Like every major US city, Flint has seen its boom times and it’s bust times. Right now, though, Flint is on the way back and for smart home buyers and entrepreneurs, this is a good time to be investing there. Flint, Our Community, Our Voice, the main communications arm of Flint Neighborhoods United, would like to introduce you to all the reasons Flint is a great place for your business.
Why Open a Business in Flint?
Small businesses are the backbone of Flint. Square, the mobile payment-processing company says, 81% of businesses in Flint have 10 employees or fewer, and sales using Square have increased 250%. They write: “The entrepreneurs could have left for greener pastures, but instead, they are making their own green pastures a little greener.”
Square has also provided 2 million dollars in financing assistance with the average loan being $6,700. In addition to the help from Square, public and private investments are helping to revitalize the city with a 200 million dollar investment just in 2019 alone.
That money, among other grants and investments, restored the historic Capital Theatre, helped create an the incubator and co-working space called The Ferris Wheel, and also to refurbish homes and businesses across the city.
Learning what types of businesses do well in Flint will give you a better idea of what you have to offer the community and what niche you might fill.
What Flint Has to Offer
From a thriving Farmer’s Market to the Mott Community College of Culinary Arts, Flint has got something to do for everyone in the family. If you’re visiting to learn about the city before moving there, be sure and visit:
- The Flint Children’s museum
- Crossroads Village and Huckleberry Railroad
- Sloan Museum and Longway Planetarium.
- Greater Flint Arts Council-Flint also has an Art Walk with art, free food, and music.
Flint is a also great place for families with school-age children with over 100 pre-schools and 86 private schools.
For higher education, Flint is home to:
- The University of Michigan-Flint
- Kettering University
- Mott Community College
- Baker College (Owosso)
Classes are also available at extensions of:
- MSU College of Human Medicine
- Ferris State University
- Bellevue University
- Northwood University
- Genesee Early College (thru GISD)
The Cost of Living in Flint
There are 58 neighborhoods in Flint and the average listed home price in 2022 is $70,000 with the median price being $25,600.
Although the price for homes is trending up, an average of 18% a year, prices in Flint are still significantly lower than the national average as are rental homes and apartments.
The overall cost of living, including groceries and health services, is also lower in Flint.
The Cost of Doing Business in Flint
Michigan has the 5th lowest cost of living and the 9th lowest sales tax in the nation, making the state a desirable place for entrepreneurs.
The Flint and Genesee Group (Chamber of Commerce) is an active group offering resources for the city and county’s business owners with programs like mentoring, help with marketing, sales, and start-up initiatives.
Whether your dream is to operate your own lawn care business, a massage and day spa, retail shop, restaurant, or design and marketing services, you’ll have to follow the same steps to stay compliant.
A business license is a requirement as is an annual renewal. The Michigan Small Business Development Center is a wonderful resource for learning what’s required to open your Michigan business, resources for aid with financing and obtaining the necessary forms.
Structuring Your Michigan Business
Your first decision will be what to name your business, and the next will be how to structure it. You can choose to operate it as a sole proprietorship, corporation, or LLC. An LLC may be the structure that works best for you since it protects your personal assets by keeping them separate from your businesses. Setting up your LLC can be done yourself, though you will need to appoint a Michigan registered agent. You can follow an online tutorial to keep the process manageable and easy to follow.
Flint has a supportive and close-knit business community, all the amenities of a growing city, and a forward-looking hopeful attitude that can make living and working there fun, exciting, and profitable.
Patrick Young is an educator and activist. He believes people with disabilities must live within a unique set of circumstances–the outside world often either underestimates them or ignores their needs altogether. He created Able USA to offer helpful resources to people with disabilities and to provide advice on navigating various aspects of life as a person with disabilities.