Take a Look at the Collection of Franchises for Sale in West Virginia

• In terms of opportunity, the state is ranked 18th, according to the US News & World Report.
• It has the 10th best business climate in the US.
• The state’s largest county, Kanawha County, saw a 2.9% increase in employment from June 2022 to June 2023.
• With a population of 1.7 million and a median household income of $55,217, the state has a solid consumer base with disposable income.
• The business landscape comprises 111,000 small businesses.
• Some of the key sectors contributing significantly to the state’s gross domestic product (GDP) include retail trade, mining, quarrying, and oil and gas extraction.
• However, apart from these traditional sectors focusing on resource extraction, other sectors are making a mark. These include the food and agriculture industry, automotive component manufacturing, wood manufacturing, and others.
• The state has a skilled workforce.
• Total retail sales per capita for the state stands at $12,678
• The real GDP growth rate for the state was 0.2% per year in the first quarter of 2023, showcasing steady economic progress.

When it comes to where in West Virginia you might choose a franchise opportunity, the answer is that there is significant diversity. You can settle in large cities, including Charleston, Huntington, Morgantown, and Parkersburg.

Huntington, for example, has a strong entertainment industry, backed by annual consumer expenditure in the city of $92,72 million. The average household income is $78,759, which suggests a strong market for a wide range of entertainment-related businesses. As for Charleston, franchise businesses that could thrive include those in the automotive sector and in the real estate or home improvement sectors.

Looking at Morgantown, we see an average household income of $91,552 during 2023, signaling a strong consumer base with purchasing power with retail being a major reason for expenditure. What is more, the state boasts a healthy food industry, and the presence of West Virginia University in the city attracts a diverse audience of students, faculty, and residents with varying dining preferences. 

Considering West Virginia franchises and all the benefits that come with it would not be complete without considering factors such as the business environment, support for small businesses, and economic growth. Here are a few other key insights that might sway your decision to pursue franchise opportunities in West Virginia:

• Business-friendly environment: West Virginia boasts a competitive business climate, ranking 10th best according to Business Facilities. This translates to lower costs for businesses, such as the second-lowest workers’ compensation rates in the nation.
• Support for small businesses: West Virginia offers resources specifically for small businesses, including a one-stop portal to streamline registration and filings.
• Economic growth: The state has seen over $20 billion in business investment since 2017, indicating a positive trend.

Overall, West Virginia seems to be working on attracting new businesses with a supportive environment and lower costs. As for franchising, West Virginia is considered a non-registration state for franchising. This means that unlike some states, West Virginia doesn’t require franchisors to register their franchise with the state before offering or selling it. However, franchises in West Virginia still need to comply with the Federal Trade Commission’s Franchise Rule. This requires franchisors to provide a Franchise Disclosure Document (FDD) to potential franchisees before any agreements are signed or payments are made. The FDD outlines important information about the franchise, including fees, risks, and potential earnings.

And there you have it: a lot of good reasons to consider franchises in West Virginia. Choosing among the different franchise business opportunities may seem like a daunting task but with the team at Franchise Fame, you will get help in your journey to starting your own franchise business. The franchise opportunities available on our portal range from low to high-investment options, meaning that there are affordable franchises to suit every budget.

What is more, you can browse available franchises for sale and pursue a business ownership opportunity that gives you the chance to operate under the umbrella of an established franchise brand, accompanied by a solid, proven business model that makes your journey to business ownership that much easier. Get in touch with us today and let us help you on the road to franchise business ownership today!