Did you know that Florida is becoming a real hot-favorite destination for people like you? Should you join this bandwagon or is it just business hype? Well let's see the facts.
There're numerous compelling reasons why many businesses are setting up or relocating to this part of the US. Consider the environmental conditions of this region for instance: the tropical climate of Florida offers sunshine and year-round warm temperatures. Like many other entrepreneurs, you'll definitely love this location both for conducting business as well as it's laid back lifestyle.
Florida's pristine beaches are another magnet that pulls people like you to this business destination. These beaches offer entrepreneurs in Florida some excellent leisure opportunities especially for those of them who love outdoor ocean-related activities. But then, as good as they are, these leisure activities are sideshows for now. So let's get to the marrow and talk business.
Miami's unique status as the gateway to Latin America has attracted an inflow of immigrants from down south. This, in turn, has led to a super-mix of cultures which itself is a good thing as it breeds ideas and innovations from this diverse cultural mix.
Local universities in Miami have not been left behind in providing the next generation of entrepreneurs. They have started programs geared solely toward promoting startups in Florida. This pool of experts inspires confidence in the future of Florida's entrepreneurial landscape. Florida is now considered the virtual office hotspot for entrepreneurs and therefore has seen a rise in local start ups.
Basing your startup in Florida is a sure way to benefit economically. Why? Residents here do not pay income tax. Moreover, the cost of living here is much cheaper than in other startup hotbeds in the US. If you have already chosen Florida as the home for your business then read here for setting up a business in Florida.
Opportunities for entrepreneurs
According to findings by Raymond Keating, Chief Economist SBE council, Florida has ranked 5th on policy measures and costs that impact small business and entrepreneurship.
But having said that, what opportunities are there in Florida for you? This state offers you a diverse spectrum of business opportunities as highlighted below.
Business opportunities in Florida
You'll be surprised by the wide range of business opportunities available in Florida. Current business models which are currently doing well include:
Tourism and hospitality
Wholesale and distribution
Advertising and promotion
Remote employee monitoring
Healthy vending machines
SEO for local businesses
Virtual call center and many more
Every business rely on the size of its potential market to grow. Imagine setting up shop in a state with a population of well over 20 million potential clients? And the population is still growing thanks to the continued inflow of people from other parts of the country and beyond.
That's what Florida has in store for you. This large population is evenly spread throughout across Sunshine State including Tallahassee, Jacksonville, Tampa, Orlando, and Miami.
By setting up or relocating your business to Florida you'll be strategically positioning yourself to tap on this ever-increasing market.
South Florida as the New Business Hub
The Miami-Fort Lauderdale is topped among the 40 biggest metro areas in the US in terms of new business creation. The foundation came with an index based on the rate at which entrepreneurs in Florida were opening businesses in any particular month.
You'll be surprised to know that these new businesses cut across a wide spectrum ranging from high-tech startups to eateries, small device businesses, and mom-and-pop shops. This simply reinforces our earlier point about the wide range of potential business opportunities available to you in South Florida.
Advantages of Doing Business in Florida
So what advantages will you have over any other entrepreneurs setting up a similar endeavors in many of the other states in the U.S.A?
Let's highlight a few.
A Business-friendly Government
Why not take advantage of the close cooperation between Florida's federal government and economic development leaders? This cooperation is achieving much for the business community here. For instance, the two parties work together to ensure that the business climate in this state remains attractive to companies of all sizes.
Also, the business-friendly government policies give Tort reforms a priority. For example, it has reduced workers' compensation insurance, eliminated joint and several liability and instituted class-action reform. All these measures are a big plus not only for startups like you but also for established businesses as well .
Running your enterprise in Florida gives you a competitive advantage tax wise compared with enterprises in different states. The tax climate in Florida is extremely welcoming. To illustrate this, think of the following tax advantages:
A business in Florida doesn't pay any income tax if it's a limited liability partnership.
Capital stock is exempted from the corporate franchise.
Goods in transit are exempted from property tax Guide to start a business in Florida and several other tax benefits.
Comparatively Low Cost of Doing Business
Compared to a similar enterprise in another state you'll experience first-hand Florida's competitive cost of running your business. Why? Because land, capital and labor are some of the critical cost centers that are comparatively lower than say, in New York or California.
In Florida, the government understands the need for business to operate in a stable environment. For this reason, the authorities have put up measures to ensure the continued stability of the business environment.
In other words, business in Florida will experience higher levels of predictability, certainty, and efficiency in government regulations. So, expect a faster, cheaper and more predictable permitting process in Fl.
If you've already been to Florida, or you've done your research well you know this state has one of the most extensive transport systems in the world.
These systems feature deep-water shipping ports, international airports, extensive rail and highway networks a well as multiple hubs that offer high-speed data transmission from around the country to Latin America, Europe and Africa. In short, the excellent infrastructure will greatly reduce the cost of doing business.
Work Force Talent
Whether you want to run a small enterprise or you intend to start a big company you'll certainly require some work force. Florida doesn't just have a work force - many other states have it, Florida boasts of a diverse and highly talented labor force.
Florida has been named the number 1 state in terms of availability in skilled workers, level of education and relative success of employee training programs in placing the participants in jobs
All the above highlights are powerful indicators and motivators to anyone intending to join the ever-growing number of entrepreneurs in Florida.
Weigh your options and make a decision at the appropriate time. There's no major reason why you shouldn't do business in Florida. In any case, it's only Florida that offers a combination of all the above advantages in a single package.