Detroit boasts world-class museums, five professional sports teams and an award-winning orchestra. Paired with affordable housing that keeps the local cost of living below the national average, the Motor City is an attractive place for new business owners.
Fueling the nation’s largest automotive industry for more than 100 years, the Detroit transportation infrastructure is well positioned to become a future transportation hub. That is good news for businesses that need to get supplies and products in and out of the area.
Grant programs designed to rebuild the city as well as a top ten business tax structure make Detroit an affordable place to start a business. While the auto industry declined, small business investment in Detroit grew. Ambitious entrepreneurs are capitalizing on rock-bottom prices and affordable housing by starting their businesses in Detroit.
The New Economy Initiative has invested heavily in Detroit entrepreneurs. The group has helped develop over 400 new small businesses in the area since 2008. SPARK Business Accelerator, strategically located near the University of Michigan has contributed to another 200 start-ups in the region.
Most indicative of franchise friendliness in Detroit, though, are the business owners themselves. There more than anywhere else local businesses understand the need to support each other to build a strong business climate for everyone. That collaborative spirit is evidenced by the many small business networking organizations based in the city.