If you don’t have several thousand dollars sitting idyll in your bank account for a site survey, don’t despair! There are several ways to figure out the population of particular area, and most of the information is free. Take advantage of local government reports, speak with a representative from the Small Business Administration (SBA), or visit the nearest economic growth council for information on local employment and population data.
Population Census- Every ten years the US government publishes a population census. A census not only tells you exactly how many people live in a certain area, it gives you a median age and household income. These factors can influence your menu and restaurant style, as well as location. For example, if the median household income of an area is $40,000, it is a good idea to keep the menu prices on the inexpensive side. If the median household income is $200,000 a year, then you can offer a slightly more upscale menu.
Housing Value- Find out how much local houses are appraised at. If houses are going cheap, that is an indicator that incomes are lower. If every house in the area is selling for $500,000 or more, than it is a good indication that incomes are high and people have extra money to dine out.
Nearby Institutions and Attractions- Are there any big businesses or attractions that will bring lots of people into the area? For example, a sports stadium or major medical facility will attract hundreds, even thousands of visitors from outside the local area.
Unemployment Rate- You can find unemployment rates for towns, counties and states through local government websites. Currently the US unemployment rate is 4%. If an area is higher than this figure, you may want to think twice about locating your restaurant there.
