You can be on Entrepreneur’s cover!

Why Your New Neighbors May Hold the Key to Your Business Success (Infographic) Customers that have recently moved to a neighborhood outspend established residents at local small businesses.

By Kathleen Davis

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

Of course you know that finding loyal customers is important to your business's success. But you might be surprised to learn that new residents may be bringing in more business than long-time residents.

According to data compiled by Welcomemat Services, an Atlanta-based marketing company, new residents spend more in their first six months in town than an established resident does over three years.

The top five small businesses most likely to benefit from new residents include pizza and family restaurants, car washes, hair salons and hardware stores. The U.S. Postal Service estimates that 42 million households change their addresses every year, which means there are a lot of potential new customers for local businesses.

See the infographic below for more on how new residents boost local small businesses.

The Most Important Consumer to Local Economies

Kathleen Davis is the former associate editor at Entrepreneur.com.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business News

From Tom Brady to Kevin O'Leary – See Who Lost Big in the Wake of the FTX Crypto Collapse

The crash exposed an $8 billion hole in FTX's accounts, leaving investors and customers scrambling to recoup their funds.

Business News

This Highly-Debated Piece of Cinematic History Just Sold For Over $700,000 at Auction

The wood panel from "Titanic" is often mistaken as a door. Either way, he couldn't have fit. (Sorry.)

Business News

Mark Zuckerberg Says This CEO Is the 'Taylor Swift' of Tech

Meta's CEO posed with Nvidia CEO Jensen Huang on Instagram Wednesday.

Fundraising

Avoid These 9 Pitch Deck Mistakes When Asking Others For Money

Crafting an efficient pitch deck requires serious effort, but at least it's not wandering in the dark since certain rules are shaped by decades of relationships between startups and investors.