7 Small Town Businesses That Never Fail

You're a new small town entrepreneur  and you want to start a business. But you're worried about the embarrassment  of failing and losing all your money. So you're looking for a small business idea for  your small town that has the highest chance of success and making you lots of money.

Well, we've done the research and in this video we cover seven small business  ideas that have proven time and again to have incredibly low failure rates. And if you stay to the end of the video, we've included a valuable bonus small  business secret from one of the most successful business people of all time to help  you succeed on your entrepreneurial journey. But before we get to that secret, we need to  answer the question what makes these small town business's succeed when so many fail?

To get that answer we'll start the count down with business idea number  seven: Home Repair and Renovation People will always need repair work done  around the house, and that's why the home repair business is so appealing to  anyone with competent renovation skills. From laying bathroom tiles and building a backyard  deck to more complicated remodeling projects, a good handyman is always in high demand. How much demand, you ask?

In 2020, the U. S. economy shrank by 3.

5 percent. But spending on home repair and renovations  went up by three percent during that same time. In the United States, this is a  $420 billion industry and small businesses make up a huge chuck of it.

If you're good at fixing things, you've got a leg up on a lot of people so this business  idea is an excellent one for someone like you. But even if you don't have the necessary  skills, there are plenty of existing home repair businesses looking for help, so you  can get started by learning on the job. Once you become competent in a particular area -  drywalling, cabinets, inground pool installation, then consider going out on your own.

Do some research in your area to see what the untapped business opportunities are. If there's a lot of renovation businesses focused on kitchen remodeling,  look at specializing in bathrooms. If there's home repair businesses building a lot  of decks, consider focusing on installing fences.

Other opportunities can come from not  working directly for the homeowner, but other skilled trades. Does the kitchen installation business need someone designing and  building the cabinets and drawers? Does the pool installation business need someone  to subcontract building storage sheds to?

You can also offer specific tasks like helping  older people with day-to-day maintenance jobs, such as changing light bulbs and unclogging sinks. Another business that has a low failure rate is business idea number 6:Self-Storage Facilities Obviously, this type of business requires some initial start up financing. But look at the numbers.

In the United States, self-storage is a $29 Billion annual industry. There are over 51,000 storage facilities across the country and 11 percent of all  U. S.

households rent a storage unit. The average monthly rental for  a storage unit is $100 U. S.

The U. S. storage industry has some major public  companies involved in it but 41 percent of storage companies aren't considered "large" and  the big companies tend to concentrate around high population areas like big cities.

That means small towns and rural areas are where opportunities will be  found for facilities of all sizes. Opening a storage facility in a small town is a  great way for new entrepreneurs to get started. Low overhead costs coupled with high  demand for short-term storage makes owning and operating small scale storage  a great low-risk small business venture.

Storage facilities are easy to  self-operate and generate revenue quickly. Storage units are typically rented on a  month-to-month basis, allowing you to quickly fill your facility with paying customers. Storage facilities can offer secure and easy access for their tenants as well as  extra services such as climate control and office space for business owners.

Your success in this venture will depend on the location of your storage facility. Choose a location near residential areas, commercial businesses or even highway locations  to maximize your potential customer base. Be sure to create an attractive facility  with secure entry and on-site management for added convenience and safety for customers.

Investing in technology like digital payments and automated access systems can also make  managing a storage facility MUCH easier. Business Idea Number five: Laundromat Laundromats offer low risk with high reward potential as small towns often  have little competition for this business. People need to clean their clothes  and people like convenient services.

In fact, there are 35,000  laundromats in the United States. Starting a laundromat can cost  between $100,000-$300,000, so a business loan will likely be necessary. If you are purchasing an existing laundromat, you might be able to purchase for less  money down if the seller is willing.

But after your initial investment, the industry  average cash-on-cash return is 20-35 percent. And industry sources claim a 95  percent success rate for laundromats. Like storage facilities, laundromats  are fairly easy to self-operate.

This type of business is a great option for those  who want to start a small business with limited time since it's almost a passive business model. Ongoing costs are upkeep and repair of the machines plus water. Make sure you choose the right location and invest in modern washing  machines, dryers, and other equipment.

You can also offer services such as  dry cleaning to differentiate your business from other laundromats in the area. Creating an inviting, safe, and convenient environment is key to a successful laundromat. Investing in additional features such as Wi-Fi access and laundry delivery services could  help you stand out from the competition.

You can even stock a vending machine inside your  business with laundry detergent, dryer sheets, and fabric softener to make extra income. Add another for snacks to make even more money. Which brings us to the next low-failure business  idea: Business Idea Number Four: Vending Machines Vending machines are another small business  opportunity for new entrepreneurs in small towns.

Vending machines provide a low-risk entry into  the competitive world of small town business, with minimal start-up investment, easy  operation and management, and the potential to make a small but consistent income. Plus, small towns often have limited options for snacks and drinks, so a vending machine can  quickly become a welcome part of the community. Overall, vending machine businesses  have a 90 percent success rate.

Not bad. If you're looking at starting a vending machine business in a small town, you'll  have to do some leg work to see if it's worth it. First, vending machines rely  on steady, consistent traffic, so you'll need to find locations that have that.

