Home Business Ideas 10 Best Business and Investment Opportunities in Minnesota

10 Best Business and Investment Opportunities in Minnesota

Minnesota stands out with a good number of companies making it to the 2024 Fortune 500 List.

Business opportunities Minnesota

What are the most profitable business and investment opportunities in Minnesota? And why are these business ideas lucrative?

Minnesota may not be a popular state like California or Texas but no states in the U.S. beat its friendliness. The term ‘Minnesota nice’ is due to the resident’s politeness, who go as far as welcoming tourists. The atmosphere is welcoming with the Twin Cities and Mall of America, the largest shopping and entertainment complex in the United States. 

In recent times, Minnesota has begun to pay close attention to the best businesses and investment opportunities. Its economy has consistently risen to the top as the best place to live and work. 

According to the U.S. News, Minnesota is the 4th best state to live in the United States. As a result, more visionaries are moving into the state, to start and grow a business. If you are looking for a warm atmosphere, with ample resources to live and work, then you may consider the North Star state. Fortunately, the state is peaceful and affordable. It is also a highly educated state with a stable economy and a low unemployment rate.

This blog post reveals the 10 best business and investment opportunities for any investor or entrepreneur seeking green pastures in Minnesota. But first, let’s look at the names of 500 Fortune companies you can bank on to invest in Minnesota.

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Names of 500 Fortune Companies in Minnesota

According to TB, an online resource, Minnesota stands out with a good number of companies making it to the 2024 Fortune 500 List. The Fortune magazine which unveils the annual ranking of American businesses by revenue showcases 17 of Minnesota companies making it to the List.

Below are top companies in the state that consistently make Minnesotans proud with their revenue and location.

UnitedHealth Group$371.6 billionMinnetonka
Target Corp$107.4 billionMinneapolis
CHS$45.59 billionInver Grove Heights
Best Buy$43.45 billionMinneapolis
U.S. Bancorp$40.62 billionSt. Paul
3M$32.68 billionGolden Valley
General Mills$20 billionEden Prairie
C.H.Robinson Worldwide$17.6 billionArden Hills
Land O’ Lakes$16.79 billionMinneapolis
Amerprise Financial$16 billionSt. Paul
Ecolab$15.3 billionMinneapolis
Xcel Energy$14.2 billionAustin
Hormel Foods Corp.$12.1 billionMinneapolis
Thrivent Financial for Lutherans$9.72 billionMedina
Polaris$9.01 billionSt. Paul
Securian Financial Group$8.067 billionAustin
Fastenal$7.3 billion Minneapolis 

10 Lucrative Business Ideas and Investment Opportunities in Minnesota

1. Tourism Agency

Minnesota’s tourism is a major source for the state economy. According to the state’s tourism promotion agency, Explore Minnesota, the industry employs nearly 275,000 workers annually with over $16 billion in leisure and hospitality sales.

If the hospitality business is a good fit for you, then it’s time to invest in the Land of 10,000 Lakes. You can capitalize on Minnesota’s scenic beauty, including the Boundary Waters, and numerous lakes. However, it is important to write a business plan and follow the steps to maintain a quality brand for your tourism agency.

It is not enough to have a business plan, you should also be strategic about the plan, process and execution. When choosing your location, pick vibrant cities like St. Paul and Minneapolis and offer premium services such as guided tours, adventure packages, and cultural experiences that showcase Minnesota’s unique charm.

2. Logging Business

A significant portion of the state is covered in forests, providing investment opportunities in the logging business. Entrepreneurs will need to secure funds to invest in reliable machinery. Obtaining the required permits is also a necessity. Interested investors should visit the Minnesota Department of Natural Resources website to learn about the sustainable practices in the industry and get more information.

3. Gym Studio

The Fitness industry is booming especially with the increasing knowledge of wellness. Minnesotans have also prioritized fitness, so opening a gym is profitable in the state.

If you finally pick this best business idea, choose a populated location and invest in state-of-the-art facilities to attract a diverse clientele. To maintain a dedicated membership, offer competitive packages including personal coaching, group classes, and specialized training.

4. Fashion Boutique

People often say fashion will never go out of fashion. This is correct but attention must be paid to the targeted market. Boutiques that offer several items from high-quality clothing to shoes, ladies’ specks to other accessories can thrive in Minnesota’s stylish urban centers.

Consider focusing on local designers who align with current fashion trends to attract a loyal clientele. You should also maintain excellent customer satisfaction while building a strong online reputation for your fashion business.

5. Summer Camp

Minnesota’s natural beauty is a significant asset for entrepreneurs. The young population is growing steadily, making it a perfect time to invest in summer camps in the state. The basic needs to succeed in this business include hiring professional hands, investing in recreational facilities, and providing safety measures

6. Online Training School

Online training school is the new trend. Just as the demand for online courses has surged, starting an online training school is not a bad idea. If you are smart and knowledgeable in any valuable field, this may be one of your best business opportunities to start in Minnesota.

The beauty of online training is the work flexibility, sustainability and profitability for anyone who is damn serious to thrive. It doesn’t require much capital and anyone knowledgeable in a given area can take up the opportunity to earn in the state. 

7. Wood Logging and Milling

Minnesota is a leading location for a wood logging and milling business. The state has a strong market for high-quality timber and wood products. Investing in this best small business idea is a great way of building a financially sustainable income in the state.

8. Sporting Club

For the love of sport, people can spend on activities that ignite their spirit. Minnesota’s active population enjoys a variety of sports. From Ice hockey to golf, from snowmobiling to skiing. You can own a sporting club that caters to enthusiasts of all ages and skill levels. This is one of the best investment opportunities in the busiest Minnesota cities with foot traffic.

9. Hunting Guide

Assisting others to enjoy adventurous experiences is good business. This is why starting an agency that offers hunting guides is a sure way to make money in Minnesota.

Minnesota’s abundant wildlife and vast hunting areas make it a great location for a hunting guide business. The locals enjoy hunting as Central Minnesota is well known for deer hunting in the state. To attract sales, offer guided hunting trips, wildlife tours and safety courses.

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10. Handyman Services

Handyman services is an evergreen business idea. There will always be demand for repairs, maintenance and other one-time services. If you are just settling in Minnesota, handyman service can help you gain your feet before setting up a proper business place. You can aim for growing urban areas like Minneapolis and St. Paul to build a steady clientele. By doing this, you may grow a significant income to establish an LLC in the state.

In conclusion, what is the best investment opportunity for you may not be for another. For any business or investment to be worth attention, it must synchronize with the individual’s interest and capital. 

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Tega Daniel is an SEO content writer for EntrepreneurBusinessBlog.com


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