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

Related Topics

Money & Finance

How to Know If Your Business Is Profitable This Very Second

It's important to periodically take stock of your business status, but don't wait until the end of the quarter or Tax Day to know. Too many decisions you need to make depend on your profitability. Here are things you should be doing regularly so that when you need to know where you stand, you know.

Living

The CEO of Catholic Prayer and Meditation App Hallow Says Founders Need to Be Part of Something Bigger Than Themselves

On this episode of "The CEO Series," learn about the soulful journey of Hallow's CEO and founder Alex Jones.

Science & Technology

AI May Not Take Your Job, But Someone Using AI Likely Will — Here's Why.

Artificial intelligence is becoming ubiquitous across marketing and public relations agencies. These tools can increase productivity, but there are risks to consider.

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business Solutions

Get More Done with ChatGPT for Just $20

This ChatGPT course can help you streamline your business.

Thought Leaders

10 Simple, Productive Activities You Can Do When You Aren't Motivated to Work

Quick note: This article is birthed out of the urge to do something productive when I am not in a working mood. It can also inspire you on simple yet productive things to do when you're not motivated to work.