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Start a Business in South Carolina – An Ideal Place for Franchises
- According to the International Franchise Association, there were over 2,200 unique franchise brands operating in South Carolina in 2020, generating more than $12 billion in economic activity.
- The franchise industry in the state was responsible for creating over 120,000 jobs in 2020.
- South Carolina has a rapidly-increasing population due to the warm climate and geographic diversity, with a projected increase of 600,000 people by 2030.
- South Carolina is an attractive tourist destination, with over 20 million visitors in 2019.
- The state's low cost of living is low in comparison with other states’ cities in the U.S.
Demographic trends in South Carolina also support an encouraging outlook for growth in franchising. The state's growing population can provide a healthy customer base for franchises. Additionally, South Carolina's population is diverse, with a growing number of retirees relocating to the state. As the baby boomer population continues to age, one would expect an increase in demand for certain types of franchises such as healthcare, home repair, and senior living. Furthermore, South Carolina’s tourism industry is among the southeast's strongest, with over 20 million visitors in 2019, creating seasonal revenue streams for franchises in the hospitality and entertainment industry.
Another factor that can be seen as a positive trend is that most cities within South Carolina have a relatively low cost of living compared to other major cities in the U.S. As such, this can make it an attractive option for entrepreneurs looking to start a business. The state also has myriad economic development programs and incentives designed to help entrepreneurs launch a new business.
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