Many people are looking to open a franchise or business within Minnesota. Because the standard of living is relatively inexpensive, a business owner can open up a franchise and still have a great quality of life. If you are looking to open a business in Minnesota, then you should make sure you understand the laws, conduct a great deal of research and consult with industry professions who can advise you throughout the process.
Laws Regarding Business Ownership in Minnesota
If you are purchasing a franchise or individual business, you should make sure it is licensed and registered through the state or county. This license usually requires the business to pay a fee. For more information on purchasing a license, you should visit http://mn.gov/elicense/.
Certain types of businesses may require a secondary license, usually administered by the city or county. For example, if you are opening a business or purchasing a franchise pertaining to building renovations, you may need another license to show your competency. Something else to realize is that if you are opening a business in a large city like Minneapolis, they have a whole department designated to process business licenses. They also have a portion of the application online to help speed up the process. However, smaller jurisdictions may just rely on one individual to process business licenses. This means that you will want to start this process early so that there are few delays.
Minnesota also has zoning ordinance laws, which may require you to go before a planning board for your business. A business owner may also be required to purchase environmental permits. Finally, some businesses in Minnesota are required to carry bonding permits to protect clients from financial lost
Industries to Consider when Opening a Franchise
So after you have decided to become a business owner, what industry should you venture into? Here are a few expanding industries within Minnesota that you may want to research.
Within Minnesota, the service industry has seen some tremendous growth. Industry professionals have stated that the best businesses to purchase may be those associated with home restoration or improvement. Because of the cold winters and hot summers, buildings can become damaged do to the elements. Some people are looking to purchase franchises that specialize in repairing water damage. Others have found success in purchasing franchises pertaining to heating and air conditioning. Quality house painters are also in demand in Minnesota.
Since the population in the state continues to age, franchises pertaining to senior care have become increasingly popular. You can either specialize in adult day care or long-term living. Many people have found success in opening transitional care homes for seniors throughout the state.
Many business owners are looking to open up restaurant franchises, especially in the Minneapolis/St. Paul area. The successful restaurants usually provide a very unique food experience. For example, you may want to look into restaurants that allow the customers to make their own pizza. Yogurt shops that offer unusual flavors are also very popular in Minnesota.
Ultimately, the place for the most growth is around the Minneapolis/St. Paul area. Because of the amount of people, you can open several businesses under one franchise within the city. However, many people have had some success opening franchises in other cities. Opening a franchise is not easy and it may require a great deal of upfront money. However, if you do your research and purchase a growing franchise, you will achieve financial success.