9 One-Person Businesses With More Demand Than Competition

Overview of One-Person Businesses 00:00

"I've built multi-six figure and seven figure service businesses that have generated tens of millions across my companies."

• The speaker shares their extensive experience in building successful service businesses, which has revealed that the prevailing opinions about one-person businesses may be misguided.

• The focus of the video is to highlight nine one-person business ideas that share a crucial characteristic: they all possess more demand than competition.

The Importance of Demand Over Competition 00:46

"More demand than competition doesn't always mean that nobody's doing it. Sometimes it means almost nobody's doing it."

• The speaker emphasizes that a market with unmet demand is an opportunity, particularly if the need for quality service is high.

• As the rankings of the businesses are introduced, viewers are encouraged to consider who will actually be performing the work involved, which is an essential factor in assessing each business's potential.

Business Idea #9: Sanitation Services at Construction Sites 01:16

"This might be the single most unglamorous business on this list. Frankly, it's actually quite disgusting."

• The first business idea presented is sanitation services on construction sites, which are legally required, thus ensuring ongoing demand.

• This business can secure months-long rental contracts and can also cater to events like weddings and festivals, creating diverse revenue streams.

• Despite the unpleasant nature of the work, it offers stable, recurring revenue through contracts that typically last six to eighteen months.

• However, starting in this field requires upfront capital for purchasing sanitation units, making it less appealing at first glance.

Business Idea #8: Small Engine Repair 03:18

"Small engine repair can print a ton of money per hour, and I don't see many people talking about this one on the Internet."

• The second business idea revolves around repairing small engines such as those found in lawn mowers and generators.

• Most households and landscaping businesses rely on such machines, yet few companies specialize in this service, leading to ample opportunities for growth.

• The speaker notes the potential for excellent hourly rates but also highlights the learning curve required to master the trade and the seasonal nature of the demand.

Business Idea #7: Fire Extinguisher Testing and Servicing 05:11

"Every office, restaurant, and apartment building is legally required to get its extinguishers inspected on a set schedule."

• Fire extinguisher testing is a unique business opportunity due to the legal requirements for inspections across various establishments.

• This creates a virtually built-in customer base, as buildings must adhere to safety regulations and avoid fines.

• The recurring revenue model is strong; businesses need annual services, leading to long-term client relationships.

• However, the challenge lies in building a significant client base and developing a trustworthy reputation, as sales cycles in this industry can be lengthy.

Business Idea #6: Commercial Dock and Door Equipment Service 07:21

"This ties directly to a boom that you can see happening in your own city right now."

• The focus shifts to servicing commercial dock and door equipment, which is often overlooked but necessary for warehouse operations.

• As distribution centers rely heavily on dock levers, roll-up doors, and dock seals, this sector presents an opportunity aligned with current economic trends.

• The potential for a stable client base in growing areas means that entering this market can lead to significant profits.

• However, the business may require a nuanced understanding of equipment technologies and maintenance requirements.

The Need for Warehouse Repair Services 07:44

"Operators pay premium rates for same-day repair when a bay goes down."

• There is a substantial demand for repair services for loading bays in warehouses, as these bays experience frequent wear and tear, often being slammed hundreds of times daily.

• Warehouses rely heavily on these bays for their operations, and when they fail, it can halt the loading and unloading of trucks, prompting operators to seek immediate repairs that they are willing to pay a premium for.

• Interestingly, there aren't any national chains handling this type of service; instead, the market consists of various smaller, regional players that operate on a localized level.

• This business also offers strong recurring revenue through preventive maintenance contracts where warehouses pre-schedule inspections to avoid operational breakdowns during their busiest periods.

• Although starting this business requires electrical and hydraulic expertise, it's a niche area with limited competition and growing demand as the warehouse industry expands.

Waste Oil Collection and Recycling 09:25

"You get paid to drive around and pick up other people's used motor oil."

• The waste oil collection market offers an unusual yet lucrative opportunity to collect used motor oil from auto shops, restaurants, and small manufacturers.

• Collecting this oil is not optional due to stringent regulations, presenting a consistent market for these services.

• By securing a recurring pickup schedule, businesses can establish long-term contracts that minimize client turnover, similar to commercial landscaping contracts.

• An intriguing aspect of this business is that the collected oil can be resold to re-refiners, creating dual revenue streams from each collection route.

