n I My task for today is to write a profile of my target market. According to Brooke Castillo, the more specific you can get, the better chance you have of finding those people. Basically, my target market is, well…, Me!
Target Market for the Intentional Creative Community:
- Women between the ages of 60-65
- Not married (whether divorced, widowed, or never married) and empty-nesters (if they have kids)
- still working full-time, but trying to figure out a way they can retire by age 65 or sooner
- One of those ways is to have a living situation that is less expensive than their current living situation
- Have an interest in the arts (dance, music, visual art), and would like to share studio space to take classes, teach classes, practice, dabble, do their art, perform, watch others perform….
- Ready emotionally to transition to a new way of living, downsize both space, possessions, and financial commitments
- Wants to live in Madison Wisconsin
How would this target market describe their problem/need?
- How will I ever be able to afford to retire?
- How do I downsize without losing community and quality of life?
- Where can I move that’s less expensive than where I currently live?
- How do I make best use of my financial assets to ensure that I can support myself for the rest of my life?
- I don’t want to move again when I age or need additional care/help – is there someplace I can live where I can share resources (such as caregivers) when it becomes necessary?
- I want to be able to continue to grow/learn/share my creative gifts, but can’t afford a studio.
- I’d like to be able to live someplace warm during the winter months
What are the benefits/solutions that the Intentional Creative Community can offer?
- Reasonably priced one or two bedroom apartments in downtown Madison, easily accessible to public transportation, culture, nature, hospitals, university, restaurants
- 750-1100 SF apartments
- $17,000 -25,000 downpayment for coop membership/ownership
- $800-900 monthly fee (includes mortgage payment, property tax, utilities, maintenance fee, shared spaces and resources)
- Shared studio space
- Art, dance, music studios
- Shared community space
- Potluck dinners
- Recreational gatherings
- Art/dance/music shows and performances
- Shared resources such as specialty kitchen equipment (Kitchenaid, Cuisinart, etc.), vehicle, bikes, kayaks, snowblowers, garden equipment. Maybe even chickens or shared pets!
- Storage space
- Shared guests rooms
- Option to rehab apartment to be accessible
- Option to share caregivers in future (if desired)
- Option to be in on the ground floor of creating sister-community in warm weather location.
“Would you like to live in an affordable, safe, xxx, xxx community where your cost savings would be enough that you could retire years earlier than you thought possible?” Give them the option of saying yes or no.
Then explain the features, features, features!
Then, a call to action for them. “Would you like me to …. webinar, printed materials, website,……???
Behind the scenes:
JP calculation on maximum price of building:
- Building with at least 6 units: max $666,000 (JP downpayment $200,000)
- Building with at least 4 units: max $500,000 (JP downpayment $150,000)
|One BR apt||2 BR|
|comp monthly rent||$ 1,000||$ 1,500|
|condo comp price||$ 206,000||$ 226,600|
|Target price, ICC||One BR apt||2 BR|
|purchase price||$ 85,000||$ 125,000|
|20% downpayment||$ 17,000||$ 25,000|
|P/I monthly||$ 325||$ 358|
|insurance||$ 100||$ 100|
|utilities||$ 115||$ 115|
|internet||$ 50||$ 50|
|ongoing maintenance||$ 100||$ 100|
|repair fund||$ 100||$ 100|
|Total monthly||$ 790||$ 823|
|total building||6-8+ unit max||4-6+ unit max|
|JP downpayment max||$ 200,000||$ 150,000.00|
|if downpayment is:||30%|
|max purchase price||$ 666,667||$ 500,000|
|Purchase price per unit:|
|4|| $ 166,667- too expensive
|6||$ 111,111||$ 83,333|
|8||$ 83,333||$ 62,500|