From the gorgeous Great Lake shorelines to the homes for several bustling college communities, Michigan is a prime location for people to live, take a vacation and transact commerce. If you’re an entrepreneur looking for a new venture in 2024, the state that holds such distinctions as the Henry Ford Museum, Mackinac Island and the world’s only floating post office might provide exactly what you’re looking for.
People with a strong work ethic and entrepreneurial aspirations have many incentives to start and grow a business in Michigan. Franchises in particular are a popular way for people to earn income and come with the benefits of a high success rate and support from a national brand partner. Whether you’re looking to join a fast-food chain or start an insurance franchise in Michigan, there’s no time like the present. So, let’s get familiar with the basics on what it’s like to own a business in a state with so much to offer.
Guidelines for Becoming a Franchisee
Have you always dreamed of owning your own business and being your own boss? There are two choices: you can begin from the ground up with zero support and no proven track record or brand recognition. Or, you can purchase one of the numerous available franchises for sale in Michigan. Franchises are exciting opportunities because on day one you’ll have support from the parent company when it comes to a proven business model, operations, advertising, and more.
If you choose the latter, the state government’s website provides a perfect starter guide. That document is not a quick checklist. It’s a comprehensive tool to provide you with an abundance of information you’ll need to select the opportunity that best fits your unique approach to management and operations. In it, you’ll find information about feasibility studies, locations, fees and required startup capital, legal precautions, and much more. Download the guide and take the time to read it. Keep it handy on your desktop and you’ll have a good reference for foundational information when questions arise.
Unique Advantages for Businesses in Michigan
Not many regions of the country can boast the unique makeup of people, places, and things in Michigan. The Motor City remains home to four major sports teams—the Pistons, Lions, Red Wings, and Tigers all play locally and attract countless fans every year. With such an influx of people willing to spend dollars on merchandise, food and entertainment, as well as ordinary necessities, the state proves to be prime for all kinds of consumerism.
In addition to sports teams, the area is also known to have some of the nation’s finest educational institutions with over 100 facilities of higher learning. Yes, sports fans like to spend money, but so do college students. With the right marketing plan and a serious effort to reach your target demographic, you can build and grow almost any organization.
What about tourists? Well, the region has plenty of sights to take in. The Great Lakes provide a scenic and often breathtaking area for many visitors to spend weeks of their valuable downtime. These folks come every year and usually have plenty of money to spend as budgetary concerns tend to become less of a concern when enjoying time away from work.
Lastly, the state is number twelve on the list of most populated in the country with a total of over 10 million people calling it home. These people need to purchase food, gas, homes, automobiles and more, making the region a great place to start a company and a top money maker for franchisees.
Top Michigan Franchise Opportunities
The Great Lakes region already has several thriving businesses. The following list provides a quick glance at a few of the top franchises for sale in Michigan.
Saladworks
When most people think franchises, they think Subway, Dunkin’, or in this area, Hardee’s is a major player as well. If this seems like your thing, but you don’t want to contribute to the diabetes epidemic and other unhealthy eating habits that plague the American diet, Saladworks is a well-established chain that has been officially operating since 1992. According to the company, millennials eat an average of three or more entree salads on the go every week.
This industry, whether fast-food or healthier choices, tends to be quite competitive with Hardees and other major players flooding the area and providing steep competition. While Saladworks offers a model that attempts to capture the trend of healthy lifestyles, a lot of work is required to stay on top.
Lightbridge Academy
Early childhood education is a largely untapped marketplace. If you want to sprinkle a little “for the greater good” into your entrepreneurial endeavors, Lightbridge Academy would be an excellent place to explore. The organization offers programs for children from six weeks to six years old, including after-school enrichment and summer programs. If you don’t appreciate the value of crafting lettuce concoctions or sandwich artistry as career fulfilling, this industry might be worth your time.
A major drawback of Lightbridge Academy might be its high initial investment requirement. To get started, you must have a net worth over $1 million and the initial startup costs could amount to slightly over half that. Financing is always an option, but you’ll need to determine if you have the necessary startup capital before going too far down this road.
Freeway Insurance
While Michigan offers a lot of nuance for aspiring entrepreneurs, there are some things that are necessary for residents of any state. Insurance is one of them. Freeway Franchise requires considerably less initial investment with a franchise fee of around $15,000 and total initial costs as low as $60,000 with great financing options available. When considering an insurance agency for sale in Michigan, you should also know that the company offers an established track record, proven systems and processes, access to a wide range of national and regional carriers, a broad selection of insurance and ancillary products, highly favorable brand recognition, and excellent training.
Yes, everybody needs insurance, and you’re looking for a great business to start. So, why not combine the two areas of need and make 2024 the year your career reaches new levels of success?
If you’re ready to make 2024 the year your entrepreneurial aspirations come true, contact Freeway Franchise at (877) 822-3024 or fill out our quick and easy online form. A member of our expert staff will provide you with all the information you need to get started on your road to success!
