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Virginia Franchise Opportunities

Photo by STEPHEN POORE on Unsplash

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.

Major Industries

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.

Business Statistics

  • 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.
Minnesota Franchise Opportunities

The Land of 10,000 Lakes really is an accurate description of Minnesota—there are more than 11,000 lakes scattered across this beautiful state, whose name comes from the Dakota word meaning “clear blue water.” Minnesota has a high level of civic engagement, a high standard of living and is one of the best-educated states in the nation, making it a fabulous place to start your franchise and call home.

New York Franchise Opportunities

Although it may seem like New York is the land of major retailers, small business is booming in the Empire State—there are more than 2 million small businesses in New York. These are located in every region, city and neighborhood of the state, making New York a fantastic place to start your franchise.

New Hampshire Franchise Opportunities

Are you a pioneering person who wants to pay less (or no!) taxes, and abide by the state motto of “Live free or die”? Do you want to hike in the summer and ski in the winter? If you value freedom and the great outdoors, New Hampshire could be a fantastic location for your next franchise.