With many areas across the Great Lakes State experiencing a renaissance of sorts, it’s never been a better time to consider putting your entrepreneurship to the test. With large amounts of startups and business ideas floating around out there, however, it can be difficult to settle on just one idea. So whether you’re thinking of opening an eatery in a now-booming Detroit or you want to start a construction company in Kalamazoo, MI, here are a few business ideas that could prove to be true money makers.
Showcase local pride
While many big box retailers are busy fighting amongst themselves, smaller specialty shops are thriving. Many consumers are becoming more and more interested in buying local goods and supporting their state economy. Michigan is no exception. Many residents prefer to shop at the many small businesses around the state. As such, there’s a great window of opportunity to stake your claim of a piece of the pie. That’s why, if you’ve got the know-how, starting a shop that features local goods could be an absolute gold mine.
Naturally, that’s a fairly broad category so you’ll want to decide where you fit. Are you an artistic soul that loves creating crafts? Create some pieces based on the Great Lakes or a few city-specific trinkets that will be a hit with residents and tourists alike. Consider yourself a bit more of a foodie? Find a niche and develop new products that are based strictly on locally sourced produce. For instance, you could develop Michigan-themed food boxes that contain products from local farms and fresh, seasonal ingredients. There are plenty of ways to give Michigan a shoutout without being too kitschy or cutesy and it’s an excellent way to do right by your fellow residents.
Consider something in machining
Back in the day, Detroit was known as an automotive haven and while that isn’t quite as true these days, the city is still a representation of the industrial spirit of the state. Though Michigan’s landscape isn’t dotted with as many factories as in years past, there are still plenty of mechanical businesses that constantly require goods and parts to keep running. Many of these businesses also prefer to buy local, so you already have one foot in the door if, say, you decide to start selling carbide wear parts in Michigan.
There are a few things to consider before you get started. First, you need a production space. Unless you’re partnering with an existing manufacturer, this will require a fair deal of work on your end. Second, you’ll need to secure customers. For older businesses, convincing them to switch from a long-time provider to the new kid on the block might take time, energy, and a true affinity for sales. Finally, you need to know how to create a profit margin without over or undercharging customers. It’s a delicate balancing act, but it can be done.
Look to the service industry
How many times have you been deciding where to go out to eat or grab a drink only to hear your friends say “Why don’t we try somewhere new?” Chances are, it’s happened enough times for your liking. New faces in the bar and restaurant scene are always welcome and while some Michigan residents prefer older, familiar haunts, many locals are also constantly on the lookout for the next big thing. Why not be that next big thing?
Again, this is a great way to go local. If you’re interested in starting a bar, partner with local breweries and distilleries. If the food scene is more your bag, purchase meats and vegetables from local producers for a real farm-to-table vibe.
The Michigan business scene is booming so why wait to get involved? If you’ve got an entrepreneurial spirit and are ready to throw your hat in the startup ring, there’s a chance that you could be the next craze in the state. All you need is an idea and a strong work ethic. The rest will come to you in time.