Starting a Small Business in North Carolina

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

North Carolina 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 Carolina economy's largest 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. Commercial Banking (Revenue: $54.8 billion)
2. Life Insurance & Annuities (Revenue: $54.4 billion)
3. Hospitals (Revenue: $41.1 billion)
4. New Car Dealers (Revenue: $34.3 billion)
5. Cigarette & Tobacco Products Wholesaling (Revenue: $31.7 billion)
6. Farm Supplies Wholesaling (Revenue: $26.6 billion)
7. Supermarkets & Grocery Stores (Revenue: $24.5 billion)
8. Health & Medical Insurance (Revenue: $22.5 billion)
9. Drug, Cosmetic & Toiletry Wholesaling (Revenue: $22.4 billion)
10. Gas Stations with Convenience Stores (Revenue: $20.8 billion)

North Carolina Sector Statistics

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

The three sectors that contributed most to North Carolina’s GDP in 2022 were Manufacturing; Real Estate, Rentals & Leasing; and Professional, Scientific & Technical Services. Combined, these three sectors represented 41.1% of the state’s GDP. In 2022, the sectors that contributed most to North Carolina’s GDP included:

1. Manufacturing (Value: $95.7 billion* | Annual growth: 3.4%)
2. Real Estate, Rentals & Leasing (Value: $59.9 billion* | Annual growth: 1.3%)
3. Professional, Scientific & Technical Services (Value: $45.9 billion* | Annual growth: 8.7%)
4. Finance and Insurance (Value: $42.8 billion* | Annual growth: 4.9%)
5. Healthcare & Social Assistance (Value: $37.9 billion* | Annual growth: 3.6%)
6. Wholesale Trade (Value: $32.4 billion* | Annual growth: 2.6%)
7. Retail Trade (Value: $31.4 billion* | Annual growth: 2.7%)
8. Information (Value: $29.9 billion* | Annual growth: 9.5%)
9. Administration, Business Support & Waste Management Services (Value: $21.3 billion* | Annual growth: 9.0%)
10. Construction (Value: $19.8 billion* | Annual growth: 2.3%)
11. Management of Companies & Enterprises (Value: $16 billion* | Annual growth: 3.6%)
12. Accommodation & Food Services (Value: $14.1 billion* | Annual growth: 6.5%)
13. Transportation & Warehousing (Value: $11.5 billion* | Annual growth: 1.2%)
14. Other Services (except Public Administration) (Value: $9.4 billion* | Annual growth: 0.3%)
15. Utilities (Value: $7.2 billion* | Annual growth: -2.7%)

*Approximately

North Carolina 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 North Carolina included:

1. Wake (Population: 1.2 million | Annual growth rate*: 1.8%)
2. Mecklenburg (Population: 1.2 million | Annual growth rate*: 1.5%)
3. Guilford (Population: 547,900 | Annual growth rate*: 0.7%)
4. Forsyth (Population: 388,800 | Annual growth rate*: 0.6%)
5. Cumberland (Population: 337,800 | Annual growth rate*: 0.2%)
6. Durham (Population: 337,100 | Annual growth rate*: 1.5%)
7. Buncombe (Population: 267,300 | Annual growth rate*: 0.7%)
8. Union (Population: 253,600 | Annual growth rate*: 1.8%)
9. New Hanover (Population: 241,800 | Annual growth rate*: 1.1%)
10. Cabarrus (Population: 231,800 | Annual growth rate*: 2.3%)
11. Gaston (Population: 230,900 | Annual growth rate*: 1.0%)
12. Johnston (Population: 229,800 | Annual growth rate*: 3.1%)
13. Onslow (Population: 208,900 | Annual growth rate*: 1.2%)
14. Iredell (Population: 193,100 | Annual growth rate*: 1.9%)
15. Pitt (Population: 186,000 | Annual growth rate*: 0.8%)
16. Alamance (Population: 176,400 | Annual growth rate*: 1.5%)
17. Davidson (Population: 171,500 | Annual growth rate*: 0.7%)
18. Catawba (Population: 162,100 | Annual growth rate*: 0.6%)
19. Brunswick (Population: 161,600 | Annual growth rate*: 4.1%)
20. Orange (Population: 151,400 | Annual growth rate*: 0.8%)

*From 2017 to 2022.

North Carolina Business Opportunities

We hope this snapshot of the North Carolina economy helps as you investigate business opportunities in The Tar Heel State! Starting a small business in North Carolina 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 Carolina, below!