Look for places where people get together. Places like arenas, sports fields, schools,  hospitals, apartment buildings, gyms. Also, think about places where large  groups of people work like factories, warehouses, car dealerships, and nursing homes.

Even breakrooms in retail stores offer potential. Now, if your community doesn't have a lot  of these types of locations, you might need to travel to surrounding towns and areas to  find enough spots to make this business work. If you only have permission to place a  couple machines, then consider this an easy side hustle to make some extra money.

But if you're willing to put in the leg work and expand your territory, a vending  machine business can be very lucrative. Business Idea Number Three:  Residential and Commercial Rentals If you're looking for a safe, long-term business idea in a small  town, consider becoming a landlord. With the potential for steady returns, reliable  tenants, and reasonable maintenance requirements, renting out property in small towns presents  a great opportunity for small business owners looking to invest their money wisely.

It also has a success rate of 85 percent. Although you'll need to come up with  A down payment, purchasing real estate through a mortgage means you don't have  to come up with the full purchase price. You'd be dealing with a bank or a mortgage lender,  so actual down payment requirements will vary.

And, with a residential or commercial real estate  business, your cash flow is secure and consistent; tenants pay for your mortgage, and the value  of the properties tend to rise over time. That's why it's one of the  least likely businesses to fail. When it comes to getting started, your first  step should be finding the right property.

It's important to consider location,  marketability, and local laws when selecting a rental property. Residential or commercial? The tenants and properties have  different needs and requirements.

You'll also have to plan for regular  maintenance and upkeep of the property. This includes tasks like gardening,  cleaning common areas, and snow removal during the winter months. By employing a real estate manager, you can transform your rental property business  into a lucrative source of passive income.

Of course, you always have the option to  manage the properties yourself if you want to. Small Town Business Idea Number  Two: Trucking and transportation These businesses can range from a long haul  trucking companies transporting goods across the country or just delivering the last few miles. In the United States, trucking is a massive $700 billion industry and 70 percent of all  products in the U.

S. are shipped by trucks. Need more?

Transportation companies have about a 76% success rate. Transportation companies have low capital requirements except for owning or  leasing the trucks needed and fuel. That said, there's a lot of  regulations for this type of business.

If you're doing local runs in small delivery  trucks, you won't need the same type of licenses but serious, long haul trucking requires  commercial driver's license, getting your trucking authority to transport TO cross state lines, U. S.  Department of Transportation registration number, process agents for states you travel to,  liability and cargo insurance, and a bunch more.

You can be a solo owner-operator or, scale your  business up if that's what you're looking for. As you grow, you can hire other  drivers, dispatchers, logistics coordinators, sales and marketing people. Even add warehousing to serve your area.

It's a big business for a reason and since  goods need to reach every corner of North America, it's a hugely appealing  business to start in a small town. Small Town Business Idea Number One: Agriculture For many small towns and rural areas  in the United States, small business enterprises like farming and agriculture tend  to be the cornerstone of the local economy. The low-risk nature of an agricultural venture  doesn't account for environmental uncertainty like droughts and floods which can set a  farm business back pretty significantly.

With that bit of uncertainty in mind, small-scale  farmers, ranchers, and small business owners in small town and rural areas can easily create  jobs and provide much needed economic security. Starting a small business in the small town  or rural area doesn't have to be intimidating. Agriculture is a great way for budding  entrepreneurs to get their small business off the ground with low risk - these types of  businesses have an 88 percent success rate.

With an increase in local demand for organic  fruits, vegetables, meats, and dairy products, small farmers can provide fresh produce for the  local community who are willing to pay for it. When the U. S.

Bureau of Labor Statistics looks  at agriculture, it also includes forestry, hunting and fishing in this category. So, basically everything related to the land and natural resources. But if we just look at farming and agriculture, there's a huge range  of things that can be grown and raised.

Don't have a lot of land at your disposal? Look for high value, specialized crops that don't take a lot of space like spices and  herbs. All it takes is a little creativity.

Or how about agriculture support like farm  equipment repair, seed and fertilizer sales, field drainage installation? You need to be aware of what the local farming community has available and what's  needed, look for the gaps for opportunities. That's where the money will be found.

And as promised, here's the bonus small business tip from one of the world's  greatest businessman, Warren Buffett. Buffett, a businessman and investor,  once said "The most important investment you can make is in yourself. " Entrepreneurs who are considering starting small businesses, whether it's a small town  trucking company or a vending machine route, should take the advice of Warren  Buffett seriously: invest in yourself.

Owning a small business can be an  extremely rewarding and fulfilling experience, but success doesn't happen overnight. Investing in your education, skills and knowledge as small business owners is a key factor in your  business's long-term success and sustainability. Read articles about the latest trends in your  industry, sign up for an online course on sales, read a book about marketing,  get certified in a new skill.

All this knowledge will make  you a better businessperson. Small business owners like you have  the opportunity to make money while also having the potential to make your town  or community a better, more prosperous place. By investing in yourself, as Warren Buffett  says, you will learn from other people's successes and failures and have the greatest  chance of success in your own business.

Watching this video was an educational  investment, an investment of your time, and you can keep learning by clicking on the screen  now for 7 more great small town business ideas.