SAGE Business Stats makes finding and researching target markets for new businesses quick and easy. In this case I will scout out particular locations for a home healthcare business. As the significant “baby boom” generation ages I want to find an area that could potentially sustain a home healthcare business. To begin my research I will analyze some key demographic indicators and projections. Before I begin, I need to set down some criteria for my research. I know that I want to start a home healthcare business in the Southwestern United States. I also know that I need statistics on both senior citizen population and income levels to set up a successful business. I will need to look at both historical data and projections to determine possible growth markets. I’ve come to SAGE Stats for data to support my research. I’ll begin on the SAGE Stats homepage, where I will first browse by topic.
Clicking on Population and Politics gives me a very long list of data series. Using the search filters I can limit my search to county-level data and further refine it to specific age ranges. Let’s go with the data series, “Population 65 Years Old and Older (County)”. When I land on the data series page, I can see that there is data available from 3,091 counties, as well as projections for population statistics through 2040. When I play the projection from 2010 to 2040, I can see that the number of retirees is indeed projected to increase significantly over the next thirty years. I’ve decided that this data series will be useful in my research, but I need to know more about specific counties, particularly in Arizona and New Mexico. I move to the table option, and sort counties by number of persons and state. I can see that Maricopa County, AZ , Pima County, AZ and Bernalillo County, NM have the highest concentrations of persons 65 years and older. I decide to compare these counties to see which has the best projection for future growth in my preferred age range.
I can see that not only does Maricopa County have almost 600,000 senior citizens in 2016, but the number of persons 65 years and older is projected to have almost 1.2 million by 2040. Both Pima County and Bernalillo County have gentler growth trajectories. I can download this dataset for further manipulation and study. I can export the entire data series, or the data from individual years. Within Excel, I can filter the data series however I like and create graphs like this one for my presentation. So, I’ve determined based on projections that Maricopa County, AZ is a promising location for my home health care business in the Southwest. If I want to narrow my search even more to a specific zip code in Maricopa County, I can search for “mean household income zip.” The first result, “Mean Household Income (Five Year Average),” contains a huge amount of data for the entire United States. I go to the table option once more, and filter first by state, then county, and then I sort by dollars. I see that the zip code “85253, Paradise Valley” has the highest mean household income in Maricopa County. With this information I can continue researching other factors at play in that area and consider it as an advertising target.
To find out more about the area, I can go back to the homepage and Search by ZIP Code. I click on the location page for 85253 to see the surrounding ZIP Codes in Maricopa County. I can filter them by population, income and demographics. I will also find a number of other data series related to that geographic area. I now have two datasets that I can use to plan my home healthcare business for senior citizens at the County and Zip Code level. Both data series can be manipulated within the SAGE Stats site or exported for use in Microsoft Excel and others. They contain graphs and images that I can include in my report. I can even see data projections for 25 years to help me plan for the future of my business. Finally, I can easily cite the data series that I used in my research by clicking on the “Cite Now!” feature.