Whether, researching the best area to place your marketing dollars or identifying the best location to open a new business, Census Business Builder Small Business Edition is a wonderful resource to quickly gather data on your market. And it is free. Census Business Builder, is a tool that leverages various demographic and socioeconomic data to help marketers make sound business decisions.
I recommend giving it a try. You can find the website here: https://cbb .census.gov/sbe.
Say I want to open a home health company in Northern Illinois and am working to identify the best location. My business plan states I must establish in an area with at least 25% of the population over the age of 65. Using Census Business Builder, I find that the city of Rockford has a 65+ population of 14.6%. Galena, on the other hand, has a 28.6% population over 65. Promising for sure, but let’s dig deeper. I can also identify that 85% of Galena residents are insured, median household income is $48,000 and per capita expenditures on healthcare is $2,256. All indicators in Galena are higher than average than other Northern Illinois cities. Within 30 minutes I was able to narrow in on a location that met my established goals. I am now focus my research and due diligence on Galena and not waste time on areas that do not met objectives.