What is the use of the Occupational analysis of the population in a business plan for a mortgage broker business?
The occupational analysis of the population is key. It gives a business like Real Estate Funding Solutions a very good idea about what the demographics of the target market of Monroe County looks like as it relates to the nature of work. The reason this is important is that as a small business owner you want to see if there is a significant amount of folks working in any one occupation or not - in the event you see that more than 50% of the target market population works in the construction occupation, you may have to adjust your own business model to accommodate for that deviation. Thus if you are a firm that is in the fast food business, you may want to start very early in the morning with coffee and breakfast since construction workers tend to begin work earlier than most and finish up earlier than most.
How would you compare the trends in Monroe County with those in other target markets?
When looking at the business plan for Real Estate Funding Solutions we look at the occupational analysis of the target market of Monroe County and compare it to the occupation analysis of the state of New York. The idea is to get an understanding of just how different or similar Monroe County is compared to New York. For example in rural areas of the New York, we could expect to see a higher amount of the population working in the farming, fishing and forestry occupations as opposed to the urban and developed areas of the state of New York. While the population and households summary gives the reader of the business plan a good idea about the size of the local market, the occupational analysis of the population gives the reader a sense of what kind of customers the business will be marketing its products and services to.
The six major classifications for occupational analysis used by us in this business plan for Real Estate Funding Solutions are:
There is very little manufacturing showing up in almost all target markets like Monroe County, New York - how come?
There has been a gradual decline in manufacturing jobs in the United States since the 1970's. In fact if you were to look at the occupation analysis of the entire United States population in say 1950, you would find that Production and Transportation would be the dominant occupations where folks used to work back then. As jobs have moved overseas in the search of cheaper labor, we have become a service economy where Services are the occupations where many people are now employed.
What does a high proportion of Management, Business & Financial Operations jobs imply for a business like Real Estate Funding Solutions?
In the event the target market of Monroe County has a large amount of jobs in the management, business and financial operations occupation it almost certainly implies that the target market must have relatively good schools and colleges in the vicinity and that the population is relatively well educated. What this means for a business like Real Estate Funding Solutions is that they will have to make sure that they are able to service their clients needs, and so in the case of business like automotive repair, the business would have to be able to handle repairs for foreign made cars since the folks employed in the management, business and financial operations occupations of the economy may tend to own more foregn made cars due to a higher disposable income when compared to others in the state.
Corresponding Questionnaire sectionIf there is a high degree of Farming, Fishing and Forestry jobs in the Monroe County - what businesses will be affected?
A high degree of jobs in the Farming, Fishing and Forestry jobs in Monroe County simply means that that sector of the local economy is thriving and therefore small businesses that cater to the needs of that occupation will do better than say financial services.
As a general rule, when data for the occupational analysis of the population of Monroe County was collected, the questions were asked of people about their employing organizations; occupation describes the kind of work the person does on the job; and class of worker categorizes people according to the type of ownership of the employing organization. For employed people in Monroe County the data refers to the person's job during the previous week. For those who worked two of more jobs, the data refers to the job where the person worked the greatest numebr of hours. For unemployed people and people who are not currently employed but report having a job within the last five years, the data refers to the last job.
Occupational classification developed in 2002 were the basis for the classification of the responses to the American Community Survey of Monroe County. The system consists of 509 specific occupational categories, for employed people, including military, arranged into 23 major occupational groups. Some occupations groups are related closely to certain industries. Operators of transportation equipment, farm operators and workers, and healthcare providers account for major portions of their respective industries of transportation, agriculture and health care. However, the industry categories include people in other categories. For example, people employed in agriculture include truck drivers and bookkeepers; people employed in the transportation industry include mechanics, freight handlers and payroll clerks; and people employed in the health care profession include janitors, security guards, and secretaries.
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