Massachusetts: The Ultimate State for Launching and Succeeding in Your Franchise Ventures
Massachusetts is a leading spot to set up franchises. Firstly, the state boasts the sixth-highest median household income in America ($86,566), indicating higher purchasing power among the local population. Coupled with its robust economy, Massachusetts provides an ideal location for franchises catering to a higher-end clientele. The state also holds the second-highest per capita GDP, further highlighting its prowess in fostering prosperous businesses.
Secondly, Massachusetts houses one of the most educated workforces in the US, with nearly 52.4% of adults having college education. This allows franchisors access to skilled and proficient staff members that can efficiently cater to their needs. And with Harvard and MIT, there is a never-ending stream of talent and innovation right in your business's backyard.
Moreover, Massachusetts has a supportive business environment, actively encouraging entrepreneurship by providing incentives and tax credits to franchises. The state also possesses an array of resources and offers various programs that encourage small business growth. To further encourage small business growth, the state treasurer's office created the Small Business Banking Partnership which moves $100 million in state deposits yearly into community banks for lending to, creditworthy, small businesses.
Additionally, Massachusetts is home to several popular franchise chains such as Dunkin', which has 1,100 operating locations in the state. Seven Eleven, and Planet Fitness also have a strong presence in Massachusetts. These franchises boast a proven track record of success within the state, which fosters a supportive atmosphere for new franchises. Furthermore, established entrepreneurs within Massachusetts serve as valuable resources for newcomers looking to avoid potential costly mistakes.
Lastly, Massachusetts is notable for its demographic diversity. It accommodates a wide range of cultures, ages, and income levels - implying opportunities for franchises in any industry. Regardless of what demographic your franchise will cater to, it is likely to have a large enough audience to support the business.
In summary, Massachusetts provides an ideal landscape for franchises aiming to succeed. With its high median household income, well-educated workforce, supportive business environment, diverse population, and established franchise presence like Dunkin' Donuts, Seven Eleven and Planet Fitness, Massachusetts remains an attractive location for entrepreneurs venturing into or expanding their business ownership footprint.
To see some of the most popular franchises in the state, view our list below.
