Starting a franchise can be a cost-effective way to become a business owner. One state that has proven to be an excellent location for franchises is Virginia. With a strong economy, steady population growth, and supportive legislature, Virginia offers business owners a welcoming environment to grow their franchise. Keep reading to learn the verifiable demographic data and legislature that make Virginia a smart choice for starting a franchise.
Demographic Data that Makes Virginia a Prime Franchise Location
Virginia boasts a steady population growth, which is a significant factor to consider when starting a franchise. According to recent data from the U.S. Census Bureau, Virginia’s population has been steadily increasing over the years. During the decade between 2010 to 2020, Virginia’s population grew by 7.9%, reaching a total of 8.63 million people. This growth is expected to continue through 2040 and can mean more potential customers for your franchise.
Virginia also has a healthy economy, which is another essential factor to consider. In 2021, Virginia’s gross domestic product (GDP) was $591 billion, making it the13th highest revenue generating state in the U.S. by GDP. Additionally, Virginia has a low unemployment rate of 3.6%, as of February 2023. This healthy economy means that your franchise may have a better chance of succeeding in Virginia.
Legislature that Supports Franchises in Virginia
Virginia has a supportive legislature that makes it an attractive location for franchises. Additionally, Virginia supports franchise ownership through the Virginia Small Business Financing Authority (VSBFA). This government organization provides business owners with financing options and loans. The VSBFA offers a variety of lending options, including loans specifically for franchises.
Why is Virginia an Excellent Franchise Location?
Starting a franchise in Virginia can be a smart business move. With steady population growth and a healthy economy, Virginia offers a large pool of potential customers. Additionally, Virginia’s supportive legislature and tax breaks make it an attractive location for franchise owners. When looking to start a franchise, consider Virginia as your next business location.
After all, some of the biggest franchises in the world have found great success in Virginia. Here is a list of 5 of the most successful brands to operate in the state:
Subway - Subway has over 600 franchise locations in Virginia, making it one of the most popular franchises in the state.
McDonald's - With over 300 franchise locations in Virginia, McDonald's is a well-established and recognizable brand in the state.
7-Eleven - Known for their convenience stores, 7-Eleven has over 200 franchise locations in Virginia.
Dunkin' - With more than 200 franchise locations in Virginia, Dunkin' (formerly Dunkin' Donuts) is a popular choice for coffee and baked goods.
Anytime Fitness - As a popular fitness franchise, Anytime Fitness has over 100 franchise locations in Virginia, helping Virginians stay in shape with convenient gym access.
In conclusion, the demographic data and legal and economic environment support the idea that Virginia is an excellent location for starting a franchise. By taking advantage of Virginia’s potential customer base and supportive legislature, franchise owners have a greater chance of success.
