Have you been trying to figure out which state is the best place to start your own franchise or business? West Virginia might surprise you! West Virginia, also known as "The Mountain State," offers a plethora of perks and advantages that make it an attractive choice for both established businesses and those who are venturing into franchise ownership for the first time.
One of the biggest benefits of starting a franchise or business in West Virginia is its thriving economy. Over the last few years, the state has enjoyed a significant uptick in economic growth, particularly within sectors such as healthcare, education, energy, and tourism. With a whopping Gross Domestic Product (GDP) of $87.4 billion in 2021(up 10% over the past 5 years), it’s apparent that West Virginia has countless opportunities that could benefit your business.
It's not just the economy that sets West Virginia apart as a great location for franchises and businesses. The state has also implemented many business-friendly policies, such as low corporate income taxes and sales tax rates. Additionally, West Virginia offers various incentives and programs designed to support small businesses and entrepreneurs. This can really come in handy when you need extra assistance with startup costs, tax relief, or other forms of financial support.
Often lost in location consideration is cost of living. West Virginia is one of the most affordable states in the nation, despite its natural beauty. This results in reduced overall operating costs. The median home value in the state is only $121,300, and the cost of living is a mind-blowing 12.2% lower than the national average. That translates into a budget-friendly environment that can help you sidestep higher expenses typically associated with larger metropolitan areas. You will likely have lower costs for wages and storefronts.
Lastly, West Virginia's central location is a significant advantage to consider. It is located in the heart of the east coast, providing easy access to larger metropolitan areas such as Washington D.C., New York City, and Pittsburgh. This is ideal for franchise owners who want to expand their brand influence while tapping into additional marketing opportunities.
In the end, West Virginia presents a bevy of benefits to those who are eager to start a franchise or launch their own business. From the growing economy and business-friendly policies to the reasonable living costs, there are countless reasons why West Virginia should be at the top of your list. Why put it off? Start your research and take the first step on your business journey today! View opportunities available in West Virginia below.