• Although startup costs can be significant due to the need for specialized vehicles and permits, this niche is little known, creating opportunities in areas where competition is sparse.

Truck Driver Recruiting as a Business Opportunity 11:07

"Carriers lose about $4,000 a month per truck that's not on the road."

• Trucking companies face severe financial losses due to the ongoing shortage of qualified drivers, making the recruitment of drivers a valuable service for these businesses.

• Recruiters can receive placement fees upwards of $4,000 for each qualified driver they successfully place, taking advantage of the pressing need for drivers without the necessity of owning or driving trucks.

• Typically, success in this business can be achieved by running targeted ads on social media platforms to reach potential drivers, resulting in relatively low out-of-pocket costs mainly related to advertising.

• The scalability of this business is notable, as working with multiple carriers can significantly boost income and minimize the impact of any single client's hiring pace.

• However, the nature of staffing necessitates constant selling and outreach to maintain a steady flow of placements, which could potentially lead to financial pressure during slow periods.

Non-Emergency Medical Transportation Business 13:50

"Millions of people need a ride to dialysis, chemo, and other medical appointments."

• The non-emergency medical transportation industry caters to individuals who require rides to essential medical appointments but are unable to drive themselves.

• Often, the costs for these rides can be billed to Medicaid or insurance, allowing transportation providers to charge higher rates compared to typical ride-sharing services.

• The recurring nature of medical appointments can lead to a stable revenue stream, as patients tend to continue with the same service provider once a level of trust is established.

• This business allows owners the flexibility to coordinate schedules and manage billing through third-party drivers who own their own vehicles, thus removing the need to manage a fleet.

• However, setting up the necessary billing with Medicaid and insurance companies can be tedious and require extensive paperwork, which may delay the time it takes to receive payment.

The Importance of Driver Reliability in a Subscription Model 15:19

"The reliability of the drivers is super important. If you’re sending out unreliable drivers, your patients won't want to keep booking with your business."

• In a subscription-based business model, having dependable drivers is critical to maintaining customer satisfaction and retention.

• Poor service from drivers can lead to decreased patient bookings. Therefore, the selection and management of drivers directly impact business growth.

Foundation Repair and Waterproofing: A High-Demand Business 15:44

"A cracked foundation or a flooding crawl space is one of the most anxiety-inducing problems that a homeowner can have."

• Foundation repair and waterproofing present a viable business opportunity as homeowners often need urgent fixes for such issues.

• The cost of these services can be substantial, typically ranging from $5,000 to $15,000, due to the serious nature of the problems encountered.

• This industry lacks a dominant player, resulting in a fragmented market, which means there are plenty of opportunities for new entrants to succeed.

Leveraging Specialized Crews for Foundation Work 16:40

"You can run this business from day one by partnering with licensed foundation waterproofing crews who already own specialized equipment."

• New business owners can create a foundation repair service by collaborating with experienced contractors.

• This model allows entrepreneurs to focus on marketing and customer relations rather than handling the physical labor or costly specialized equipment.

• Establishing an online presence, such as a Google Business Profile and showcasing past work through before-and-after photos, can give a competitive edge.

Remote Cleaning: The Top Recommended Business Model 18:00

"Cleaning is one of the biggest home service markets in the country, with millions searching for cleaning services every day."

• Remote cleaning services are highlighted as the most promising venture due to the significant demand and lack of competition.

• With no single company dominating the market, it allows new players to enter. Many established cleaners do not effectively market themselves.

• The recurring nature of cleaning services helps ensure steady revenue growth, distinguishing it from one-time service models like foundation repair.

Structuring a Scalable Cleaning Business 19:31

"You never have to touch a mop. These independent cleaners have their own skills and supplies."

• Business owners can hire independent cleaners who operate their own equipment, removing the burden of worker-related liabilities and overhead costs.

• Earning potential can be substantial; keeping 50% of each job while utilizing cleaners allows for promising profitability without significant upfront investment.

• It is crucial that business owners do not engage in cleaning themselves, as this can lead to dependency on personal labor rather than building the business sustainably.

The Path to Success in the Cleaning Business 20:30

"You are the owner; you shouldn't be the one doing the cleaning."

• The key to success in the cleaning business is maintaining a focus on business management instead of performing service tasks.

• Avoiding the trap of personal involvement in cleaning is vital for scaling and achieving long-term success.

• By following the strategies outlined, entrepreneurs have the potential to set up a profitable, low-overhead business in the growing home service market.