Business Opportunities in Minnesota

Minnesota has a per capita income of $44,947 and a robust retail sales per capita at $16,518. With 152,836 total employer establishments and a total employment of 2.6 million, Minnesota's economic environment is favorable for franchising, offering a market with substantial workforce and consumer spending power.

Minnesota's economy has been stable with a real GDP growth rate of 2.2% in the first quarter of 2023. The state has a lower unemployment rate than the US average at 3.2%. Minnesota's GDP was $457.6 billion in goods and services per year in the first quarter of 2023, with the manufacturing sector being the largest contributor at $62.7 billion.

The manufacturing sector, particularly in advanced manufacturing, medical devices, machinery, and chemical products, is a significant contributor to Minnesota's economy. The technology sector is also noteworthy, with subsectors in software and computer services, life sciences, biotechnology, and renewable energy. Additionally, the retail trade sector and the medical devices industry play vital roles, the latter benefiting from the presence of major companies and boosting job creation and R&D activities​.

Cities and Industries

In Minneapolis, the home services industry is experiencing significant growth, driven by a housing landscape that includes a median home age of 60.9 years. The city's commitment to maintaining and upgrading residential properties is evident in its substantial shelter expenditure of $3.61 billion in 2023, making it an attractive market for home services providers. This expenditure encompasses various home-related expenses, such as home improvement, renovations, maintenance, and other essential services, offering ample opportunities for businesses to cater to the needs of Minneapolis residents.

In the realm of healthcare and wellness, Minneapolis boasts a thriving sector, supported by its affluent population with an average household income of $115,979. The city's dedication to health and well-being is reflected in an estimated annual healthcare expenditure of $1.38 billion in 2023. With residents prioritizing their health, the demand for healthcare facilities, home healthcare services, and wellness centers is on the rise.

With 62.4% of residents driving to work alone, Rochester demonstrates a strong reliance on personal vehicles for daily commuting. This preference for individual transportation is reinforced by the significant portion of monthly expenditure allocated to transportation, totaling $733.19 million. This data underscores the opportunity for the automotive industry, including car dealerships, repair services, and accessory retailers, to cater to the needs of Rochester's residents. The combination of high individual vehicle usage and substantial expenditure in this category indicates a promising market for automotive-related businesses.

Website Analytics

Minnesota presents a unique business opportunity for potential franchisees. With an average session duration of only 47 seconds on our website from Minnesota visitors, it's clear that the competition in the state is yet to fully tap into the potential of franchising. By considering a franchise opportunity in Minnesota, you can get ahead of the curve and secure your place in this untapped market. Don't miss out on the chance to be a pioneer in the world of franchising in Minnesota!

Franchise Opportunities

Uncover a range of businesses for sale in Minnesota by exploring the listings below.