One of the questions that small and medium businesses face is where to locate the business within a city. Most small businesses often choose their locations based on little more than gut instinct. According to one survey, 72 percent of small and mid-size businesses make decisions that way, and 90 percent say that data-based decisions are the sole preserve of big companies, due to the costs involved. To address this issue New York City created a tool called “Business Atlas” to help businesses research the economic conditions of neighborhoods where they might set up shop.
The free, online portal shows a map with interactive data on demographics, density of restaurants, income, and even foot traffic. This helps businesses determine what type of shop would thrive in a particular area, or which area might best nurture a new idea. The Business Atlas can help entrepreneurs gain crucial knowledge before making a costly investment.