Recently, I was able to interview a local business leader about her business. I'm going to leave her name out, but she brought up a very interesting point about small businesses.
Now as a disclaimer, this post will be mostly my own thoughts on the topic as well as my initial reactions based off of the notes I took during the interview.
When I got to her place of business, I began asking her questions about the business: history, where it came from, how it started, what the environment was like, ups and downs, market highs and lows, product, customer, relationships.
These were a few of the questions I used to guide my interview:
Current Business Landscape?
Their Market?
Their Product?
What they’re selling?
How they’re selling?
Length in Market?
Changes Product (Adaptation)?
Rises and Falls; changing landscape?
Flagstaff Business Landscape?
Trends and Change?
Competition (Perceived)?
With their Product?
Their Business?
Thoughts on their Competition?
It's all very fascinating. And learning about on this level is making me more and more excited about about majoring in business.
Let me explain.
Each business has a 'business model.' Usually set and adhered to by the business owner. Business models' sole purpose is to address the business 'landscape' or 'market.' Now, how successful the business model turns out to be is another question entirely.
All businesses follow a certain path in their lifetime, small businesses are no different, just at a reduced scale. However, there are many small businesses who get stuck in the established stage. Business owners fall into the established staging and never continue to the expansion stage.
Stages of Business
It is only after a business reaches maturity can they have the comfort of choosing to expand or exit the market. The established stage is an illusion for the maturity stage. But the difference between the two can make or break the business.
The established stage is the point where you 'catch your breath' however, many business owners stop walking; in fact, they slowly let their once successful business model, fall apart and deteriorate.
The maturity stage is only reached once you 'catch your breath' after running and making your business successful, you continue to jog. You continue to improved your business after it's successful. This state of 'constant improvement' is the maturity level. At this point in time, you will be dealing with increased competition, business choices, and stress.
With that being said, many small businesses fail because of that. But, there are businesses who are doing well, addressing different customers as well as selling a different type of product.
DISCLAIMER: Take these with a grain of salt as these are from what I've seen as well as the local business owners I've talked to.
First on the list is the local farmers market and the recently opened Sprouts Farmers Market. A few years ago, Flagstaff Farmer's Market over on 4th street was one of the only places in town that was established and could cater to the 'localvore' health conscious residents here.
That was the case since 1990. 25 years later, that isn't the case anymore.
Natural Grocers, Whole Foods (Previously New Frontiers), Sprouts Farmers Market, Safe-Way, etc. Under the new-age wave of health-foods and organics have risen up to compete for the market that is Flagstaff, AZ. All these big businesses have a lot of experience, highly versatile business models, the name, and the marketing to back it up.
And Flagstaff Farmer's Market has been left in the dust. During peak times of grocery shopping, FFM is barren.
Ultimately, this is just business, pure and simple. Nothing more, nothing less. Because of the lack of expansion to address a wider, and developing audience, FFM fell behind. This is a mom-and-pop, locally-owned business that has been open for almost 25 years.
I give them 3-5 more years before they close their doors...
To be Continued in Part 2
Now as a disclaimer, this post will be mostly my own thoughts on the topic as well as my initial reactions based off of the notes I took during the interview.
When I got to her place of business, I began asking her questions about the business: history, where it came from, how it started, what the environment was like, ups and downs, market highs and lows, product, customer, relationships.
These were a few of the questions I used to guide my interview:
Current Business Landscape?
Their Market?
Their Product?
What they’re selling?
How they’re selling?
Length in Market?
Changes Product (Adaptation)?
Rises and Falls; changing landscape?
Flagstaff Business Landscape?
Trends and Change?
Competition (Perceived)?
With their Product?
Their Business?
Thoughts on their Competition?
It's all very fascinating. And learning about on this level is making me more and more excited about about majoring in business.
Let me explain.
Each business has a 'business model.' Usually set and adhered to by the business owner. Business models' sole purpose is to address the business 'landscape' or 'market.' Now, how successful the business model turns out to be is another question entirely.
All businesses follow a certain path in their lifetime, small businesses are no different, just at a reduced scale. However, there are many small businesses who get stuck in the established stage. Business owners fall into the established staging and never continue to the expansion stage.
Stages of Business
It is only after a business reaches maturity can they have the comfort of choosing to expand or exit the market. The established stage is an illusion for the maturity stage. But the difference between the two can make or break the business.
The established stage is the point where you 'catch your breath' however, many business owners stop walking; in fact, they slowly let their once successful business model, fall apart and deteriorate.
With that being said, many small businesses fail because of that. But, there are businesses who are doing well, addressing different customers as well as selling a different type of product.
DISCLAIMER: Take these with a grain of salt as these are from what I've seen as well as the local business owners I've talked to.
First on the list is the local farmers market and the recently opened Sprouts Farmers Market. A few years ago, Flagstaff Farmer's Market over on 4th street was one of the only places in town that was established and could cater to the 'localvore' health conscious residents here.
That was the case since 1990. 25 years later, that isn't the case anymore.
Natural Grocers, Whole Foods (Previously New Frontiers), Sprouts Farmers Market, Safe-Way, etc. Under the new-age wave of health-foods and organics have risen up to compete for the market that is Flagstaff, AZ. All these big businesses have a lot of experience, highly versatile business models, the name, and the marketing to back it up.
And Flagstaff Farmer's Market has been left in the dust. During peak times of grocery shopping, FFM is barren.
Ultimately, this is just business, pure and simple. Nothing more, nothing less. Because of the lack of expansion to address a wider, and developing audience, FFM fell behind. This is a mom-and-pop, locally-owned business that has been open for almost 25 years.
I give them 3-5 more years before they close their doors...
To be Continued in Part 2
