Future of Business In Michigan

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Future of Business in Michigan

The Royal Oak, Michigan area is one of the areas that has a huge potential for future business growth. This makes investors attracted to it. In this paper, this area of Michigan will be evaluated as a potential business environment for entrepreneurs. Some of the key things that will be considered include Infrastructure, the Business environment, Labor markets and the social environment. The positive and negative aspects of each of these will be considered to make sure that a proper evaluation of the situation is done.

Infrastructure

In Royal Oak, transport is one of the key things that is crucial to the development of the economy in the area. One of the advantages of having a good infrastructure is that it saves time, hence money. Another advantage is that it prevents accident, hence making sure that the people who operate in the area are safe. In Michigan, and by extension Royal Oak area, the top priority of the transport industry is to increase mobility. This means main sure that people and goods can travel to any part of the city at very little costs and in the fastest time possible. Another aim of the transport industry is to make sure that there is economic growth and global kind of trading. This means efficiently receiving goods and also sending the goods that are manufactured there to other countries with the most efficiency. There is often pressure on the side of the people and this can only be countered by good infrastructure (Michigan, n.d).

One benefit of an efficient infrastructure system is that it increases the productivity. Consequently, there is an increase in the workforce of an area or a business and finally, an increase in the  competiveness and economic growth. This has been the case for Royal Oak, Michigan. Since the year 2005, the place has seen a steady increase in the types of infrastructure available. Transport has also been made more available and cheaper to afford to the common person. This has been very advantageous to the people of Michigan. Start up businesses can take advantage of this kind of efficiency that is currently present in Michigan. 

Apart from transport services that are becoming better here, there is also currently, a good city maintenance service. According to local reports, the city charges very little for these services, as a result, it is possible for people to invest in the area. The tax plan that come with the cities other rules will be explained in the next section (Michigan, n.d).

Business Environment

There are various types of businesses that currently exist and that can be set up in Michigan area. One of the main ones is the fact that there are currently many financial set ups in Oakland. These include insurance companies that can be of help to people who are settling in Oakland, or to those who are currently need to start a business there. The financial services offered range from banking services to insurance services and other microfinance services. These services would be useful to people planning to start a business there as they could finance the business in terms of leans and other helpful financial aid or services (Michigan Economic development, n.d).

There are a few manufacturing firms in Royal Oak area, Michigan currently. These companies manufacture a wide range of products. Some of them deal exclusively in electronics, while others deal with steel. Most of these companies are of useful services to the rest of Detroit city that is close by. Most of these companies are also currently doing well in terms of business and the production of goods that they specialize in. Currently, most of them even plan on some investment. For example they plan on major investments in employee training. The training will be expensive but it is hoped to be beneficial to both the company and to the employees.

Apart from manufacturing companies, there are also service and cultural industries in Royal Oak, Michigan area. Service industries that are currently located in the area include computer and internet service industries, hair Care services among other services. These services are deemed essential by the people that currently live in Michigan area and by those that would plan on moving there. An example is Trillium technologies which is under the category of computer and internet industry. It serves people from Royal Oak and also those from other areas in Michigan cities.

There are currently people who are planning on investing in Michigan under various categories. Most of these prospects have elaborate business plan. Royal Oak is their choice since they view it as a stable place to invest in and also a place with a good market and a good environment in terms of culture and security. An example of a business that is currently planning to establish itself in royal Oak, Michigan is the Child Transportation that is currently in other parts of Michigan. The business aims at making sure that children can get to their respectful schools and homes after each activity. The company has an elaborate business plan that will likely work well for the company if it is well followed.

Currently, Michigan is ranked as one of the most business friendly places in the United States. This is because, the place offers a conducive environment for the business that are currently there and for startups. In Michigan, there is currently a savings plan of $500 million that comes from the elimination of industrial personal property tax. There is also just a 6% income tax which is fair and efficient if evaluated from the perspective of the whole country. This applies to Royal Oak, and also to the rest of Michigan. This is also the political environment as it relates to business. This environment makes it easier to invest in Michigan, and to run a business there.

Apart from that, there is efficienc in communication currently in Royal Oak in Michigan. Communication has been enables in the past few years by advancements in technology. These advancements mean that people can access the internet hence communicate via emails and other instant messaging ways. This communication effectiveness means that business that provide internet services for people in the area are now being successful more than ever compared to during all the other times. Another  way that communication is being enhanced is by making sure that both the phone and the internet connectivity in the area is good. Royal Oak Michigan is one of the areas in the US that has a very good network connectivity. 

Labor markets

Labor is a useful part of any business that needs to develop. Labor is useful mainly because due to labor, work can be done. In addition, it is the only way employment becomes available to a group of people. In Royal Oak, most of the working force is educated., This means that there is a large number of them that can provide skilled labor to the industries that would wish to start up in the area. The labor could also come from the neighboring areas such as Detroit and other areas. Transport systems are efficient enough to make sure that people who go to work using these routes get there in time and that they serve well. In addition to this, there are many labor unions in the area, some of which are either connected or affiliated to other trade and labor unions. These help in making sure that the wishes of the people in a particular area are respected.

Social Environment

Communication efficiency in any area makes it possible to develop strong social ties. In Royal Oak, this is the case. The communication systems are efficient and continue to be enhanced through technological developments and improvements. Another thing that usually makes the social environment to be conducive is the favorable relationships that exists in the trade unions that has been listed before. In the Royal Oak area, this is certainly the case. The people who have been here have made progress thereby making it possible for them to have a conducive social environment. This kind of social Environment makes it possible for the people there to spread the messages among themselves faster. It also means that generally, there are few bad interactions between the people. These few bad ones may be bad for business but since they rarely occur, it translates into a good business experience for the people who would wish to invest in this area. Generally, the area has as good social interactions as the rest of Michigan, hence generally not a problem. Generally, the customers view the businesses that run there as a social worthy experience. According to them, it is a worthy place to spend their money on their most important items (Michigan future business index, 2015)

Apart from all that, there is a good residential area in the place. In this area, it is possible for people to live together with each other. The residential area here, like in the rest of Michigan, have all the necessary social amenities. They are also situated close to the areas where people go to work. From time to time, there are some cultural events that are held in the area. These events are aimed at promoting the culture of the people there. For a business person, these events would be a good way of promoting their business, particularly if they deal with tangible products. For the residents, these events are a chance for them to have as much fun as they can

In conclusion, the business situation in Royal Oak, Michigan has been analyzed at length. From the above, it is clear that the transport, communication and the availability of a good political environment are some of the things that a person should consider before investing in an area. It is also clear that currently, most of the businesses that are in operation and those that are abound to be set up are optimistic about all the situations that have been explained about Michigan. They are also investing in some of the ways to make their chances of entry into the area better.

References

Michigan. (n.d) Michigan. Retrieved October 14 , 2016 from https://www.transportation.gov/small-business/financial-assistance/michigan 

Michigan Economic development corporation (n.d). Retrieved October 14, 2016, from http://www.michiganbusiness.org/press-releases-new-report-names-michigan-most-developed-state-for-pro-business-environment

Michigan. (n.d) Michigan. Retrieved October 14 , 2016 from https://www.transportation.gov/small-business/financial-assistance/michigan 

Michigan Future Business Index, November, 2015. Retrived October, 14, 2016