July 2023

3 Reasons to Base Your Next Business in Minnesota

Minnesota is often recognized as a hotbed for new businesses in recent years. With a thriving startup scene and a growing population, it’s no wonder that Minnesota was ranked the #5 state for business by CNBC in 2023. If you're thinking about franchising, Minnesota is a great place to start.

Read on to find out why Minnesota is a great place to base your next franchise business!

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New Businesses in Minnesota Thrive

Including Start-Ups, Franchises, and Corporate Headquarters

According to Pitchbook, start-ups in Minnesota raised $130.9 billion in venture capital in 2018. This comes as no surprise to in-the-know entrepreneurs who are also familiar with the fact that the Small Business Association states the survival rate of new businesses to be a whopping 50%. While that might seem like flipping a coin, it’s important to note that only about 32% of businesses survive their 1st five years, and small businesses in Minnesota are supported by exponentially expanding technology, health, and energy industries in the area. All of these categories are forecast to continue improving the rate of job growth, stock market gain, and state-wide revenue growth well into the year 2026 as stated by CNBC. And if that isn’t proof enough, Minnesota is currently home to the headquarters of 15 different Fortune 500 Companies, including brands like Target and U.S. Bancorp.

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There’s Room for Your New Venture

With Plenty of Places to Pick From

According to LoopNet, as of July 14th, 2023, there are currently 2,240 retail spaces available for purchase or lease in the Twin Cities, MN area. This includes spaces in Minneapolis, St. Paul, and other surrounding cities. The average asking price to purchase retail space in the Twin Cities is $2.5 million. These open physical opportunities combined with the location’s healthy consumer spending habits and a steadily growing population are key factors to consider when planning your entry into the North Star State.

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AEP America Can Lead the Way

AEP America Architecture has experience designing and permitting over a dozen Jersey Mike's restaurants in Minnesota. We are familiar with the permitting and architectural requirements and concerns that are common in the region, and we have relationships with local offices and facilities that are required to get your paperwork processed and completed.

We understand that opening a new Jersey Mike's restaurant is a big decision, and we want to make the process as smooth and easy as possible for you. We will work with you every step of the way to ensure that your restaurant meets all of the requirements and that you are on track to open on time and on budget.

We’re committed to providing our clients with the highest quality of service, and we are certain that our experience and expertise can help you achieve your business goals.

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Don’t get left behind. Ready to get started in this booming new location? Let AEP America be your North Star in this new territory. Book a call with us at this link to talk about it, or call (214) 702-1528!