Chock full of history, good seafood and federal agencies, Virginia has a booming tech industry, a relatively high standard of living, and would be a fantastic place to start a new franchise!
Selecting a City
More than 8.3 million people call the commonwealth home, and there are a variety of metropolitan areas across the state that could be a perfect new home for you:
Arlington: Located directly across the river from Washington, DC, Arlington is home to many federal agencies, and makes a great commuter town for those who work in the district.
Virginia Beach: The largest city in Virginia, it is a resort city with plentiful beaches, hotels and state parks. Consider opening a hotel (link) or ice cream (link) franchise on the beach here!
Chesapeake: Located in the southeastern part of the state, Chesapeake has miles of waterfront, and has been voted on of the best cities in America.
Virginia has a diverse and robust economy, with a GDP of $478.7 billion, placing it in the top 10 states. The government is a large driver of the economy, with 12 percent of all federal procurement money being spent in the state.
Technology also accounts for a major chunk of the economy, and computer chips are the state’s highest grossing export. Agriculture—including tomatoes, soy, peanuts, hay and tobacco—is also significant.
Let’s Talk Taxes
Virginia has a corporate income tax of a 6 percent flat rate, and does not have a franchise or business tax. There is a state personal income tax ranging from 2 to 5.75 percent.
There are 656,200 small businesses in Virginia, making up 97.8 percent of employers in the state.
Of those, 24,800 are franchises, which employ 287,000 people.
Virginia’s GDP is slightly larger than that of Argentina.