One of the first things people think about is the weather, beaches, and the clear blue ocean. Florida, the Sunshine State, is almost synonymous with rest relaxation, and enjoyment. This is the primary reason why it is a tourist destination people love. Ti is also one of the reasons why many people move here. However, there is much more to Florida than this. It is a great place to start and run a business. There are many reasons for this. The main is that the economy is booming and there are many benefits to starting a business here. If you plan on moving here, be assured that starting a family business in Florida will not be that difficult here.
Why is Florida a fertile business ground?
One thing is apparent, the business climate is thriving here. Florida’s economy is in a state of growth and the markets are booming. The market may seem overcrowded with over 2,2 million SMEs working here but that is not the fact and this is why. There are 21 million residents here with as many as 1 million tourists visiting annually. So, the market can almost never be saturated. This is what makes the idea of starting a family business here appealing.
Of course, you may always make an attempt to do something that is tourism related. But, Florida is proving to be a fertile ground for many different industries. The state is him to big and strong companies working in the aviation and aerospace industry, defense, manufacturing, IT, financial services, life sciences, trade, and cleaning. It is evident that the economy is diverse so any small family business can find its place here. The environment is stimulative because there are plenty of opportunities to start working and cooperating with some of these big firms.
However, if you are making a move to Florida to achieve this you will be busy making some business decisions. This is why you should seek professional moving help from Orange Mover because this can be beneficial. Using professionals will ease your mind and relieve your moving stress leaving you to plan and organize your business activities.
The benefits of doing business here
So, this first look makes Florida attractive for doing business. If you dig deeper there is even more. You should know that running a family firm is not without its challenges even in Florida. But there are a lot of benefits that make Florida great for starting a family business. Knowing what they are makes the Sunshine state even more attractive.
- Tax benefits
- Operational costs
- Access to Capital
- Labor market
Tax benefits
One of the most talked about aspects of starting a business here is low taxes or nonexisting taxes and benefits. One of the main ones is the lack of state sales taxes. This is where many companies save a lot of money and still continue to work just fine. In addition, there is no personal income tax that makes this one of only a few states without it. This makes it easy to start and establish your business here. Taxes are among the top reason why many companies decide to relocate here.
Operational costs
Florida has lower operating costs which is important for companies. Living costs and doing business can be above average here but they are still more affordable than in other major business hubs. These costs may vary from one city to the next but on average costs are lower here. This is because the average hourly wage is set very low. The law also doesn’t recognize overtime expenses and severance pays sick leave, and other expenses are also not regulated. However, keep in mind that the cost of doing business will always be higher in Miami than in Tampa so be sure to choose your location well.
Access to Capital
Angel investors and venture capitalists are always present in Florida. Their interest in the market here makes Florida a place with easy access to fresh capital. So, finding the finances to start and expand your family business here is fairly easy and cheap. In recent years Florida invested a lot to attract investors and consequently made a number of investment and business hubs that offer a lot to the entrepreneurial scene. This is what fuels the growth of the small companies that are sprouting up in Florida. The major sectors for small and medium enterprises are:
- Accommodation and food service industry
- Construction,
- Healthcare and social services
- Retail
- Science and technology.
Labor market
Florida businesses benefit a lot from a competitive labor market. Finding a quality workforce here is easy. The workers are highly educated and finding true talent is easy. However, although the wages are low there is strong competition weather trying to find and keep skilled workers. Companies here are fiercely competitive when looking for quality and talent in their potential workers.
Starting a business here
Moving here and starting a family business in Florida is not that difficult. However, if you are moving make sure to not do it yourself. It is advisable to find adequate moving help. You need to trust experts with your inventory when moving in and let them handle everything. Skilled commercial movers will handle your company’s move safely and easily. More importantly, they will free you to worry and tackle the process of starting your company. Here is what you will need to concentrate on:
- Business idea
- Business plan
- Form your business
- Register a bank account and tax ID
- Obtain licenses and insurance
- Start making your brand
Business idea
The crucial step in starting a family business in Florida is to choose the right business idea. It will be the reflection of your family’s potential, education, experience, and knowledge. Your business idea will be something you can and are able to do through your business. Coming up with a good and plausible business idea is the first step in your business endeavor.
Business plan
Based on this you have to make a business plan detailing the activities you have to perform in order to make your idea a reality. It is a blueprint of your business undertaking detailing all of the important points that will make your business plausible. Make sure to assess the finances and budget you will need in order to start and make your business a reality. Also, define your product or service development, marketing and sales, needed human resources, and other needs that your business will require. Your business plan needs to be as realistic as possible. It will be your guide to business success and a tool for accessing finances when needed.
Form a business
Define and set up your business entity. Register like an LLC or a company if you want to be protected from personal liability. In this way, you will also protect your family from business risk. In other cases, the owner is personally liable in any case of a lawsuit.
Register for a tax ID and bank account
After this, you should register for taxes and open a bank account. Every company needs a Tax ID number which is required for filing and paying taxes. Each business needs to register for sales taxes and re-employment taxes. In addition, it is wise to open a bank account thus separating the business and personal assets of the owner. This is protecting both the owner and the company and makes it easy to file taxes and tax returns.
Get insurance and licenses
Doing business legally in any state including Florida demands that you have adequate licenses. Compliance with state laws and regulations is of paramount importance for any business. In addition, you need to concentrate on the growth and expansion of your business. To be safe while you do that it is best to get the proper insurance for your business and operations. Having insurance is the best way to leverage risk and be safe in an uncertain market.
Develop your brand
Once you set everything up you need to strive and achieve as much visibility of your business as possible. This means that you have to be recognized in the market by your customers, competition, and potential partners. Good branding creates interest and promotes you and the quality of your products and services. It is crucial for your promotion, especially in light of the digital era and the use of social media, business portals, and websites.
In conclusion
Starting a family business in Florida can be one of the most rational business decisions you can make. The whole process is easy. Florida also is one of the most stimulating states regarding business climate and conditions. Your success chances here are great so don’t hesitate to take the right steps in your business endeavors.
