Ah yes, nothing beats the rush of adrenaline pumping through your veins when you imagine all the success you’ll reach in due time, but before you could get anywhere close, an entrepreneur will need to put in the work. It takes a tremendous amount of effort and time invested before you even get to see the milestone bask across the horizon, and you also have to account for the risks.
However, while we are strong advocates for business and attaining financial success, we think that far too many newbie entrepreneurs have their sights set a bit too close to the sun. Of course, we’re not telling you to dream less, but instead, we encourage you that there are a lot of opportunities waiting to capitalized much closer to home. So, even if just for a bit, we recommend averting your gaze on the place you stand and consider the possibility of breaking into the local business market.
What Are The Advantages of Local Businesses in Small Town?
Sure, local businesses aren’t as extravagant nor as big as prominent names and companies that operate across borders. However, that doesn’t mean there’s less chance of turning a profit. There’s plenty to be made and distinct advantages that set them apart. And, if you don’t believe us yet, here are some reasons to consider:
1. You Know Your Target Audience
Unlike a big business that tends to reduce its target audience into numbers and trends meant for analysis, operating on a smaller scale and closer to home helps you build a stronger relationship with your customer base. You get to form strong bonds, and it’s almost a guarantee that they become repeat and loyal customers. Plus, your store might end up becoming a staple in the neighborhood and your small town, something people will come and visit.
2. Less Expansion, More Innovation
Strictly speaking, big businesses go up against other prominent names and, regardless of the industry, they are more pressured to invest in research & development and expansions to fight for a more significant market share. Meanwhile, a small town business wouldn’t need to concern itself with expansion and focus more on innovation and providing the best services. Of course, you could have plans to set up shop near neighboring cities, but your primary operations stay close at home!
What Should You Try?
Now that you’re convinced about the advantages of opening a local shop let’s move onto some excellent small town business ideas that you might find a worthwhile investment. Luckily, there are plenty of skills required, trades to understand, and a plethora of problems to solve, giving you a large selection to work with. But, as always, remember to play to your strengths and minimize the tradeoffs.
#1 Jump Into Real Estate
The housing market will always be an excellent industry to invest in because your assets appreciate, people will still need a roof over their head, and if you’re good at managing your money, leverage is not impossible to utilize. However, instead of buying and selling houses or owning rentals, why not be the middle man who offers services in between?
- Renovation Services: Houses suffer from wear and tear over time, and while the land it stands on appreciates, a bad-looking house will dent its curb appeal and overall value. Plus, no one likes living anywhere shabby. They want a comfortable home and a place they can call their own. So, why not consider offering renovation services for both the real estate tycoons and homeowners in your locale? You can make many connections and have great profit potential, all by just putting together the right team.
- Landscaping and Gardening: A step down from renovation services but still in the same ballpark is landscaping and gardening, and if you have a big green thumb, then this is definitely the place to be. From fixing front porches to reimagining the backyard with a grilling island, there’s plenty of demand in this market. And, if you want to take it a step further, you could combine this into the previous renovation services business idea.
#2 Photography and Videography
Today, there’s a much greater demand for creative skills and work that can echo beauty and expression, and if you prefer working with your artistic capability, then we recommend aligning your local business with photography and videography. Many people get the misconception that these services only work when you offer them freelance, but there’s more upside potential when you have a team working on projects. You can guarantee a faster deadline and get competitive prices.
- Local Marketing & Advertising: A lot of people need work done every single day, and especially for businesses that don’t have the financial capability to work with bigger marketing firms, they’ll need something much closer to home. That’s where your local marketing services swoops in and solves their problem. You can offer better prices and strictly work with other local businesses. This helps promote cooperation and gives you long-standing business partners.
- Events Specialist: You could also specialize in events and occasions, providing same-day editing services and coverage for all the local events happening within your city. One advantage is that this business idea requires less money upfront and leans toward on-demand and skilled work. So, with minimal investments, there’s a considerable margin for return on investment.
#3 Work in the Fitness Industry
One market that has zero plans of slowing down is the fitness industry. While it may feel like there’s an oversaturation of videos available online, you’ll be surprised at the growing demand for one-on-one help and training. Plus, if you believe there’s an untapped market for fitness enthusiasts in your locale, then you might just be the first to penetrate that market and ride a good initial wave.
- Start a Gym: Despite the growing number of people pledging allegiance to an active lifestyle, not many places have fully-equipped local gyms to meet their needs. If there are existing gyms, there’s also the demand for more premium offers that can give a vastly superior experience. So, if you have the investment money to back up such a business idea, then starting a gym is an excellent option to proceed with.
- Become a Personal Trainer: If you want a business idea that’s more budget-friendly, you could also start out as a personal trainer and offer one-on-one training. Over time you can build a strong rapport with multiple clients and upscale your services as you build your capital. Plus, going this route before starting a gym gives you a feel for the demand in your locale.
But, Before Anything Else — Plan First
Of course, before you make any rash decisions, you must follow the standard process of exploring a small town business idea with a proper business plan. We don’t want to act on impulse and should ensure that our efforts and investment won’t go to waste. Plus, the analytical tools used in a business plan can gauge your business’s profitability and potential weaknesses in the long-term. Overall, making it the sensible first step to begin with and giving you the best chances of success.
Opportunity Doesn’t Knock Twice.
In conclusion, there are many small town business ideas out there that make perfect investments. With the right mix of effort and a good mindset, it can easily be upscaled and rivel the profitability ratios of larger corporations. Of course, don’t expect to make the same figures, but we all have to start somewhere. So, be vigilant and act quick because opportunity doesn’t knock twice.