Demographics Studies for Opening a Small Business

Small businesses are hugely important to our current economy.  Small business contributes to our GDP, increases the number of available jobs, and enrich our local communities.  It’s hard to find someone who is not a big supporter of small business, and increasingly we are finding more and more people who are interested in being entrepreneurs.  Business ownership is very appealing, it makes you the decision maker.  You are the last to get laid off and the first to know when problems are on the horizon.  You can approve your own vacation time, raises, perks and schedule.  You also get the advantage of choosing your coworkers, if you even want coworkers.

Once you get excited about the idea of owning your own business, there is the understandable question of can my business survive in my area?  Do I have the audience and the clientele to support the business I want to open?  Franchise Brokers can help with that.  Franchise businesses are great at helping their franchisees choose the best businesses and locations for them and their region.  You know the old adage “more is less?“  Well, when it comes to information more is, well, more…and better.  In addition to the assistance and support of the franchisor to choose the best location for your business, members of the FBA can also provide you with access to demographics reports and studies that can help you determine the viability of your business in your location.  What’s the makeup of your community, age groups, gender, income levels, population density, etc.?  Would a sports bar and grill thrive in your area?  How about a clothing boutique, sandwich shop, marketing firm, or B2B business?  Demographic reports can give you great insight into the future success of your company.  It’s important to have the help of a professional when reviewing this information, as well.  Having the information is the first step, deciphering it and understanding how it impacts your business in the next.  Brokers and consultants are the professionals that can help you glean the information you need from these materials.

Interested in looking at the demographics for your region?  Contact one of our members by going here and filling out a request for information form

Posted in Franchise Basics.