The Value of Demographic Factors in Opening a Successful Practice: Part V, Weighing the Essential Chiropractic Demographic Factors
The use of the eight essential chiropractic factors in the Locus Map Internet Data is one of the innovative tools used by chiropractic students and alumni to quickly and accurately search for high potential practice sites in use today. This method will continue to be improved and its use expanded to give the chiropractic profession an advantage in marketing professional services.
Upon working with the essential factors, it became apparent that we often came across several counties or zip codes that appeared to be similar in their qualities. How does one make a decision to favor one locale over another given these factors? These following principles have proven to be most practical:
- The chiropractic to DC ratio in parentheses shows the ratio with one more DC added (that is yourself). As you notice the larger the population, the lesser the parentheses factor when you add yourself to the ratio;
- The ideal chiropractic and total population factors are important in weighing your decision. Ideal chiropractic populations are those 24-55 years of age, and those who see chiropractors more often. The total population includes 0–24 years of age and 56 years and above. Therefore, always choose a site with a good chiropractic to population ratio and an overall greater population depth;
- The population density is merely an expression of the population to the square mile and shows the population depth (rural with 50 people per square mile, suburban with 50-500 people per square mile, and urban with more than 500 people per square mile);
- Household income is a very important factor in the many sites with exceptionally low chiropractic population to DC ratios. Upon further study, it is apparent that the population cannot support more chiropractors in the area because of low income. Any household income below $30,000 is one that cannot support regular chiropractic care. The ideal is more than $40,000;
- The actual number of chiropractors will give a true picture of the chiropractic market apart from the DC ratio. With a 4,000 population and one chiropractor, you seem to have an ideal ratio of 4,000-to-1, but there is no depth to the population. It would be much better to have 12,000 people with 3 chiropractors. This would illustrate the use of the parentheses after the DC ratio when you are added to the equation;
- Household ownership is a tie-breaker. Generally speaking, people who own their homes are more socially and economically stable than those who rent and tend to be on the move;
- The percentage of females is another tie-breaking factor, as females make up 57 percent of the chiropractic practice. All things being equal, a large percentage of females would tend to be a favorable factor.
Use the Chiromap program in the Office of Alumni and Career Services or see http://locusmap.com/ to order studies. For information, our e-mail address is: info@locusmap.com or call (800) 743-6676.