Small local businesses are finding it tougher to make a buck these days as almost everyone shops online. Another problem is that large companies often move into town and put these small companies out of business. The smaller entities that are surviving today must be savvy and know how to differentiate their offerings from competitors to gain customer loyalty. It also pays to be in the service industry where most business in local. Also, given that most successful small business concepts are driven by demand, here are some that are still highly viable.
Though there are many hair styling chains in most markets, small business owners can still thrive by building a loyal clientele. After all, most people like consistency when it comes to getting their hair permed, styled or cut, so they stick with the barbers or beauticians who can do that. Another factor stimulating demand in this industry is that almost everyone has their hair styled or cut every four weeks or so. This leaves plenty of room for new businesses to enter the industry and grab a piece of the pie.
Auto Repair Service
Seventy-five percent of all auto repairs in the aftermarket are done by independent shops, according to the latest available date from V12
. This stands to reason because many auto repair shops in most cities are run by local owners. The length of vehicle ownership has also increased by 60 percent in the past decade, which increases the likelihood that these cars will need repairing. Today, there are many technical schools and colleges that offer auto repair classes for those interested in the field. The more service areas (i.e. engine repair, brakes) in which they’re certified, the more they can make.
Rising demand and decreasing business costs have made the pest control industry highly profitable, according to IBIS World
. Demand has also been driven by the increase in bed bugs in the United States. Market share among suppliers is also relatively low, leaving plenty of room for eager entrepreneurs to enter the industry. IBIS World expects these trends to continue for the next five years and beyond. Chet’s Termite & Pest Management
in Tampa says, “While ‘do it yourself’ products are very popular, most people just want an expert to make sure they never have bugs in their home.”
Most people get buried in their local area. Many also choose to have funeral owners with whom their parents chose. Couple that with increases in population — for those markets that are growing — and the funeral industry is wide open. Most funerals in the near future will be those of Baby Boomers, which further stimulates demand. And since many people plan their burials in advance, funeral homes will continue to stay busy. The funeral home industry is now a $14-billion-dollar industry as of 2017, according to First Bank SBA
Busy working families with kids have less time to take care of their yard today. That’s why they hire others to cut their grass and maintain their lawns. And practically all lawn care service companies hired are from the local markets. Furthermore, people are opting to use more organic and environmentally safe products, which provide new entrants with a myriad of possibilities. The fact remains that most people don’t know how to care for their lawn. That’s why they hire others to do it.