Finding Business Success In Detroit

Guest Writer Amy Collett

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Whether you operate an established business and need to relocate or you're aspiring to build a new business from the ground up, finding the right location is crucial. In a city like Detroit, factors such as a low cost of living and a high population can give you the opportunity to expose your goods or services to more consumers while investing less in overhead costs. Overall, Detroit is a great place to open up shop.

Conducting Business in Detroit
According to the Michigan Economic Development Corporation, Detroit is rated among the top 10 cities for economic growth. If you're looking for a great place to take your business, Detroit has loads of potential. Entrepreneurs who call the city home have access to plenty of networking clubs and opportunities that provide mentorship opportunities for business owners.

That includes:
•Detroit Entrepreneurship Network
•Pitch Club
•Sunrise Networking Group
•Business Networking International - Detroit

Getting Started
​Apply for a business license and any necessary permits with the city and be sure to adhere to any state and federal business laws. It's important to protect your personal assets when you own a business. Consider using a business formation service to form a limited liability company (LLC), which prevents you from being personally liable if your business faces lawsuits or other legal issues. It also offers tax benefits and means you'll have less paperwork to weigh you down, letting you focus more energy on your business.

Once you have your business structure in place, you can start thinking about your business’s branding. Usually that starts with creating a logo that you can use across your marketing materials to create a consistent image that potential customers come to associate with your business. You don’t have to be an expert graphic designer to create a great logo. In fact, all you need to do is use Adobe Spark’s free logo maker online. There you can choose from thousands of templates and create something truly wonderful for your business.

Detroit's Workforce
Detroit's workforce is rife with educated and experienced workers. An array of local colleges contributes skilled talent to the local economy. Post-secondary institutions in the area include: 
•University of Michigan
•College for Creative Studies
•University of Detroit
•Wayne State University
•Lawrence Technological University

Life in Detroit
As a business owner, knowing that your workers and your family can enjoy a high quality of life is important. Detroit residents have plenty to enjoy, including the city's vast selection of parks, amenities, and events that occur throughout the year. These include: 
•Cadillac Square
•Grand Circus Park
•Ann Arbor Folk Festival
•MetroTimes Blowout

Seasonal weather keeps residents comfortable, with relatively snowy winters and warm summers that offer plenty of opportunity for time outdoors spent boating and fishing on Lake Michigan or strolling through downtown Detroit. Public schools are plentiful, providing an enjoyable learning environment for children of all ages.

Housing in Detroit and the Cost of Living
Those living in Detroit benefit from an overall cost of living that's 12.4% below the national average. As a business, this low cost of living means paying less to operate your business while accessing great talent at more affordable wages. Housing is dramatically less expensive than in most U.S. cities, sitting at 76.2% below the national average. As of 2021, the vacancy rate for rentals was about 2%, with the average two-bedroom house or apartment costing $821 per month. More than 25% of the city's homes sit vacant, resulting in a significantly low housing cost. In Detroit, the average home cost just $68,600 to purchase in 2021. Get help finding your Detroit home from expert REALTOR® Jason Gelios.
 
Making the Move to Detroit
Calling Detroit home can be a great move for both your company and your family. A strong network of entrepreneurs, along with a high quality of life and low cost of living, can help you succeed in business and in life.