Trading Area Analysis ANALYSIS OF THE BUSINESS SITUATION.

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Presentation transcript:

Trading Area Analysis ANALYSIS OF THE BUSINESS SITUATION

SELECT YOUR SITE Trade Area the area from which you expect to attract customers Broad area…You will narrow your location down to city, then district, and finally building Trade Area Example: Dane County

WHAT TYPES OF THINGS SHOULD YOU LOOK AT WHEN PICKING YOUR TRADE AREA?

FACTORS IN SITE SELECTION Geographic : What is the terrain of your trade area? Are there any environmental concerns? Example: government protected wetlands. Any other geographical concerns? Example: Mackinac Island is the truly "all natural" theme park of America. Limited to transportation of horse and buggy, bicycle or foot, surrounded by water, it has escaped the vast changes of time.

FACTORS IN SITE SELECTION Demographic What is the make-up of the people that live in your trade area? Look at: General age Education Gender Race Religion Income US Census is a great resource

FACTORS IN SITE SELECTION Demographic, Continued Analyze the statistics; is there a local labor pool for you to tap into? Local workforce agencies can provide information on skill levels and training needed by the unemployed in your trade area

FACTORS IN SITE SELECTION Economic What is the general economic condition of the trade area? Consider: Income Levels Poverty Standard of Living Employment Levels Major Business/industries Community Wide Events

OTHER THINGS TO IDENTIFY IN YOUR TRADE AREA Identify the location of Competitors How far does your target market have to travel? Stores that would attract a similar customer base but that would not compete directly with you Help you determine specific location

THE GOAL OF TRADE AREA ANALYSIS To find the right city to locate your business. When gathering data for a trade area, also gather data for cities within your trade area. Include data and analysis in business plan.