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Starting a Small Business in Rhode Island

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

Rhode Island 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 Rhode Island 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.

Commercial Banking (Revenue: $7.3 billion)
Colleges & Universities (Revenue: $6.3 billion)
Property, Casualty & Direct Insurance (Revenue: $5.8 billion)
Hospitals (Revenue: $5.5 billion)
Public Schools (Revenue: $4.8 billion)
Third-Party Administrators & Insurance Claims Adjusters (Revenue: $3.6 billion)
Health & Medical Insurance (Revenue: $3.2 billion)
New Car Dealers (Revenue: $3.0 billion)
Supermarkets & Grocery Stores (Revenue: $2.9 billion)
Jewelry & Watch Wholesaling (Revenue: $2.4 billion)

Rhode Island Sector Statistics

When starting a small business in Rhode Island, 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 Rhode Island's GDP in 2022 were Real Estate, Rentals & Leasing; Healthcare & Social Assistance; and Finance & Insurance. Combined, these three sectors represented 36.7% of the state's GDP. In 2022, the sectors that contributed most to Rhode Island's GDP included:

Real Estate, Rentals & Leasing (Value: $7.5 billion* | Annual growth: 2.2%)
Healthcare and Social Assistance (Value: $5.5 billion* | Annual growth: 0.6%)
Finance & Insurance (Value: $5.1 billion* | Annual growth: 1.8%)
Manufacturing (Value: $4.6 billion* | Annual growth: 2.2%)
Professional, Scientific & Technical Services (Value: $4.0 billion* | Annual growth: 5.3%)
Retail Trade (Value: $3.4 billion* | Annual growth: 1.4%)
Wholesale Trade (Value: $3.0 billion* | Annual growth: 0.4%)
Management of Companies and Enterprises (Value: $2.6 billion* | Annual growth: -11.2%)
Administration, Business Support & Waste Management Services (Value: $2.0 billion* | Annual growth: 6.4%)
Construction (Value: $1.9 billion* | Annual growth: 2.8%)
Information (Value: $1.8 billion* | Annual growth: 4.4%)
Accommodation & Food Services (Value: $1.6 billion* | Annual growth: -17.4%)
Educational Services (Value: $1.5 billion* | Annual growth: -2.5%)
Other Services (except Public Administration) (Value: $885.8 million* | Annual growth: -3.0%)
Utilities (Value: $868.4 million* | Annual growth: 1.3%)

*Approximately

Rhode Island 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 Rhode Island included:

Providence (Population: 636,600 | Annual growth rate*: N/A)
Kent (Population: 165,200 | Annual growth rate*: 0.2%)
Washington (Population: 125,400 | Annual growth rate*: -0.1%)
Newport (Population: 80,900 | Annual growth rate*: -0.6%)
Bristol (Population: 48,000 | Annual growth rate*: -0.3%)

*From 2017 to 2022.

Rhode Island Business Opportunities

We hope this snapshot of the Rhode Island economy helps as you investigate business opportunities in The Ocean State! Starting a small business in Rhode Island 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 Rhode Island below!

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Molly Maid

Molly Maid, a Neighborly company, is the nation's leading residential and commercial cleaning services franchise. With us, you'll get a polished approach to business ownership

$50,000 Min Cash Required

PostalAnnex

Today's busy lifestyles demand the services PostalAnnex offers. Capitalize on this demand and open your own business After retiring from the printing business PostalAnnex founder Jack Lentz began working out of his home as a business consultant. He soon realized the need for mailing faxing copying shipping and other services to belong under one roof. As a result he created the first PostalAnnex store business franchise located next door to a post office in the University City neighborhood of San Diego CA. Our franchises serve a growing customer base of small and home-based businesses that lacks the resources our stores offer. Today's hectic lifestyle requires a one-stop service center for businesses that don't have an administrative assistant to take care of those daily errands. Saving our consumers time is what keeps them coming back. By being a local neighborhood business

$70,000 Min Cash Required

Automated Investments

Automated Investments is the pillar of e-Commerce automation. Automated Investments build and operate profitable and hands off Amazon FBA (Fulfilled-By-Amazon) businesses for their clients and investors. While the clients and investors act as the capital partners, Automated Investments works tirelessly behind the scenes as the operation partners providing 20-50 monthly ROI. Automated Investments handles the Amazon store creation, product research, product purchasing, Amazon FBA product prep, shipping the inventory to your Amazon FBA store, full complete custom support and ongoing management. We lift our fingers so you dont have to.

$100,000 Min Cash Required

Batteries Plus

Over 30 years of consistent growth. Ongoing support. Multiple revenue streams. Whether youre looking into owning your very first store, or youre interested in adding to your existing franchise portfolio, Batteries Plus is here to help. Learn more about the costs, benefits, and available locations today

$100,000 Min Cash Required

Blue Coast Savings Consultants

Blue Coast Savings Consultants is a leading consultancy in cost savings and expense reduction. For over 30 years, our advisors have helped businesses enhance their profits and achieve greater financial flexibility by cutting unnecessary costs. If we dont deliver savings, theres simply no fee.

$70,000 Min Cash Required

CR3 American Exteriors

One of the fastest growing companies in the Exterior Remodeling Industry. CR3 was formed to enable small-to-midsize contractors to capitalize on a proven franchise model that really works, while establishing a powerful national brand that will make your operation a household name. As an Independent Contractor with CR3, you are our top priority. We are committed to supporting you with all the education, tools, and resources you need for your business to thrive.

Starting a Small Business in Rhode Island