Most people WAY underestimate the fixed operating costs of many businesses.
While I 100% agree that there is a dearth of independent non-franchise restaurants in this area, restaurants have one of the highest failure rates of all new businesses. Rent in a good location would likely be super-expensive, and finding reliable employees a huge on-going hassle. But oh how I wish there were more good ethnic restaurants in the area!
I'd also wish there was a good "dive bar" with decent food & drink prices, darts & pool tables, with a dance floor that had good live music on the weekends.
And/or a cool restaurant / bar bistro that hosted national/regional touring bands during the weekends, maybe some cool jazz nights during the week, live comedy a few times a week. I'm probably in the minority here, but the music @ the Squares with local bands that play nothing but covers of songs we've all heard a million times before bores me to tears.
OP's friend wouldn't get rich without expanding and taking on multiple crews / employees, but small businesses with high potential for success that one could open for less than $40,000:
Pool maintenance service
Lawn care business
Irrigation system installation & maintenance
Gutter installation / cleaning & maintenance
Pressure washer / window washer / screen replacement
Mobile golf cart repair
Small engine repair
General Handyman service
Interior / exterior painting service
On-site computer repair & training
Mobile car detailing & window tinting
House cleaning service
Property management for absentee homeowners
Small furniture moving and assembling
Nothing new under the sun, many of the above ideas have already been mentioned.
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