I’m moving across the country, how will I know if the area will support my business? It really doesn’t matter if I was moving a couple of towns or even blocks over. Moving is moving.
There is some work on that needs to get done. It begins with demographic research.
- Remember all those pesky census bureau questionnaires we filled out? All that information regarding the population of the United States can be found at gov. Everything from age, sex, income, education, and so forth is right at your fingertips.
- The Small Business Administration (SBA) makes demographic (https://www.sba.gov/business-guide/plan-your-business/market-research-competitive-analysis) information available to us as well.
- Trade Associations publish demographics particular to their industry. Didn’t know you had a trade association? Here’s a list of them. (https://www.marketing-mentor.com/pages/trade-list.)
- Once you have an area in mind, contact the local Chamber Of Commerce. They will have demographic information specific to their coverage area.
- Use the SBA’s SizeUp (https://www.sba.gov/tools/sizeup) tool to compare yourself to similar businesses in your chosen area. This app is a little dated, however, it still offers valuable insights to other providers in your area.
- Before taking the plunge, visit the area and see for yourself if it’s a good move for you and your business.
- Are there businesses that I complement or do I fill a void in similar businesses? For myself, complementary would include human wellness such as massage, yoga, health studios and so forth, as well as veterinary offices that do not offer grooming. Similar businesses would be other grooming shops that do not want to groom elderly pets or cats.
While we don’t always get to choose where we live, there are always choices when it comes to our businesses. Better business decisions come when you have more information to work with.