Michigan Franchise Opportunities
Home of the American automotive industry, Michigan is a state filled with the beauty of nature, lots of water sources, and more agriculture than you might think. With nearly 10 million residents, Michigan is a fantastic place to start a franchise, and will offer you plenty of opportunities to escape into the great outdoors.
Picking a Place
With two different peninsulas to pick from, there are plenty of places to put your franchise and settle down in The Great Lake State:
- Detroit: The metro area is home to more than half of the population of the state, and is the world’s automotive center. The city declared bankruptcy in 2013, but now is out of it, with finances back in the hands of the city.
- Ann Arbor: Home to the University of Michigan, Ann Arbor is a democratic hub and great place to start a business, due to the university and its students.
- Grand Rapids: The second largest city in Michigan, Grand Rapids is known for its furniture manufacturing. In addition, health care, automotive and consumer goods manufacturing fill out its robust economy.
Major Industries in Michigan
Most notably, Michigan is home to many automobile manufacturers, with Detroit serving as the center for the industry. In addition, Michigan is ranked fourth in the country for high-tech employment, and third in research and development. There are many engineering jobs, and also a large number of higher education institutions.
Michigan also grows a wide variety of crops, fruits and vegetables, along with raising millions of heads of livestock.
Tourism is also a major player in the Michigan economy, bringing in more than $17 billion a year and creating 193,000 tourism jobs.
Let’s Talk Taxes
Michigan does not have a franchise or business privilege tax, though there is a corporate income tax of a flat 6 percent. In addition, the personal state income tax sits at 4.25 percent.
Business by the Numbers
- There are 851,112 small businesses in Michigan, making up 98.3 percent of employers in the state.
- The Michigan GDP is $382 billion, which is one of the fastest growing GDPs in the country.
- Michigan’s unemployment rate is slightly higher than average at 6.3 percent.
Iowa Franchise Opportunities
Iowa sits smack dab in the middle of the American Heartland—flanked by the Mississippi River on the east and the Missouri River on the west, it is also the heart of the Corn Belt. Iowa’s agricultural economy has been diversifying, and now hosts industries such as manufacturing, biotechnology and green energy production.
Texas Franchise Opportunities
Everything may be bigger in Texas, but it ranks second in many things: population, size of the state and GDP. Still, that’s enough to make it one of the biggest, most productive states out there, with enough barbecue, chili and cowboys for all.
Mississippi Franchise Opportunities
The land of catfish, blues music and cotton, Mississippi is rich in cultural heritage. There is plenty of opportunity to come in and make positive change in this state, and it could benefit from the right kinds of franchises.
