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The table below offers a collection of data aimed at giving potential franchisees a glimpse into their market landscape. Click Read More to delve deeper, uncovering additional information to assist you in making a well-informed decision. These insights are tailored to highlight the opportunities in your city as you consider a franchise purchase.
| Key Data Points for Onaway, Michigan | ||
| Data | Onaway, MI | Nationwide |
|---|---|---|
| Population | 919 | 333.2 million |
| Proj. 5 Year Population Growth | -19.2724% | 0.5% |
| Median Household Income | $52,464 | $74,580 |
| Median Age | 50.2 | 38.9 |
| Residents per Business | 1 to 20 | 10 to 1 |
| Annual Household Expenditures | $20.06 million | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
Analyzing the data for Onaway, MI, several franchise industries emerge as promising options. The first industry to consider is the Food and Beverage sector. With a projected population growth of 4.3% between 2023-2028, there is a clear indication of a growing market for dining options. Additionally, the presence of 1-person and 2-person households, which make up approximately 78% of the households, suggests a potential demand for quick-service or casual dining experiences that cater to smaller family units or single residents.
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The Automotive industry could be viable in Onaway given the data on household vehicles. There is an average of 1.7 vehicles per household, and 18.5% of households have 3 or more vehicles available. This indicates a community with a strong dependency on personal transportation, which could benefit from automotive services like repair shops, parts stores, or quick-service oil change facilities. The projected annual growth in households and the high percentage of residents driving to work (82.9%) underscore the potential for automotive service franchises.
Real estate franchises could also find fertile ground in Onaway, MI, with several data points indicating a conducive environment for this industry. The average household net worth in Onaway stands at $244,919, suggesting that the community has a level of financial stability that could support home ownership and investment in property. Moreover, the median rent for renter-occupied units is $380, which points to an accessible real estate market that could appeal to a broad spectrum of buyers and renters. The presence of a significant number of homes built before 1939 (24.3%) also opens opportunities for real estate services focused on restoration, renovation, and flipping properties.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Onaway, Michigan Franchise Opportunities (and Businesses for Sale)
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