How The Census Can Be Used To Help When Starting A Business
For a small business owner, conducting research can be expensive, timely, and require many resources. Nonetheless, entrepreneurs need to understand their market and community to be successful. Luckily, the majority of the necessary information required to make business decisions can be found on the Census Website.
The Bureau of the Census is the leading source of data as it pertains to the United States economy and people. This data includes population characteristics, such as age, sex, marital status, household, and family size and characteristics. To collect their data, the Census conducts various surveys through the mail, internet, and central collection.
The United States Census Bureau website contains many different data sets that are available to businesses completely free. These data sets can be used by entrepreneurs to help make crucial decisions when starting a business. These decisions include whether or not to open a specific business, where to open that business within a particular area, how many businesses of this kind currently exist in an area, what the average revenue of these businesses is, and more. Business owners can also use the Census to do their homework and conduct research when making business decisions about competitive hiring, pay, and how to serve their customers best.
A great feature demonstrated on the Census website is the Census Business Builder (CBB). The Census Business Builder is a suite of services that provide selected demographics and economic data tailored to specific types of users in a useful and accessible format. The CBB offers many tools to assist you in finding key demographic and economic data to guide your research in the right direction.
To obtain the necessary information needed to guide your research, follow the below steps:
1. Visit the Census Business Builder (CBB) website.
You can access this valuable research tool by visiting their website at https://cbb.census.gov/sbe/#
2. Select the small business edition
The Small Business Edition tool is utilized by business owners and entrepreneurs who are interested in conducting research to enhance their business plan or understand their potential market.
3. Select the type of business you want to research
This step offers six main options representing the six “most popular” industries, such as construction, food services, healthcare, personal services, prof & biz services, and retail. Within these categories, you will be presented with more specific business options tailored to that particular category. You also have the opportunity to use the search bar to search for your type of business directly.
4. Select the location in which you want to research
This step provides you with several ways to select your location, including a “find my location” option, a search bar, or a map option. After selecting your desired location, you can access the data by county, city/town, zip code, or neighborhood. You also have the ability to filter the information depending on the data you are seeking to access. This filter tool allows you to input specific criteria such as household income, education, and more to identify areas that meet your requirements.
5. Create the local business profile report
Finally, you can create the local business profile report based on your needs to view detailed results.
If you are considering opening or expanding a business, it is critically important to understand your market and community. The Census is an excellent resource for obtaining the necessary information to achieve your business goals. Now that you have completed the above steps utilizing one of the many tools the United States Census has to offer, you are well on your way to making a data-driven business decision.