Grand Rapids, Michigan Franchise Market Analysis
To gain comprehensive insights into Grand Rapids, Michigan, consider these figures in the table below, which include demographic segments, household dynamics, and financial averages, all pivotal in assessing the viability and promise of your franchise endeavor.
Grand Rapids, Michigan Demographic Insights | ||
Households (2023) | 79,416 | |
Households (2028) | 75,870 | |
Population (2023) | 195,522 | |
Population (2028) | 187,693 | |
Per capita Income (2023) | $36,808 | |
Total Household Expenditures | $5,157,800,774 | |
Total Retail Expenditures | $2,432,228,565 | |
Average Household Income (2023) | $89,450 | |
Average Household Income (2028) | $101,705 | |
City Data retrieved from https://sitesusa.com/Data |
Local Insights
The demand for healthcare and senior care franchises in Grand Rapids is bolstered by the annual healthcare expenditure of $435.52 million, coupled with a significant index gap of 15% for health and personal care stores, indicating a potential of $87.35 million over the actual sales of $74.27 million. This reveals not just a current demand but also room for growth, which franchises that offer in-home care, assisted living, or specialized healthcare services could take advantage of.
Read MoreThe robust food and beverage spending in Grand Rapids, totaling $761.77 million annually, shows the city's considerable appetite for dining. This spending power, with an average household income of $89,450 and a median household income of $66,642, presents an excellent opportunity for food franchises.
With over 79,416 households and a homeowner occupancy rate of 94.6%, Grand Rapids displays a solid foundation for home service franchises. There is a notable opportunity gap in the Building Materials, Garden Equipment and Supplies Dealers sector, with a potential of $130.9 million against actual sales of $91.95 million, revealing a 30% potential over actual sales. Franchises that provide home improvements, maintenance, and landscaping services are well-positioned to meet the considerable household operations annual expenditure of $202.2 million.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Grand Rapids, Michigan Franchise Opportunities (and Businesses for Sale)
First on the scene and best in its class, Sky Zone created the world’s first wall-to-wall trampoline park in 2004, bringing healthy, high-flying fun to people across the globe. Now you can be part of this international…
500k Minimum Cash Required
ATAX Tax Service is your premier destination for comprehensive and reliable tax assistance.
40k Minimum Cash Required
Sniffing around for a great new opportunity? Zoomin Groomin is expanding our Mobile Pet Grooming business nationwide. Set your own schedule, be your own boss and work with pets all day. We’ll be right by your side, every…
100k Minimum Cash Required
VOTED TOP PART TIME - WORK AT HOME BUSINESS! Are You Looking to Make an Additional $100,000 in the Next 12 Months - No Employees to Hire - No Equipment to Rent/Buy - No Office/Warehouse to Rent/Lease - Start Making money in…
30k Minimum Cash Required
Here at The UPS Store franchise, we know first-hand how important a healthy work-life balance is. When you become an owner of a The UPS Store, you are assisted with finding the right balance as you pursue your entrepreneurial…
75k Minimum Cash Required
Wings Etc. is a sports-themed, family-friendly restaurant and pub with over 30 years of industry-leading experience. With a diverse menu featuring Award-Winning Jumbo Wings, Premium Burgers, Wraps, Salads, Cold Beers, and…
350k Minimum Cash Required
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As of May 12, 2024: