Virginia Franchise Opportunities

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.