the staff of the Ridgewood blog
Ridgewood NJ, There could be dozens of similar businesses in a big city. When the market is so oversaturated it can be hard to make your brand distinctive from the others. However, in a much smaller village, there is plenty of room for experimentation.
Ridgewood is a village in Bergen County, New Jersey, United States. As of the 2010 United States Census, the village population was 24,958, reflecting an increase of 22 from the 24,936 counted in the 2000 Census, which had in turn increased by 784 from the 24,152 counted in the 1990 Census. Ridgewood is a suburban bedroom community of New York
Additionally, your business can be the first to appear and find a niche spot: being the only provider of tattoo machines or a flower delivery service can be a perfect way to build a name for your company.
Naturally, less competition means more opportunities for your venture, however, there are many pitfalls that a new company can face during its first few years. Typically, there are fewer industries and they are less diverse compared to the regular cities.
Additionally, the habits of the consumers will be determined by the proximity of the village to other cities. If consumers will have an incentive to travel in order to save money it may bring a small but steady income. Otherwise, you may want to hold sales from time to time in order to attract more customers.
Households in Ridgewood, NJ have a median income of $147,823.
The business volume in the small towns and villages is usually much lower in comparison to larger cities. Even with a good place in a downtown of a village, you won’t be able to reach the same level of sales as similar shops have in cities.
What is more, since the human resources of the small towns are limited and more people would rather go to the big cities where the wages are larger, you might find yourself in a situation when you will have to employ inexperienced staff in order for your venture to become more profitable.