Michigan Business Opportunities
A Quick Glance at Michigan
Michigan, whose nickname is The Great Lakes State, first obtained its statehood in 1837. With a population of 9,895,622 people, Michigan is the nineth most populated state in the United States.
If you are considering starting your new business in Michigan, you might want to look into one of Michigan's top three most populous cities - Detroit, Grand Rapids or Warren and also in the state's capital of Lansing.
Top Industry
The largest industry in the state of Michigan is hospitals and nursing and residential care facilities.
- The gross domestic product (GDP), of this industry, is roughly $16.7 billion and accounts for 3.6% of Michigan's GDP.
- Hospitals and nursing and residential care facilities also employs 6.2% of Michigan's private workforce.
Small Businesses
In the United States, the more than 600,000 plus franchised small busineeses account for 40% of all retail sales and provide jobs for some 8 million people. According to the Small Business Administration (SBA), their standard definition of what constitutes as a small business includes a maximum of 500 employees or operations with and/or up to $7 million in revenue, depending on the industry.
- There are 1.8 million small businesses, in the state, of Michigan.
- Small businesses in Michigan, make up 36.8% of the state's private workforce.
State and Local Taxes
Listed below are the state and local taxes, for the state of Michigan, and how they rank against other states in the U.S.
State Tax Rate | Avg. Local Tax Rate | Combined Rate | Combined Rank* | Max Local Tax Rate |
---|---|---|---|---|
6% | 0% | 6% | 38 | n/a |
*Combined Rank is rank from highest to lowest tax percentage |
California has the highest state tax rate in the United States at 7.25%, but Lousinana has the highest combined tax rate, overall, at 9.98%. Delaware, Montana, New Hampshire and Oregon share the spot for lowest combined tax rates at 0%.
Additional Information
If you need additional information about how to start a business in Michigan, their official state page might be a good place to start. If you are looking to own your own established franchise in Michigan, we have collected a comprehensive list of companies that are actively looking to expand in Michigan, for you to explore.
References
- By Ritcheypro - Own work, Public Domain
- Census.gov
- Comparison between U.S. states and countries by GDP (nominal) from Wikipedia
- Largest Industry in Each State from 24/7 Wall St.
- 2017 Small Business Profiles for the States and Territories from the U.S. Small Business Administration
- Small Business Trends from the U.S. Small Business Administration
- Civilian Labor Force and Unemployment by State from the U.S. Bureau of Labor Statistics
- State and Local Sales Tax Rates in 2017 from the Tax Foundation
City and County Level
- Adrian
- Albion
- Algonac
- Allegan
- Allegan County
- Allen Park
- Alma
- Alpena
- Alpena County
- Ann Arbor
- Antrim County
- Auburn Hills
- Bangor
- Baraga County
- Barry County
- Battle Creek
- Bay City
- Bay County
- Bear Lake
- Beaverton
- Belding
- Bellaire
- Belleville
- Berkley
- Berrien County
- Beulah
- Beverly Hills
- Big Rapids
- Bingham Farms
- Birmingham
- Blissfield
- Bloomfield Hills
- Boyne City
- Branch County
- Bridgman
- Brighton
- Brooklyn
- Brown City
- Buchanan
- Burton
- Byron
- Cadillac
- Calhoun County
- Caro
- Cass County
- Cedar Springs
- Center Line
- Charlevoix
- Charlevoix County
