5 Best Business Ideas and Opportunities in Michigan
Do you know there are many lucrative small business ideas in Michigan? Michigan, a state in the United States of America is the tenth most populous of the fifty United States and the eleventh most extensive in terms of total area. It has its capital in Lansing and Detroit as the largest city. The state of Michigan has a diverse economy and is also home to three major automobile companies in the country, hence it is regarded as central to the United States' automobile industry and marketing.
Doing Business in Michigan
In 2014, The United States Economic Development Administration estimated Michigan's gross state product at $417.306 billion, ranking 13th out of the other states. Automobiles, information technology, military equipment, furniture, food products, and mining of copper and iron ore are some of the products and services available in Michigan.
How to start a good business in michigan
It also ranks third in the cultivation of Christmas trees dedicating over 244 square metres of land to the farming of Christmas trees. The diversity and vibrancy of Michigan's economy presents an opportunity for people seeking to do low cost businesses in Michigan.
Detroit Wayne, Grand Rapids, Warren, Sterling Heights, Lansing City, Ann Arbor, Flint, Dearborn, Livonia, Clinton, Canton, Westland, Farmington Hills, Macomb, Kalamazoo, Shelby, Wyoming, Southfield, Troy, Rochester, Taylor, St. Clair Shores, Pontiac, Dearborn Heights, Royal Oak, Novi, Battle Creek, Saginaw, Kentwood, East Lansing, Roseville, Portage, Midland, Muskegon, Lincoln Park, Bay City
We will examine below a list of opportunities that can be used to open a business in Michigan.
1. Car Dealership
This is a major business where new or used cars in retail. Car dealership owners usually have a contract with the automobile makers or sales subsidiary. Michigan is the hub of the United States' automotive industry with over 1,700 automotive-related manufacturing establishments.
This presents a unique opportunity for those with the desire and resources to go into car dealership business. In starting this viable business, you should consider the assets and materials needed to successfully run the self employment business opportunities.
This includes facilities (showroom), land (lease or buy), inventory (number of cars in possession), and working capital. Operating expenses such as personnel, sales related, and inventory should also be put into account.
2. Information Technology Company
The technology industry in Michigan is a viable one and has a large pool of technical talent which would be beneficial for anyone seeking to start a great IT business. In 2012, Michigan was reported to have 568,000 high tech workers ranking fourth in the United States in high tech employment.
This would mean readily available manpower, equipment, network, and information base for a startup. The cost of setting up an IT company in Michigan and anywhere in the world for that matter would depend on the type of company. Hence, a proper business plan should be drawn and feasibility studies carried out.
3. Christmas Tree Retail
Michigan has about 60,520 acres (245 square kilometres) of land dedicated to the farming of various kinds of Christmas trees and is the third leading grower of Christmas trees.
This provides an abundant supply of products for people in the Christmas tree retail businesses. Christmas trees are symbolic of the Christmas season and is a must have for over 40% of North American families.
This means that there is already a huge demand in place for this easy home business. Your retail store should have a good mix of size, variety, price range, and accessories in order to cater for the varied needs of your customers.
4. Recreational Boating Business
Michigan is blessed with over 80 great lakes, harbours, and marinas with good public lake access. Sandy beaches, forested shores, remote islands, port cities, waterfront villages, and historic lighthouses all contribute to make recreational boating a favourite among fun and adventure seekers both in and outside Michigan. Owning a recreational boating business would be a good thriving business to undertake in Michigan.
Recreational boats, also known as pleasure crafts are of different categories and subcategories some of which include; dinghies, runabouts, daysailers, cruisers, and sailboats. You will have to know the laws governing the uses of recreational boats and getting business licenses to even start this venture as a side business.
Michigan produces more than 300 agricultural commodities ranking as the second most diverse agriculture industry in the United States with a commodity mix of 60% crops and 40% livestock.
There are various commodity sectors around which you can build some unique agriculture business in Michigan. Some of these commodities are: Milk, corn, soybeans, fruit, cattle, hogs, poultry, floriculture, blueberries, and dry black and cranberry beans amongst others.
In order to register your own new business in Michigan, here is what you should do.
A. Obtain a Federal Employer Identification Number (FEIN) which is a tax ID assigned for your booming business. It is a requirement for operating a checking account and other relevant financial transactions.
B. Register your proposed business name with the county clerk. This is especially necessary for people doing a sole proprietorship business who are not using their first and last name as their business name.
C. Obtain an Unemployment Insurance Account (UIA). This is necessary for you to get before you can hire employees and also to file quarterly tax reports. The UIA can be obtained online from Michigan Department of Licensing and Regulatory Affairs.
D. Obtain a Sales Tax License as it makes your business legitimate and is necessary regardless of whether you make taxable or nontaxable sales. The sales tax license can be obtained from the Michigan Department of Treasury.
E. It is a requirement in Michigan for your offline and online business enterprise to be registered with the Michigan Department of Treasury which allows you make collected tax payments.
F. Obtain the necessary permits required for the kind of business you are operating.
You can look up the permits required for your kind of business and also obtain the applications from the Michigan Business One Stop which is a website dedicated for this purpose.
Once you've completed the above-listed steps, you are officially in business and can benefit from small business grants for women in michigan.