Business Insights

Reasons to Open Your Business in Florida

Florida has earned its reputation as a fantastic vacation destination and a sunny place to live, but it's also an excellent place to start a business. Whether you're putting on your entrepreneur hat for the first time or moving your company from another location, these attractions should lure you to Florida in a hurry.

1. Plenty of Resourcesflorida business shops with tourists

Whether you're applying for commercial loans or creating a business plan, you'll find the assistance you need in Florida. Friendly locals, professionals, and consultants can answer your questions and point you in the right direction.

For instance, if you need help getting approved for a loan or setting up a business bank account, visit a local community bank. These smaller, community-focused institutions don't make you stand in line or hold on the phone for hours, and they're staffed with professionals who know the local community inside and out.

Thomas Van Horn, the proprietor of East Hill Honey, learned this lesson about turning to local community resources and experts firsthand. According to Horn, he wanted to expand his business, and the friendly folks at the University of West Florida's Small Business Development Center (SBDC) stepped up to the plate. This location is one of many throughout the state; click here to learn more about this incredible business network.

In addition to the SBDC network, there are a plethora of Florida-specific business resources and tools. View an inclusive list here.

2. Financial Freedom

Financial incentives abound for business owners in Florida. There's no state income tax, for instance, which means you'll keep more of your profits where they belong: in your bank account. The state government also offers a variety of financial incentives and tax write offs for particular lines of business. Additionally, it’s the fourth largest U.S. economy, and residents earn a combined income of more than $840 billion. If you're looking for a prosperous place to open a business, you can't do better than Florida.

Get the latest updates, offers and helpful financial tips.

3. Tourism and Environment

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All over Florida, from Destin to Miami, are some of the most popular tourist destinations in the country. This continuous influx of new faces gives business owners fresh opportunities to boost sales. The beautiful weather makes wintertime visits almost as enjoyable as those in the summer, so you never have to worry about a dip in clientele.

It's also the ideal environment for numerous industries. Natalia Vorozheykin, a construction company entrepreneur in Florida, managed to wrangle government contracts as well as private clients because of her business's location. She also states that she has earned repeat business from community members, which helps her company stay successful.

4. Entrepreneurial Activity

If you decide to open a business in Florida, you'll find yourself in excellent company. Florida is home to the fourth largest economy in the nation, and small businesses make up 99.8% of all businesses in the state.

An entrepreneurial community creates the perfect atmosphere for small business success. You can learn from other professionals in the area and take advantage of the resources available to you.

You can't go wrong with Florida if you have entrepreneurial ambitions. Access to advice, commercial loans, and willing customers will help your startup succeed. To get your business off the ground, click here to view a step-by-step guide to opening a new business in Florida.

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