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Welcome to the Small Business Startup Massachusetts Franchise Directory! Here, you’ll find everything you need to begin your journey to business ownership in The Old Bay State. If you’re thinking about starting a small business in MA, read on for an overview of the state economy. Afterward, explore business opportunities and franchises for sale with our Massachusetts Franchise Search Tool.
Massachusetts Industry Trends
If an industry is performing well, business opportunities within it are often worth exploring. Begin your market research with this list of the Massachusetts economy's largest industries in 2022. Afterward, take your research one step further by investigating niche markets and B2B opportunities within one of these top revenue-generating industries.
- Drug, Cosmetic & Toiletry Wholesaling (Revenue: $68.6 billion)
- Life Insurance & Annuities (Revenue: $66.7 billion)
- Colleges & Universities (Revenue: $57.5 billion)
- Hospitals (Revenue: $41.4 billion)
- Real Estate Investment Trusts (Revenue: $40.1 billion)
- Health & Medical Insurance (Revenue: $39.6 billion)
- Biotechnology (Revenue: $38.1 billion)
- Portfolio Management (Revenue: $35.6 billion)
- Public Schools (Revenue: $33.5 billion)
- Commercial Banking (Revenue: $31.6 billion)
Massachusetts Sector Statistics
When starting a small business in MA, gross domestic product (GDP) is another tool that entrepreneurs can use to make investment decisions. Generally, a steadily rising GDP means that people are spending more money and more jobs are being created.
The three sectors that contributed most to Massachusetts’ GDP in 2022 were Professional, Scientific & Technical Services; Real Estate, Rentals & Leasing; and Manufacturing. Combined, these three sectors represented 42.3% of the state’s GDP. In 2022, the 10 sectors that contributed most to Massachusetts’ GDP included:
- Professional, Scientific & Technical Services (Value: $91.3 billion* | Annual growth: 7.7%)
- Real Estate, Rentals & Leasing (Value: $65.8 billion* | Annual growth: 1.6%)
- Manufacturing (Value: $58 billion* | Annual growth: 4.3%)
- Media Creation & Distribution (Value: $48.4 billion* | Annual growth: 11.2%)
- Finance & Insurance (Value: $48 billion* | Annual growth: 4.4%)
- Healthcare & Social Assistance (Value: $47.5 billion* | Annual growth: 0.8%)
- Wholesale Trade (Value: $26.5 billion* | Annual growth: 3.0%)
- Retail Trade (Value: $22 billion* | Annual growth: 0.4%)
- Construction (Value: $18.3 billion* | Annual growth: 4.3%)
- Administration, Business Support & Waste Management Services (Value: $16.1 billion* | Annual growth: 6.3%)
*Approximately
Massachusetts Population Statistics
A growing population often means greater demand and a steady flow of new customers. If you are undecided about the location of your new business, start by investigating population statistics. Afterward, take your research a step further by exploring population demographics. By doing so, you can decide whether a location is a good match for your target market.
In 2022, counties with the highest populations in Massachusetts included:
- Middlesex (Population: 1.6 million | Annual growth rate*: 0.1%)
- Worcester (Population: 831,000 | Annual growth rate*: 0.1%)
- Suffolk (Population: 800.8k | Annual growth rate*: -0.1%)
- Essex (Population: 795.1k | Annual growth rate*: 0.2%)
- Norfolk (Population: 714.8k | Annual growth rate*: 0.4%)
- Bristol (Population: 570.0k | Annual growth rate*: 0.3%)
- Plymouth (Population: 528.6k | Annual growth rate*: 0.5%)
- Hampden (Population: 461.1k | Annual growth rate*: -0.3%)
- Barnstable (Population: 212.9k | Annual growth rate*: -0.1%)
- Hampshire (Population: 161.4k | Annual growth rate*: N/A)
*From 2017 to 2022.
Massachusetts Business Opportunities
We hope this snapshot of the Massachusetts economy helps as you investigate business opportunities in The Old Bay State! Starting a small business in MA is an exciting journey, and we know you’re probably eager to get started. But remember, take your time to explore all your options. While you’ll always have the “opportunity” to start your own business, sometimes, it makes more sense to invest in an opportunity that already exists. These are called “Franchise Opportunities,” and they offer several benefits, including the recognition of a well-established brand and a proven track record of success.
To learn more, start by exploring franchise opportunities in Massachusetts, below!
