Starting a Small Business in Maryland

Welcome to the Small Business Startup Maryland Franchise Directory! Here, you'll find everything you need to begin your journey to business ownership in the Old Line State. If you're considering starting a small business in Maryland, read on for an overview of the state economy. Afterward, explore business opportunities and franchises for sale with our Maryland Franchise Search Tool.

Maryland Industry Trends

If an industry is performing well, business opportunities within it are often worth exploring. Begin your market research with this list of the Maryland economy's most prominent industries in 2022. Afterward, take your research one step further by investigating niche markets and B2B opportunities within one of these top revenue-generating industries.

1. IT Consulting (Revenue: $29.1 billion)
2. New Car Dealers (Revenue: $24.1 billion)
3. Hospitals (Revenue: $22.5 billion)
4. Public Schools (Revenue: $21.3 billion)
5. Drug, Cosmetic & Toiletry Wholesaling (Revenue: $20.5 billion)
6. Supermarkets & Grocery Stores (Revenue: $18.5 billion)
7. Colleges & Universities (Revenue: $17.6 billion)
8. Specialist Doctors (Revenue: $17.1 billion)
9. Health & Medical Insurance (Revenue: $16.1 billion)
10. Real Estate Loans & Collateralized Debt (Revenue: $14.2 billion)

Maryland Sector Statistics

When starting a small business in Maryland, gross domestic product (GDP) is another tool entrepreneurs can use to make investment decisions. Generally, a steadily rising GDP means people are spending more money and creating more jobs.

The three sectors contributing most to Maryland's GDP in 2022 were Real Estate, Rentals & Leasing; Professional, Scientific & Technical Services; and Healthcare & Social Assistance. Combined, these three sectors represented 42.2% of the state's GDP. In 2022, the sectors that contributed most to Maryland's GDP included:

1. Real Estate, Rentals & Leasing (Value: $50.6 billion* | Annual growth: -2.1%)
2. Professional, Scientific & Technical Services (Value: $44.2 billion* | Annual growth: 3.4%)
3. Healthcare & Social Assistance (Value: $28.3 billion* | Annual growth: 1.1%)
4. Manufacturing (Value: $24.8 billion* | Annual growth: 3.4%)
5. Retail Trade (Value: $18.5 billion* | Annual growth: -0.4%)
6. Finance & Insurance (Value: $18.1 billion* | Annual growth: 1.4%)
7. Information (Value: $17.8 billion* | Annual growth: 1.8%)
8. Construction (Value: $17.6 billion* | Annual growth: -0.6%)
9. Wholesale Trade (Value: $16.4 billion* | Annual growth: 0.7%)
10. Administration, Business Support & Waste Management Services (Value: $12.7 billion* | Annual growth: 5.8%)
11. Accommodation & Food Services (Value: $8.4 billion* | Annual growth: 1.4%)
12. Transportation & Warehousing (Value: $6.9 billion* | Annual growth: -1.7%)
13. Other Services (except Public Administration (Value: $6.7 billion* | Annual growth: -2.3%)
14. Management of Companies and Enterprises (Value: $5.9 billion* | Annual growth: 7.3%)
15. Utilities (Value: $5.7 billion* | Annual growth: -2.8%)

*Approximately

Maryland Population Statistics

A growing population often means greater demand and a steady flow of new customers. If you are undecided about the location of your new business, start by investigating population statistics. Afterward, take your research a step further by exploring population demographics. By doing so, you can decide whether a location is a good match for your target market.

In 2022, counties with the highest populations in Maryland included:

1. Montgomery (Population: 1.1 million | Annual growth rate*: 0.2%)
2. Prince George’s (Population: 908,400 | Annual growth rate*: -0.1%)
3. Baltimore (Population: 823,600 | Annual growth rate*: -0.2%)
4. Anne Arundel (Population: 589,800 | Annual growth rate*: 0.6%)
5. Baltimore City (Population: 570,800 | Annual growth rate*: -1.3%)
6. Howard (Population: 333,800 | Annual growth rate*: 0.8%)
7. Frederick (Population: 274,300 | Annual growth rate*: 1.7%)
8. Harford (Population: 259,600 | Annual growth rate*: 0.5%)
9. Carroll (Population: 169,800 | Annual growth rate*: 0.2%)
10. Charles (Population: 167,100 | Annual growth rate*: 0.8%)
11. Washington (Population: 151,600 | Annual growth rate*: 0.2%)
12. St. Mary’s (Population: 116,300 | Annual growth rate*: 0.7%)
13. Wicomico (Population: 104,600 | Annual growth rate*: 0.3%)
14. Cecil (Population: 104,000 | Annual growth rate*: 0.3%)
15. Calvert (Population: 94,000 | Annual growth rate*: 0.5%)
16. Allegany (Population: 69,200 | Annual growth rate*: -0.6%)
17. Worcester (Population: 52,800 | Annual growth rate*: 0.4%)
18. Queen Anne’s (Population: 52,200 | Annual growth rate*: 1.0%)
19. Talbot (Population: 36,800 | Annual growth rate*: -0.2%)
20. Caroline (Population: 33,700 | Annual growth rate*: 0.3%)

*From 2017 to 2022.

Maryland Business Opportunities

We hope this snapshot of the Maryland economy helps as you investigate business opportunities in the Old Line State! Starting a small business in Maryland is an exciting journey; we know you're probably eager to start. But remember, take your time to explore all your options. While you'll always have the "opportunity" to start your own business, sometimes, investing in an opportunity that already exists makes more sense. These are called "Franchise Opportunities," and they offer several benefits, including the recognition of a well-established brand and a proven track record of success.

To learn more, start by exploring franchise opportunities in Maryland below!