- Charlotte
- Cheboygan
- Cheboygan County
- Chelsea
- Chesaning
- Chippewa County
- Clare
- Clare County
- Clawson
- Clinton
- Clinton County
- Clio
- Coldwater
- Coopersville
- Corunna
- Crawford County
- Croswell
- Crystal Falls
- Davison
- Dearborn
- Dearborn Heights
- Decatur
- Detroit
- DeWitt
- Dexter
- Dickinson County
- Dimondale
- Dowagiac
- Dundee
- Durand
- East Grand Rapids
- East Jordan
- East Lansing
- East Tawas
- Eastpointe
- Eaton County
- Eaton Rapids
- Edwardsburg
- Elk Rapids
- Emmet County
- Escanaba
- Essexville
- Evart
- Farmington
- Farmington Hills
- Fennville
- Ferndale
- Ferrysburg
- Flat Rock
- Flint
- Flushing
- Frankenmuth
- Frankfort
- Franklin
- Fraser
- Fremont
- Garden City
- Genesee County
- Gibraltar
- Gladstone
- Gladwin
- Gladwin County
- Grand Beach
- Grand Blanc
- Grand Haven
- Grand Ledge
- Grand Rapids
- Grand Traverse County
- Grandville
- Gratiot County
- Grayling
- Greenville
- Grosse Pointe
- Grosse Pointe Farms
- Grosse Pointe Park
- Grosse Pointe Shores
- Grosse Pointe Woods
- Hamtramck
- Hancock
- Hartford
- Hastings
- Hazel Park
- Highland Park
- Hillsdale
- Hillsdale County
- Holland
- Holly
- Houghton
- Houghton County
- Howell
- Hudsonville
- Huntington Woods
- Ingham County
- Ionia County
- Iosco County
- Iron County
- Isabella County
- Ishpeming
- Jackson
- Jackson County
- Jonesville
- Kalamazoo
- Kalamazoo County
- Keego Harbor
- Kent County
- Kentwood
- Kingsford
- Lake Linden
- Lake Odessa
- Lansing
- Lapeer
- Lapeer County
- Lathrup Village
- Laurium
- Leelanau County
- Lenawee County
- Lincoln Park
- Linden
- Litchfield
- Livingston County
- Livonia
- Lowell
- Ludington
- Mackinaw City
- Macomb County
- Madison Heights
- Manchester
- Manistee
- Manistee County
- Manistique
- Marine City
- Marquette
- Marquette County
- Marshall
- Marysville
- Mason
- Mason County
- Mattawan
- Mecosta County
- Melvindale
- Menominee County
- Middleville
- Midland
- Midland County
- Milan
- Missaukee County
- Monroe
- Monroe County
- Morrice
- Mount Clemens
- Mount Morris
- Mount Pleasant
- Muskegon
- Muskegon County
- Muskegon Heights
- Negaunee
- New Baltimore
- Newaygo County
- Niles
- North Muskegon
- Northville
- Norton Shores
- Norway
- Novi
- Oak Park
- Oakland County
- Oceana County
- Orchard Lake
- Ortonville
- Osceola County
- Otsego
- Otsego County
- Ottawa County
- Owosso
- Parchment
- Paw Paw
- Pellston
- Perry
- Petoskey
- Pinckney
- Plainwell
- Plymouth
- Pontiac
- Port Huron
- Portage
- Portland
- Prescott
- Reading
- Reed City
- Richmond
- Riverview
- Rochester
- Rochester Hills
- Rockford
- Romulus
- Roscommon County
- Roseville
- Royal Oak
- Saginaw
- Saginaw County
- Saint Charles
- Saint Clair
- Saint Clair County
- Saint Clair Shores
- Saint Johns
- Saint Joseph
- Saint Joseph County
- Saint Louis
- Saline
- Sandusky
- Sanilac County
- Saugatuck
- Sault Ste. Marie
- Scottville
- Shepherd
- Shiawassee County
- South Haven
- South Lyon
- Southfield
- Southgate
- Sparta
- Spring Lake
- Springfield
- Sterling Heights
- Stevensville
- Stockbridge
- Sturgis
- Swartz Creek
- Sylvan Lake
- Tawas City
- Taylor
- Tecumseh
- Three Rivers
- Traverse City
- Trenton
- Troy
- Tuscola County
- Utica
- Van Buren County
- Vassar
- Walker
- Walled Lake
- Warren
- Washtenaw County
- Watervliet
- Wayland
- Wayne
- Wayne County
- West Branch
- Westland
- Westphalia
- Wexford County
- White Cloud
- Whitehall
- Wixom
- Wolverine Lake
- Woodhaven
- Wyandotte
- Wyoming
- Ypsilanti
- Zeeland