Starting a Small Business in Florida
Why Should I Start My Small Business In Florida?
The state of Florida is consistently recognized for its pro-business economic, tax and regulatory climate. Florida is also attractive to prospective small business owners due to its fantastic weather and availability of recreational activities.
According to the SBA (Small Business Administration), there were 2.5 million small businesses in Florida (99.8% of all businesses).
According to Enterprise Florida, starting a small business in Florida presents several advantages. The top 5 reasons to start a small business in Florida are:
- Pro-business leadership
- Low tax burden
- Access to capital from private and public sources
- Commitment to trade infrastructure
- Competitive cost of doing business
How to Start a Small Business In Florida
Florida's Division of Corporations provides plentiful resources related to setting up a small business in Florida. Additionally, the Florida Virtual Entrepreneur Center (FLVEC) is teeming with information for aspiring small business owners.
Starting a small business in Florida requires investment capital. Traditional sources of small business funding are always available to consider. Also, there are myriad small business incentives offered by Florida available to small business startups.
Another excellent resource is SCORE (Service Corps of Retired Executives), a non-profit and resource partner of the SBA (Small Business Administration). SCORE can help you find a free business mentor or locate one of its 389 local chapters across the U.S.
What Are the Main Industries in the State of Florida?
Florida's economy is diverse and growing. One would expect that vacationers are a major contributor to the economy. But there are plenty of other industries shaping Florida's financial wellbeing. The top-ranked industries in Florida are:
- International Trade
- Aerospace & Aviation
- Life Sciences
- Financial Services
Florida is home to a number of large publicly-traded companies. In terms of annual revenue, the top 10 public companies in Florida are:
- World Fuel Services
- Tech Data
- Jabil Circuit
- WellCare Health Plans
- Carnival Corporation
- NextEra Energy
- Office Depot
How to Buy a Franchise or Existing Business in Florida?
There are options other than starting a business from scratch. One option many entrepreneurs choose for small business ownership is buying a franchise in Florida. There are many attractive options available for financing a franchise, some of which are not available to non-franchised businesses.
A new small startup or buying a franchise are not the only paths to small business ownership. Another option to consider is buying an existing small business for sale in Florida. Check out these FAQs about small business loans.