Find a Location
Location, location, location. It’s one of the most important factors in establishing your business.
Use Data to Determine the Best Location for Your Business
There are many business location factors to consider when looking for the perfect place for your storefront. Census Business Builder (CBB) is a one-stop resource to help you start your research so that you can find the right location for your business.
Look for your customers
When considering a location, you will want to check that the nearby population fits your ideal customer profile. How much do people earn in the city you are considering? Do they spend money within your industry? Factors to consider include:
- Average age
- Median household income
- Consumer spending
Discover our customer-related data and learn how to apply it to your business.
TIP: CBB data only goes down to the census tract level. If you are looking for data about a block group, check information from the American Community Survey or one of the decennial censuses.
Understand your possible competition
Before you set up shop, you need to find out more about other similar businesses in your area. Consider the average revenue for your industry and how much each business pays its employees. Using Census Bureau economic data will help you determine if a certain location will fit your financial goals. Consider the following pieces of data:
- Number of businesses
- How many other businesses like yours are in the area
- Population per business
- On average, how many people does each existing business serve
- Average payroll per employee
- How much you should expect to pay your employees per year
- Average revenue per employee
- The average amount of revenue that each employee earns for other businesses like yours in the area
- Average revenue per dollar of payroll
- The amount of revenue that each employee earns for every dollar of payroll that they are paid
Learn more about your competitors so you can account for the competition.
Discover complementary businesses
Businesses that do not offer the same services as you, but may be useful to your target market, are complementary businesses. Proximity to these types of businesses may help boost your traffic, as your customers are likely looking for their services as well as those offered at your business. Look at the following pieces of data to find businesses near you:
- Number of businesses
- How many complementary businesses exist in your area
- Population per business
- The number of your potential customers that complementary businesses currently serve
More Information
Want to know more about the other steps involved in finding a location? The Small Business Administration (SBA) offers a list of factors to consider when choosing a business location. The SBA will help you determine your needs so that you can find the perfect place.