes in the market • Management Failure Inability of management to mangage If the facts don't fit the theory, change the facts. - Albert Einstein BIG BOXES AND OTHER CARNIVORES Largest Toy Retailer? a. Toys R Us b. eBay c. Wal-Mart d. KB Toys Largest Jewelry Retailer a. Zales b. Kay c. Wal-Mart d. HSN Largest Furniture Retailer a. Slumberland b. Lazy Boy c. Wal-Mart d. Sears ONE MORE CHANCE Nineteen years after establishing itself in small rural communities, the time came for business to prove that cities were its field. During one 12-month period, stores opened on the average of one store every other business day. When two huge stores opened in one city on the same day, more than 120,000 people visited them during the first 12 hours they were open Sears Roebuck in the 1920s In the late 20's, Sears stores opened on the average of one every other business day. When two huge stores opened in one city on the same day, more than 120,000 people visited them during the first 12 hours they were open. http://www.searsarchives.com/history/history1925.htm THE SECRET DOCUMENTS LEGAL CORPORATE ESPIONAGE ACCESSING THE SECRET DOCUMENTS WAL-MART TELLS YOU Wal-Mart was founded in 1962 By 1979, sales reached $1 billion per year. By 1993, sales reached $1 billion per week. By 2006, it took 1.2 days to sell $1 billion Worldwide sales were $312 billion (FY06) Profits were $11.2 billion (06) www.walmartstores.com WAL-MART TELLS YOU Employs 1.8 million people Had 6,100 stores worldwide (2,460 Supercenters) Added 267 Supercenters (06) Average Supercenter is 187,000 square feet International sales totaled $62.7 billion (06) Planned to add 307 stores in 2007 www.walmartstores.com SOME PERSPECTIVE In 1990, Wal-Mart had nine Supercenters By 2006, there were 2,460 Supercenters 90 percent of all Americans lived within 15 minutes of a Wal-Mart 93 percent of all Americans shop at Wal-Mart every year The increase in Wal-Mart’s sales in 2005 and 2006 was greater than Target’s total annual sales WE WANT TO KNOW Average Wal-Mart sales per household Average daily sales at a typical Wal-Mart Average number of daily transactions Average pharmacy sales per store SALES PER HOUSEHOLD Domestic Sales www.walmartstores.com SALES PER HOUSEHOLD Domestic Sales ÷ Total Households $ 209.9 billion in sales ÷ 111,090,617 household ≈ $1,891 per household SALES PER DAY Begin with sales per Superstore Retail Conglomerates Division Breakout Store Sales(06) Stores(06) Chainstore Age, 2006 SALES PER DAY Begin with sales per Superstore Retail Conglomerates Division Breakout Sales ÷ Stores Store Sales $000 (06) Stores(06) $158,500,000,000 ÷ 1,980 stores ≈ $80 million/store Chainstore Age, 2006 SALES PER DAY Sales per store ÷ 365 days per year $80 million per year per Superstore ÷ 365 days per year ≈ $219,000 per day per Superstore TRANSACTIONS PER DAY Begin with average spending per trip www.gmabrands.com/publications/gmairi/2003/october/October.pdf TRANSACTIONS PER DAY Daily sales ÷ sales per trip $219,000 per day ÷ $55.11 per trip ≈ 3,975 trans/day www.gmabrands.com/publications/gmairi/2003/october/October.pdf PHARMACY SALES PER DAY UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Commission file number 1-6991. WAL-MART STORES, INC. (Exact name of registrant as specified in its charter) Delaware 71-0415188 (State or other jurisdiction of (IRS Employer incorporation or organization) Bentonville, Arkansas Identification No.) 72716 (Address of principal executive offices) (Zip Code) http://www.sec.gov/Archives/edgar/data/104169/000010416903000005/final10-k.htm PHARMACY SALES PER DAY As a percentage of total sales PERCENTAGE OF SALES CATEGORY Grocery, candy and tobacco 24% Hardgoods 20 Softgoods/domestics 18 Pharmaceuticals 9 Electronics 9 Health and beauty aids 7 Sporting goods and toys 6 Stationery 3 http://www.sec.gov/Archives/edgar/data/104169/000010416903000005/final10-k.htm PHARMACY SALES PER DAY $219,000 per day x .09 of sales ≈ $20,000 per day WAL-MART SHOPPERS Percentage of total sales Understanding the Wal-Mart Shopper, Consumer Insight Magazine, A.C. Nielsen Company, 2004 WAL-MART SHOPPERS By income Understanding the Wal-Mart Shopper, Consumer Insight Magazine, A.C. Nielsen Company, 2004 WAL-MART SHOPPERS Trips per year Understanding the Wal-Mart Shopper, Consumer Insight Magazine, A.C. Nielsen Company, 2004 NOT JUST WAL-MART NOT JUST WAL-MART SO WHAT? • 4000 transactions per day • Attention Wal-Mart shoppers • 93% of Americans shop at Wal-Mart • 90 percent live within 15 minutes of a Wal-Mart • 20 versus 73 trips per year It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” Mark Twain firstname.lastname@example.org Housekeeping Details • Don’t forget to mark your 2010 calendars with the dates of the upcoming webinars – 2nd Thursday • January – March – E-commerce series • Evaluation http://tinyurl.com/yeblabu • Happy Holidays!!
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