Cornering the Market: "All THIS Business is Local"

One of the advantages of The Home Inventory Service (THIS) business is that you can create a local market presence. This offers extraordinary opportunities to grow a small business quickly, because it's a relatively new industry, and your local competitors are limited. Limiting your marketing and promotional efforts to a local area is also more affordable.

That's not the case in a lot of industries.

I come from a segment of the careers industry that is now relatively "mature." That is, the practitioners in it have been at it for 10 years or more, standards of practice have been established (there are four national professional associations, three national conferences annually, multiple codes of ethics, at least a dozen separate certifications one can earn, and a couple of "mega companies" with dozens of subcontractors). That industry has changed since I first joined it 11 years ago, because it used to be primarily local practitioners targeting local clients. But with the advent of the Internet, all business is *global AND local* -- suddenly you're competing with every other practitioner in the world ... at least in theory.

That's not the case with the home inventory service industry. Your physical presence in a customer's home is required to complete an inventory. As a result, you have "geographic dominance" -- with fewer than 500 businesses of this type in the U.S., you're most likely the only game in town. And with literally millions of prospects (likely tens or hundreds of thousands in each business' specific market area), the potential is largely untapped.

Honestly, the two biggest competitors any of us face is OUR CUSTOMERS (they could, in theory, do this inventory themselves) and LACK OF RECOGNITION by the market of OUR VERY EXISTENCE. It would actually be a *good* thing to have a couple of competitors within your town, or even within 50 miles ... because you'd be able to work together to raise the profile of the industry in your market. In a start-up business, you spend a LOT of time on marketing. In this industry, marketing primarily encompasses "prospect education." Why this needs to be done, how it's conducted, what information needs to be gathered, why you should hire someone to do it, what kind of credentials the service provider has to make sure it's done right, etc....

There are HUNDREDS of free and low-cost alternatives to a professional home inventory service out there (just google "Home Inventory Service") ... but there are also dozens (soon to be hundreds!) of successful home inventory service businesses out there. People WILL pay to have this service performed!

Have you ever encountered a prospective client who, upon learning of your service offerings, says, "Wow! That's a great idea!!" This is just one of a LOT of services -- dog walking, car detailing, house cleaning, resume writing, housepainting -- that CAN be performed by your prospective client, but he or she can't/won't/ or would prefer not to. Or they lack the perceived expertise to do it. The more we hone our skills and craft an expectation about what a thorough home inventory encompasses, the more customers we will have.

The best thing that can happen to The Home Inventory Service market is growth. Because with critical mass, the tipping point will be reached -- recognition of the industry AS an industry ... and with it, credibility from prospects and the media. You'll be able to spend less time educating clients, and more time servicing them. (Am I the only one who has noticed that "Home Inventory Service" isn't a Yellow Page category?) "Inventory Service" in the Yellow Pages encompasses not only home inventory service industry companies but also commercial inventory specialists. 10 years ago, there wasn't a listing for "Web Site Hosting Service" either.

Of course, with that comes more potential competition, but even if you conducted 2 inventories a day every week of the year, that's still only 700 inventories -- and I'm guessing that there are more than 10 times that many homes, apartment dwellers, and even small businesses in your area that are likely candidates for your services.

And those that are today's "pioneers" will be able to continue to draw customers over tomorrow's newbies, because they can point to their years of expertise in the business, commitment to continuing education and industry standards, and an extensive client list that is generating referrals and repeat business long into the future.

There is definitely a need for an open discussion about issues facing the industry and specific challenges, especially for start-ups. Nurture fledgling entrepreneurs in THIS industry, and they will help grow the industry ... to the benefit of us all.