Michigan is one of the best states in the U.S. for business, thanks to its newest tax structure. For this reason, franchising has become a popular choice for many business owners in the state. You can profit from the franchiser’s brand while running your operations. The best part is that with the growing business economy, it is easy for applicants to get a business loan.
Are you looking for your next franchise idea? Here are the top franchise businesses to try out.
Michigan boasts a rich and historic manufacturing heritage. The state’s long history has led them to be one of the country’s most innovative and high-tech states. It’s responsible for developing modern manufacturing processes, leveraging high-tech discoveries.
Michigan has allowed forward-thinking businesses throughout the state to align with the latest Industry 4.0. For this reason, advanced manufacturing has become one of the most lucrative industries for franchising. The state is forging a new path changing the way things are created in the 21st century.
Medical Device Technology
The health industry is estimated to be 1/5 of the nation’s economy. It includes some of the fastest-growing worldwide business segments, such as medical devices, amounting to $400 billion. Michigan is among the biggest. It ranks 10th for the number of device manufacturing firms in the country, boasting nearly 13,000 in its workforce. For this reason, investing in a medical device technology franchise is ideal.
Overall, the state’s manufacturing prowess of quality medical device firms makes it one of the best locations for medical device technology businesses.
Mobility and Automotive Manufacturing
When it comes to automotive and mobility manufacturing, Michigan is number one. The industry is so prominent in the state that over 73% of total U.S. spending takes place in it alone. After all, the state was the one to put the world on wheels years ago. Now, the state is leading the charge into the next generation of transportation and manufacturing. For this reason, car rental shops and car dealerships have become popular franchises.
Also, Michigan has some of the laxest laws for testing self-driving cars in the country, providing aspiring business owners more chances to explore different industry niches.
Michigan has had a long reputation as a maker state. It’s expanding far beyond its automobile and info software-based technology industries. Now, the Great Lakes State goes beyond computer programming and computer hardware manufacturing. Michigan is leading the way in creating innovative solutions in the tech industry.
The state focuses on protecting the security of digital systems and people worldwide. Whether it’s a surveillance or smartphone repair business, these are popular franchise ideas to explore. Take advantage of the growing popularity of digital living and invest in a tech business.
Engineering Design and Development
Michigan is the home of innovation and creativity. As one of the leaders in research and development, the engineering industry has become profitable in the state. If you have a background in engineering, architecture, or anything in the same field, consider investing in a business surrounding engineering design and development. Join in the success as Michigan drives the next generation of industry innovation.
Food and Agriculture
The food and agriculture industry in Michigan is among the biggest in the country. It contributes around $100 billion to its economy. The agriculture sector is massive, including other things like forestry and fisheries. When done with passion and commitment, you’ll earn a decent income from it.
Michigan farming will not only provide consumers with food. It will also offer a more dynamic food and agriculture industry. For this reason, this industry has become one of the state’s most vital economic drivers. It contributes to Michigan’s economy every year.
With 10 million acres of farmland, you can virtually grow anything in the state. However, apples are one of the most valuable and profitable fruit crops grown in the state. The state produces over 900 million pounds of apples every year.
Professional and Corporate Services
Professional and corporate business franchises are among the most profitable in Michigan. With the state’s growing tech talent, Michigan is becoming a popular location for professional corporate service providers to do business.
These corporations include positions in areas like human resources and information technology. Of these businesses, the state employs more than 185,000 Michigan residents. For this reason, Michigan has become the 12th best state for professional and corporate franchises in the country.
The best part is that professional and corporate services talent in Michigan is cheaper than average. It costs around 1/3 less than coastal markets. And companies from across different niches in the professional and corporate industry continue to extend the state’s talent and markets.
More businesses are coming to Michigan, and companies are expanding their operations. Due to its business-friendly environment, it has become one of the best states for profit. Start your franchise venture by exploring the state’s core industries mentioned. From there, find out how you can become a part of Michigan’s success stories.