Franchises in Rhode Island - A Guide for the Best & Fast-Growing

Starting a franchise can be an exciting but daunting venture. One way to ensure your success and remove some of your anxiety is to know that the location you plan on opening in can support your business. It's important to choose a location that offers untapped potential, a large customer base, and plenty of resources/support to maximize your success. With that established, Rhode Island should be at the top of your list. The smallest US state is packed with people, some of the best franchises to own, a friendly environment for entrepreneurs, and a plethora of resources & support to ensure your success as a business owner. And despite the small size of the state, it is the 2nd most densely populated state in the nation. That means your franchise will not be wanting for customers.

What else does Rhode Island offer as a potential location for your franchise opportunity? Not only is it one of the most beautiful states in New England, but it is also conveniently located, granting easy access to major cities such as Boston and Providence, and the ocean. This means you will have all the resources and talent you need, while being in close proximity to potential customers. And these cities, along with the intrinsic beauty of the area, attract both accomplished individuals to live/work, but also visitors with discretionary income. This creates a thriving tourism industry, especially to the city Newport RI, which attracts 3.5 million visitors annually. And visitors to Newport are only a piece of what is a multibillion-dollar tourism industry. 

Additionally, Rhode Island has a prosperous technology sector that is perfect for any would-be franchisee. The tech industry has a far greater concentration rate in RI than in other states, with a rate 18% higher than the national average. That translates to more opportunity for you in the tech industry, more tech savvy employees and customers, but also access to other products and services not on the market in all 50 states. Plus, tech companies in Rhode Island are known for their commitment to ethical business practices, giving you and your franchise an environmentally friendly and socially responsible brand that customers will love. 

The success seen in the aforementioned industries, and the small business category as a whole, is, no doubt, a result of the Ocean State's friendly business climate. In fact, several pro-business factors have helped to land Rhode Island in a top 10 for best states to start a business. Not to mention, small businesses in Rhode Island benefit from generous tax incentives, access to credit, and easy access to talent and resources. For these reasons and more, TD Ameritrade projects growth in the state's real GDP for both 2023 & 2024.

So, if you are looking to start a business, don't overlook the nation's smallest state. Think of it like this, every citizen in the state is a potential customer. Afterall, you're never really more than 45 minutes away from any resident. And Rhode Island offers plenty of franchise opportunities, ranging from chicken franchises to car franchises to bookstores and more. The advantage of franchising is that you can get plenty of support from both the franchisor and the existing franchisees, giving you the resources you need to succeed. The best part is that many of these franchise for sale options are relatively low-cost, making it easy to jump in and start your business. To get started, view some of the demographic and industry trends below and search for your next business venture now!