Consumers and businesses throughout the Oakland County area know all too well the tough financial times that we've all endured over the past few years. Fortunately, many of the prospective business owners waiting patiently in the wings have weathered the storm and can now come out to take advantage of the ripe business market.
According to some franchisers, they find Michigan "an untapped market with unrealized potential," prompting many eager entrepreneurs to scope out prospective area markets for new business formation and/or expansion.
Leading the way for new franchise businesses in the area are companies that focus on automotive services, personal care services, such as massage therapy and home health care providers for the elderly and disabled.
The hard-hit market is ready to be re-seeded with new business opportunity and those that have waited on investing now have the chance to take advantage of failed businesses that were foreclosed and bankrupt. Commercial real estate sites have been left with multiple vacancies and landlords are ready to negotiate leases in order to fill spaces that have been sitting vacant.
Fortunately, individuals with available resources or good credit to secure a loan can work with banks for small-business lending and new tax reforms. It is estimated that franchising in Michigan makes up approximately $58 in economic output. That growth paved the way for the creation of just over 505,000 jobs in 2010.
Brand name franchises are moving into Michigan in droves. Companies like Zoup!, Massage Envy and Motor City Meineke are just a few of the businesses opening up throughout the state. New entrepreneurs are optimistic about their success and are finding their client base searches for them specifically based on the reputation the franchise name has established.
Source: The Detroit News, "Franchise companies slowly making a comeback in Michigan," Karen Dybis, Mar. 3, 2012