Demographic Study Guide
We conduct a search and then negotiate on your behalf at No Cost To Our Franchise Owners!
During the site selection process, it is important to pay close attention to the demographics of the areas being evaluated.
- We will work directly with you and our commercial leasing partner that will give our franchisees all the ideal spaces for lease in their chosen geographical area in every asset class of Commercial Real Estate.
- Through our partnership, we give our franchisees access to Lease Comps. These comprehensive reports will help us understand if a leased space is in line with market rates.
- We have access to in-depth Market and Sub-Market Analytics. This helps us understand the dollar-per-foot costs in your geographic area. Remember that high vacancies in sub-markets give you leverage in your dollar-per-foot negotiations.
- We will be able to identify the true owners' contact info. This gives us the ability to reach out directly to the owners of commercial property for lease, or find owners without broker representation to save money on the lease transaction.
- Demographics: This information is most key as it will tell us what spaces have the best distribution in population for both businesses and residents and how many targeted eyeballs a space receives daily or monthly. So, we will have available for you, traffic counts, household incomes, home values, and much more; customizable geographically. This data can be displayed in a text file (spreadsheet) or via a “heat-map.”
- Drive-time indicator: We also will be able to gather information on, for instance, how many office tenants are within a 15-minute drive of your potential store location. The tool we use for gathering and examining all this data can also be used as a prospecting tool for you to reach out directly to the businesses in your area for IT Support as well (see #4).
Below is a shortlist of some of the many tools available online to collect demographic data on any location:
- City search: http://www.city-data.com/city/
- Neighborhood search: https://www.city-data.com/neighborhood/
- General search: https://datausa.io/ for looking for demographics:
When searching for a location, our real estate team will use a subscription-based website tool available from https://costar.com, which in addition to finding locations for rent, also provides demographic data when deciding on a location. If the decision on a location has already passed, we’ll suggest the franchisee use the many other tools available online.
Watch the video below of an actual session with a new franchise owner, which demonstrates the amount and quality of information we are able to gather for our franchisees. Our belief is that you can never know too much about your market area and the more you understand about your customers and potential clients, the better chances you'll have to attract their business.
Below are the minimum demographic data we look for within a 5-mile radius, when selecting a location:
- 60,000 residents or greater
- 3,000 businesses or greater
- $65,000 Medium household income
- $175,000 average housing unit value
- 5,000 automobile passages per day
See Our Demographic Study Guide
Click on the example of a demographic study below, which is in summary form.
More About How to find Demographic Data Online
For demographic data, there are several free sources such as the US government's census site, which recently has been improved. There is also useful information from https://www.census.gov/econ/geo-zip.html, although it looks somewhat dated. Also, you may want to check out https://freedemographics.com/franchise/, where there is a free version of their research tools.
If you are a stage three candidate, use the territory map we created for you which gives a good sense of your prospective Click IT customers in your chosen area. Be sure to watch the instructional video on this page: https://members.clickitfranchise.com/territories-being-considered.
If you begin the search for space before committing to a territory, let us know what spaces you're finding that you think might work. We can still help you once you've narrowed a general area down. Once you are on board as a new franchise owner, our staff lawyer, Bob Rosenfeld, will also study and help with any lease considerations. We are a company made up of entrepreneurs, so at Click IT corporate this includes having a lot of experience in leasing space.
It is important to research the total residential and business population in your selected territory. Also, besides getting traffic data, other useful information is 1) average household income, 2) the median household income, 3) the total consumer spending, the median age, the number of households, the present with a college degree or above, and the average housing unit value. Again, once you are committed to us and we have invited you to become a franchise owner, and you are authorized to purchase your exclusive territory, the tools we will be able to bring you to use will quicken the process of finding your ideal space.
Read this article, if you want to do it entirely yourself: How to conduct your own search.
Visual Statistical Maps
For demonstration purposes, two statistical maps were created for Click IT by Graham Barlow of Tech4t, which offers very powerful visual statistical tools for franchisors.