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Best 16 Profitable Small Business Ideas in Michigan

    Michigan is home to top global conglomerates like General Motors, Ford, Kelloggs, Whirlpool, and more. Michigan has a diversified economy. The domestic auto industry of Michigan accounts for one of every ten jobs in the whole of America. On the other side, it has a huge hunting industry contributing over $2 billion annually to the state’s economy.

    Michigan has a massive tourism industry. It supports over 193,000 tourism jobs in the state with top destinations that draw vacationers and nature enthusiasts from across the United States and Canada. Here’s a complete guide on how you can start a successful business in Michigan.

    List of Best 16 Small Business Ideas in Michigan

    1. Online Currency Trading

    You can buy foreign currencies online and sell them at different exchange rates. You can gain on the conversions. Forex trading is a popular part-time business around the globe.

    2. Christmas Tree Business

    A popular seasonal business, one can grow and sell Christmas trees in the state. As a matter of fact, Michigan is the third-largest grower of Christmas trees in the United States.

    3. Recruiting Agency

    Michigan has an important source of engineering jobs and has a very developed domestic auto industry. The state has a very healthy employment ratio too. If you have networking capability, consider starting a recruiting agency in Michigan.

    4. Bed & Breakfast Business

    Michigan has several tourists visiting the state every year from all over the US and Canada. You can start to offer a bed and breakfast option for tourists who look for an alternative to hotels.

    Learn More: How to Start A Bed & Breakfast Business

    5. Business Plan Writing Service

    Companies often look for research-based strategies to improve their business. You offer business plans to help them do better.

    6. Online Business Consultancy

    If you have expertise in the field, you can start offering consultations. You can keep doing your own work and can offer consultations online.

    7. Affiliate Marketing Business

    If you can attract an audience through your channels, you can make money by influencing people to buy something. As an affiliate marketer, You will get paid to endorse products and services through different platforms.

    8. Hunting Equipment Business

    Michigan had the highest number of licensed hunters. You can start selling hunting equipment, which contributes $2 billion annually to Michigan’s economy.

    9. Financial Advisor

    If you are good at finance and accounts, you can start giving out advice. The massive working population of Michigan is a potential market.

    10. Marketing Services

    Different small businesses operate in Michigan without prior marketing knowledge. You can assist them to execute their marketing plans and help them promote their products and services.

    11. Start A Blog

    If you have a writing passion, start a blog of your own. Start writing on a particular subject, share your blogs and make money from Google AdSense.

    12. Online Copywriting Services

    Companies often look for copywriters online for different marketing projects. You can offer different copywriting services like blogs, social media posts, PRs, and more.

    13. Content Marketing Agency

    Michigan has a pool of companies operating in the state. You can help these companies create content to increase leads over advertising.

    14. Social Media Marketing

    Social media is a specific marketing specialty that most business owners know they need, but few are capable of doing well.

    15. Dairy Exports

    Milk is one of the valuable agricultural products in Michigan. You can produce your dairy products in Michigan and export them to other states.

    16. Fruit Farming

    Michigan is one of the largest growers of fruit in the States. You can start fruit farming and produce some of the top-selling fruits like blueberries, tart cherries, apples, grapes, and peaches.

    How to Start A Business in Michigan in 10 Steps

    Follow the given steps to legally start a business in Michigan.

    Step 1. Choose a Business Idea

    The very first step toward starting a business in Michigan is to select a proper business idea. If you are a beginner with a low budget, check out the above small business opportunities that need almost no money.

    Step 2. Planning Your Business

    Start with a detailed plan for your new business. The business plan will help you to stay ahead of your competition. Jot down the goals, targets, and how to wish to proceed with your new business.

    Step 3. Financing Your Business

    Michigan offers a healthy platform for new businesses. The state has several investors and venture capital firms. If you choose to fund your own business, go for a loan with a long-term payback period and a low-interest rate.

    Step 4. Naming Your Business

    Choose a name and register it with the US trademark department. Make sure no one else has your name. Buy a domain immediately with the same name.

    Step 5. Choosing A Business Structure

    To register your business in Michigan, you need an Unemployment Insurance Account (UIA) from the Michigan Department of Licensing and Regulatory Affairs. You can choose between a sole proprietorship, partnership, corporation, and an LLC. An LLC will offer you added benefits and extra advantages.

    Step 6. Federal EIN & Tax Filing

    You have to apply for a Federal EIN to be eligible for taxation. The Federal Employer Identification Number (FEIN) is your business tax ID. Register your business with the Michigan Department of Taxation and Finance.

    Step 7. Business Permits & Licenses

    You will need local licenses specific to cities in Michigan to be legally operational. Get a sales tax license to sell products legally. The license will allow you to make purchases for resale without paying any sales tax. The sales tax license has to be issued by the Michigan Department of Treasury. Some businesses in Michigan need special permits and licenses, like Recycling plastic business.

    Step 8. Business Bank Account & Bookkeeping

    Get a business bank account to facilitate financial transactions and open a credit account for vendors. Choose reliable accounting software that will help you to manage all your transactions in one place.

    Step 9. Business Insurance

    You need to have a professional liability policy to sell services in Michigan. Also if you have any employees, you will need worker’s compensation insurance to have a legal business

    Step 10. Promoting Your Business

    Now it’s time to take the word out. Take your business to your potential audience. Promoting a business in the right places is important. It’s better to hire an agency for promotions and marketing.

    Best Places To Start A Business In Michigan

    Choosing the right location is going to determine how your business runs. Here are some of the best places in Michigan to start your business:

    • Detroit
    • Grand Rapids
    • Novi
    • Lansing
    • Flint
    • Kalamazoo
    • Farmington Hills

    We hope this complete hands-on guide will inspire you in starting your own small business in Michigan.

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