Laura Young
ECB Publishing, Inc.
The Monticello-Jefferson County Chamber of Commerce luncheon on March 3 featured Business Consultant Pamela Johnson. She works at Florida A&M University (FAMU) for the Small Business Development Center (SBDC) that serves an eight-county region in North Florida that includes Jefferson.
Part of her presentation delved into a “Tapestry Profile” of Jefferson County created using Esri software as a tool to map geographic/demographic data for market analysis. In the big picture, Jefferson County's population of 15,444 reside in 6,113 households, with home values on the rise and average household income at around $59,200 (disposable income of $50,144). Median age of residents is 49-55. Regarding employment, Johnson said, business management services is the top area for white collar professionals, and for blue collar workers the top areas are construction and/or extraction jobs. In the service sector, employment is seen “across the board” in protection, food preparation, building maintenance and healthcare.
Forecasts, she said, are for continued rise in home prices as well as higher unemployment.
“That's why we are here, along with CareerSource and the chambers themselves,” Johnson said, “to really help try to address that area and get ahead of it … We are excited to be able to come up with strategies because we know the small businesses actually are the ones who are employing you – the boots on the ground and the pink pumps on the ground and the heels on the ground.”
Of greatest relevance to Chamber members were the top five types of households in the county – and what these lifestyle and spending patterns mean in terms of opportunities for the businesses and services in this community. People looking to develop a business can use the information to align their plans with local realities.
It may come as no surprise that Jefferson County's largest segment is “Rooted Rural,” accounting for 2,319 of 6,113 households (37.9%). These long-established households have multi-generational roots in small towns or countryside communities, hold traditional values, are community-oriented, watch their budgets closely and tend to be loyal customers. With these folks, local businesses tend to outperform chains, reputation matters more than actual advertising, relationship marketing works best and service businesses tend to thrive. Thus, business opportunities can be found in home repair, landscaping services, property care, auto repair, local restaurants, insurance and personal care services.
The next largest segment is “Scenic Byways.” This refers primarily to households of older residents who are retired or near retirement. These customers value lifestyle quality over employment proximity, have a moderate to comfortable income and are travel/leisure oriented. Jefferson County has 1,167 households in this segment (19.1%). These customers are looking for recreation, home services, healthcare/wellness, fitness/mobility, specialty dining, tourism and local experiences.
There are 760 households in Jefferson County (12.4%) designated as “Rural Resort Dwellers.” These “fluid or semi-fluid” households occupy higher-value homes, commonly used as second homes or seasonal residences. These customers enjoy an outdoor lifestyle, retail shopping and “awesome dining opportunities.” Business opportunities in this market sector, therefore, can include boutique shops, restaurants, outdoor recreation, cleaning services, hospitality venues and property maintenance.
The “Room to Roam” segment accounts for 12.1% (741) of the local households. These families seek space, affordability and a rural living environment, often on larger properties. They may be family-oriented commuters who are dependent on their automobiles. Entrepreneurs may find opportunities in meeting these customers' needs in the areas of construction, child-care services, child enrichment programs, automotive services and home improvement services.
There are 563 households in the “Modest Income Homes” segment (9.2%), with stable employment but moderate incomes. These customers have value-driven spending, are practical about purchasing decisions, need essential services (repairs) and want affordable options rather than convenience. They are looking for repair services, discount-oriented retail and mobile services.
“So what does this mean?” asked Johnson as she moved into her final analysis. “Jefferson County, you are, we are optimized for service entrepreneurs, skilled trade, healthcare support, home-based businesses and professional services. Successful businesses grow where lifestyle and business models match. That is where the economic power comes from.”
Johnson said Jefferson County is on the cusp of doing some great things, and the SBDC can help businesses launch, grow and thrive.
The SBDC, she explained, is a resource partner that offers a range of services, including workshops/seminars, pre-venture business plan assistance, market group analysis, capital access services and financial management. Programs that can help businesses thrive include the following:
• APEX, a statewide government contract accelerator network;
• Business Incubator group meetings (weekly), funded by Wells Fargo;
• CEO Exchange peer group support, funded by Bank of America;
• Student Lab, where MBA students at FAMU partner with businesses to help them address problems;
Most programs are free to participants because federal tax dollars from the Small Business Administration are allocated to states, which then disperse the funding to their regional centers that implement the programs. Since being established in 1980, the SBDC at FAMU has provided 79,000 hours of consulting, assisted more than 5,800 entrepreneurs, launched more than 460 businesses, increased sales revenue by $119 million and facilitated access to more than $143 million of capital and acquisition of more than $212 million in government contracts.
To reach Johnson, call 850-561-2041 or email pamela.johnson@famu.edu.
The Chamber's next member luncheon takes place at noon on Tuesday, April 7, at 390 W. Walnut St. The featured speaker will be Khari Harrison of CareerSource Capital Region.