Starting a Small Business in North Dakota

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

North Dakota 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 North Dakota 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. Corn, Wheat & Soybean Wholesaling (Revenue: $12.2 billion)
2. Oil Drilling & Gas Extraction (Revenue: $10.4 billion)
3. Grocery Wholesaling (Revenue: $5.6 billion)
4. Gasoline & Petroleum Bulk Stations  (Revenue: $5.3 billion)
5. Hospitals (Revenue: $5.0 billion)
6. Petroleum Refining (Revenue: $4.8 billion)
7. New Car Dealers (Revenue: $3.7 billion)
8. Gas Stations with Convenience Stores (Revenue: $3.2 billion)
9. Oil & Gas Field Services (Revenue: $3.1 billion)
10. Commercial Banking (Revenue: $3.0 billion)

North Dakota Sector Statistics

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

The three sectors that contributed most to North Dakota's GDP in 2022 were Mining; Agriculture, Forestry, Fishing & Hunting; and Real Estate, Rentals & Leasing. Combined, these three sectors represented 43.9% of the state's GDP. In 2022, the sectors that contributed most to North Dakota's GDP included:

1. Mining (Value: $12.1 billion* | Annual growth: 0.1%)
2. Agriculture, Forestry, Fishing & Hunting (Value: $6.4 billion* | Annual growth: 13.6%)
3. Real Estate, Rentals & Leasing (Value: $4.6 billion* | Annual growth: -3.0%)
4. Healthcare & Social Assistance (Value: $4.4 billion* | Annual growth: 2.3%)
5. Manufacturing (Value: $4.3 billion* | Annual growth: 8.0%)
6. Wholesale Trade (Value: $3.5 billion* | Annual growth: -4.3%)
7. Retail Trade (Value: $2.9 billion* | Annual growth: -0.5%)
8. Finance & Insurance (Value: $2.7 billion* | Annual growth: 5.9%)
9. Information (Value: $1.8 billion* | Annual growth: 4.3%)
10. Construction (Value: $1.8 billion* | Annual growth: -7.7%)
11. Transportation & Warehousing (Value: $1.7 billion* | Annual growth: -7.0%)
12. Professional, Scientific & Technical Services (Value: $1.5 billion* | Annual growth: -3.8%)
13. Utilities (Value: $1.2 billion* | Annual growth: -0.6%)
14. Accommodation & Food Services (Value: $884.6 million* | Annual growth: -1.1%)
15. Administration, Business Support & Waste Management Services (Value: $844 million* | Annual growth: 5.9%)

*Approximately

North Dakota 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. Doing so lets you decide whether a location is a good match for your target market. 

In 2022, counties with the highest populations in North Dakota included:

1. Cass (Population: 187,800 | Annual growth rate*: 1.1%)
2. Burleigh (Population: 97,000 | Annual growth rate*: 0.4%)
3. Grand Forks (Population: 68,800 | Annual growth rate*: -0.5%)
4. Ward (Population: 68,100 | Annual growth rate*: -0.3%)
5. Williams (Population: 41,300 | Annual growth rate*: 3.2%)
6. Stark (Population: 33,100 | Annual growth rate*: 1.5%)
7. Morton (Population: 31,900 | Annual growth rate*: 0.7%)
8. Stutsman (Population: 20,100 | Annual growth rate*: -0.9%)
9. Mckenzie (Population: 16,600 | Annual growth rate*: 4.3%)
10. Richland (Population: 16,100 | Annual growth rate*: -0.2%)
11. Rolette (Population: 13,900 | Annual growth rate*: -0.8%)
12. Ramsey (Population: 11,200 | Annual growth rate*: -0.6%)
13. Mountrail (Population: 10,600 | Annual growth rate*: 0.7%)
14. Barnes (Population: 10,300 | Annual growth rate*: -0.7%)
15. Walsh (Population: 10,200 | Annual growth rate*: -1.0%)

*From 2017 to 2022.

North Dakota Business Opportunities

We hope this snapshot of the North Dakota economy helps as you investigate business opportunities in The Roughrider State! Starting a small business in North Dakota is an exciting journey, and we know you're probably eager to get started. But remember, take your time to explore all your options. While you'll always have the "opportunity" to start your own business, sometimes, it makes more sense to invest in an opportunity that already exists. 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 North Dakota below!