What are the small business and investment opportunities in Michigan? According to the US Global Leadership Coalition, Michigan is an ideal place for export-based industries as a result of its prominence in manufacturing and industrial research & development. This does not negate the state viability for small businesses and investment opportunities.
The truth is Michigan may not be a popular name amongst the US states but its significance and total impact to the United States is of great value. Also known as the Great Lake state, Michigan is situated in the Great Lakes and Midwestern regions of the United States. It is bordered by four of the five Great Lakes—Superior, Michigan, Huron, and Erie. The state shares its borders with Indiana, Ohio, Wisconsin, and the Canadian province of Ontario.
With a large population of over 10 million people, there are diverse small business and investment opportunities foreign investors and immigrants can look into to earn profitably in Michigan. There is so much room for foreign investors as Michigan’s international trade is steady. Michigan’s international trade supported not less than 118,900 jobs in 2019 representing 19.4% of all jobs in the state as revealed by US Global Leadership Coalition. In 2021, Michigan exported $55.5 billion worth of goods.
If you find yourself in this tourist attraction state, endowed with pristine waters and forests, then read this article to the end to learn the best and most profitable business ideas to explore in Michigan. But before then, let’s discuss some economic facts about Michigan.
Quick Business Facts and Figures About Michigan
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- According to the Census Bureau, Michigan’s agricultural exports played a significant role in the economy, totaling $2.7 billion in 2022.
- Since 2014, the U.S. Export-Import Bank has financed exports worth $3 billion from 156 companies in Michigan.
- The State of Michigan is home to over 100 public and private universities. Some of the prestigious institutions are the University of Michigan, Michigan State University, and Wayne State University. These universities offer a wide range of degree programs and opportunities for international students.
- Michigan boasts abundant natural resources, including forests, lakes, and minerals. The state’s timber production, fishing, and mining industries contribute to its economy and present business opportunities in these sectors.
- The state has natural beauty and recreational opportunities that attract tourists. The state offers attractions such as the Great Lakes coastline, national parks, forests, and cultural sites. Cities like Detroit, Ann Arbor, and Grand Rapids provide cultural and entertainment experiences, bolstering the tourism sector.
- Michigan benefits from a well-developed infrastructure, including an extensive network of highways, railways, airports, and ports. Its proximity to the Great Lakes grants access to waterways and international trade routes, facilitating logistics and transportation for businesses.
- It possesses a diverse and robust economy, particularly recognized for its strong manufacturing sector, notably in automotive manufacturing. However, the state has diversified its economy in recent years, with significant contributions from sectors such as aerospace, healthcare, advanced manufacturing, information technology, and tourism.
- Michigan fosters a growing entrepreneurial ecosystem with a supportive business climate. The state offers resources and initiatives to encourage entrepreneurship, including startup incubators, accelerator programs, and financial incentives.
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What Are the Small Business and Investment Opportunities in Michigan?
1. Start a Manufacturing Company
What can you manufacture? Think! Manufacturing is top on our list of small business and investment opportunities in Michigan.
You can invest in the state’s leading manufactured products. Some of such products are machinery, fabricated metal products, chemical products, furniture, processed foods, and notable motor vehicles and parts.
The manufacturing sector is very lucrative. If you are interested, it is important to do thorough research on which area of manufacturing you will need to focus on. Your choice should be based on your expertise, experience, and investment budget.
2. Set Up a Graphic Design Agency
According to new statistics from Exploding Topics, the US graphic design market is worth $16.6 billion and an average graphic designer makes $28.83 per hour or $59,970 per year.
The figures may keep increasing since the demand for graphic designers is increasing as a result of new businesses and strong branding awareness and culture. If you are privileged to be a smart graphic designer, then look no further to invest in this business opportunity.
Meanwhile, it is important you are advanced in the skill to beat the competition and creatively turn your passion into a profitable business in Michigan.
3. Become a Wedding Planner
Michigan is a popular destination for weddings. As couples prepare to celebrate their special day, they often seek the expertise of wedding planners to ensure a smooth and memorable event.
You can take hold of this opportunity to launch a wedding planning business that offers full service. The full-service package of your wedding planning agency will include event planning, coordination, and design services. The goal is to assist in creating their dream wedding.
You will find wedding planning a rewarding and exciting business opportunity in Michigan especially if you have gained experience and expertise. Meanwhile, it is advisable to pick a niche including destination weddings, and cultural weddings.
Having a wedding planning website can help you attract more clients from search engines. It can also help you automate some aspects of the business.
4. Start Your Own Home Renovation Services
Michigan has a strong housing market, and offering home renovation and improvement services can be a lucrative business idea.
Focus on a specific niche, such as kitchen remodeling, bathroom renovations, or whole house renovation. Focusing on a particular niche allows you to develop expertise and cater to a specific target market.
5. Outdoor Adventure Rentals
Take advantage of Michigan’s beautiful landscapes by starting an outdoor adventure rental business. Offer equipment rentals for activities like kayaking, paddle boarding, camping, or biking.
6. Set Up a Mobile App Development Company
Michigan’s tech industry is experiencing significant growth. Knowing how to start your own mobile app development company is a good one if you are specialized in it. You can cater to businesses or develop your own innovative apps.
There are various needs you can look into to create innovative app solutions for Michigan’s public and other consumers in the US and around the world.
7. Senior Care Services
Michigan has a significant and growing aging population, which presents a unique and lucrative business opportunity in the field of senior care services. As people age, there’s a need for professional assistance and support to ensure their well-being and quality of life.
One of the smartest business and investment opportunities you can venture into in Michigan if you want to make money is senior care services. Start a business that provides in-home care, companionship, transportation assistance, or specialized senior care programs.
8. Personalized Gifts
Launch a business that specializes in personalized gifts. Before starting, determine the range of personalized gifts you will offer. This can include items such as mugs, T-shirts, keychains, phone cases, jewelry, home decor, and more. Knowing the best gifts one can give a tech lover can help you put the best combo for your clients.
Explore different materials, designs, and customization options to provide a wide variety of choices for your customers. The personalized gift market thrives on marketing and branding. So, you need to utilize various marketing channels to engage potential customers.
Although farming may not be a popular choice, do you know there are great investment opportunities in farming in the United States?
According to USDA ERS, the output of America’s farms contributed $164.7 billion to the roughly $1.264 trillion U.S. gross domestic product from agriculture, food, and related industries in 2021.
Knowing this, you can stage your own farming business in Michigan to tap into the $104.7 billion the sector contributes annually to the state’s economy. If you are interested, ensure you do your homework well in order to invest wisely in either crop or livestock farming.
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Michigan has a thriving craft beer culture, making it an ideal location to start a microbrewery. With the increasing demand for unique and local beer, establishing a microbrewery can be a profitable venture but you have to be innovative and knowledgeable in the business to stand out and be successful. If you eventually start one and you are stuck with marketing, here are the innovative marketing ideas for every craft brewery.
Before settling for one or more of these small business and investment opportunities in Michigan, take time to do thorough market research, improve on your offerings and seek professional support from a business incorporation consultant.