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Rhode Island Franchise Opportunities

Photo by Balazs Busznyak on Unsplash

If you’re interested in healthcare and senior care (link), or want to live in the smallest state with the longest name, Rhode Island—technically, State of Rhode Island and Providence Plantations—might be a place to consider for your next franchising opportunity.

Where to Settle

There are 39 cities and towns in Rhode Island for you to choose from, all of them on the smaller side, with most having less than 50,000 residents. Here are a few for you to take a peek at:

  • Providence: The largest by far and capital of the state, Providence is one of the oldest cities in the country. It’s home to a bevy of hospitals and institutes of higher education, and is also known as the “Creative Capital.”
  • Cranston: Its repeatedly been named one of the best places to live in America, and is also one of the safest cities in the country.
  • Cumberland: A small town with about 33,000 residents, Cumberland is the northernmost town in Rhode Island and has a strong public school system.

Leading Industries

The Rhode Island economy used to be driven by fishing and tool making, but now health services are the biggest moneymaker for the state. In addition, tourism is also a large part of the state’s economy, providing 39,000 jobs and bringing in $3.5 billion a year. Manufacturing—costume jewelry, shipbuilding, machinery—and agriculture are also significant.

Let’s Talk Taxes

Rhode Island used to have some of the highest tax rates, but they’ve been reformed and lowered in the past few years. Currently, there is a business corporation tax of 9 percent, but there are possible reductions that can bring it down as low as 3 percent. There is also a franchise tax that varies based on net worth. In addition, the state personal income tax ranges from 3.75 to 5.99 percent.

Business in The Ocean State

  • There are 95,400 small businesses in Rhode Island, which make up 95.9 percent of the state’s employers.
  • Of those, 2,422 are franchises, which employ 26,700 people.
  • Rhode Island has a GDP of $54.6 billion.
Pennsylvania Franchise Opportunities

One of the 13 original states and chock full of history, Pennsylvania has a diverse population of nearly 13 million people and one of the largest economies in the nation. This is an ideal place to begin a new life and a new franchise!

Oregon Franchise Opportunities

A green state in every sense of the word, more than 80 percent of Oregon is forests. This state will delight you with its mountains, rivers, lakes and trees, but is also a perfect place to open up a new business, due to its lack of sales tax, high tech boom and well-educated workforce.

Arizona Franchise Opportunities

If you’re looking for a place to settle that will provide you great business opportunities with a high quality of life, consider launching your franchise in Arizona!