Minnesota Business Opportunities

A Quick Glance at Minnesota

Minnesota, whose nickname is The North Star State, first obtained its statehood in 1858. With a population of 5,420,380 people, Minnesota is the twenty-first most populated state in the United States.

If you are considering starting your new business in Minnesota, you might want to look into one of Minnesota's top three most populous cities - Minneapolis, Saint Paul or Rochester and also in the state's capital of St. Paul.

Top Industry

The largest industry in the state of Minnesota is ambulatory health care services.

The gross domestic product (GDP), of this industry, is roughly $12.1 billion and accounts for 3.7% of Minnesota's GDP.
Ambulatory health care services also employs 4.7% of Minnesota's private workforce.

Small Businesses

In the United States, the more than 600,000 plus franchised small busineeses account for 40% of all retail sales and provide jobs for some 8 million people. According to the Small Business Administration (SBA), their standard definition of what constitutes as a small business includes a maximum of 500 employees or operations with and/or up to $7 million in revenue, depending on the industry.

There are 1.2 million small businesses, in the state, of Minnesota.
Small businesses in Minnesota, make up 39.6% of the state's private workforce.

State and Local Taxes

Listed below are the state and local taxes, for the state of Minnesota, and how they rank against other states in the U.S.

State Tax Rate	Avg. Local Tax Rate	Combined Rate	Combined Rank*	Max Local Tax Rate
6.88%	0.42%	7.3%	17	1.5%
*Combined Rank is rank from highest to lowest tax percentage

California has the highest state tax rate in the United States at 7.25%, but Lousinana has the highest combined tax rate, overall, at 9.98%. Delaware, Montana, New Hampshire and Oregon share the spot for lowest combined tax rates at 0%.

Additional Information

If you need additional information about how to start a business in Minnesota, their official state page might be a good place to start. If you are looking to own your own established franchise in Minnesota, we have collected a comprehensive list of companies that are actively looking to expand in Minnesota, for you to explore.

References

By Nick Zlonis, Public Domain
Census.gov
Comparison between U.S. states and countries by GDP (nominal) from Wikipedia
Largest Industry in Each State from 24/7 Wall St.
Civilian Labor Force and Unemployment by State from the U.S. Bureau of Labor Statistics
State and Local Sales Tax Rates in 2017 from the Tax Foundation

City and County Level

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