Census Data Can Help You Figure Out Your True Business Growth Strategy

There is another valuable data point to helping you identify the ideal growth markets – census data.

Recently, I was studying a map of the United States that showcased population growth by state. Some data points I found interesting are the following:

• Illinois has had a decrease of 0.2 percent from 2010 to 2017. Should Illinois be a target for franchise brands? Perhaps not due to rising costs, rising taxes and fewer people. If I were a franchisor (even though I live in the state), I am not sure this state sets my brand up for the greatest success. Increased real estate costs, increase taxes and fewer people would scare me as a consumer brand – unless, of course, I have a killer product and a brand buzz that makes people absolutely crave what I have to offer.

• West Virginia has a decrease of two percent. That’s interesting as well.

• Texas has a growth swing of 12.6 percent, Florida comes in at 11.6 percent and Utah’s swing rate is 12.2 percent, and there are a few others with double digits. Would this be my focus?

• I would also study tax trends. Franchisees will give up X percent royalty and X percent to the brand fund – plus a franchise fee. If you can look at the investment opportunity alongside them and find value points plus population increase data, then, you may have an even more attractive story to tell to that audience.

Census data is extremely valuable for both franchisors with target markets and franchisees with city selection. In today’s world, accessibility to data is as high as it’s ever been. Use it to help plan your strategy, execute on it and grow your brand alongside good, smart franchise owners.