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.

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By Kathleen Davis

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

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

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