Do you want to start a business or maybe open a second, new business. If so, that makes you part of the majority. Estimates place the number of Americans who want to pursue entrepreneurship at around 62 percent.
While many aspiring entrepreneurs focus almost all of their attention on what kind of business to start. Smart entrepreneurs give some thought to where they want to start their business. Opening a business in your home state can feel like a natural move, but there are advantages if you start a business in Florida.
Keep reading for five of those advantages.
1. Favorable Taxes
Like a handful of other states, Florida imposes no personal income tax. Its corporate income tax is also on the low side. Its current rate of around 4.4 percent is set to expire at the end of 2021 when it will go back to the also quite low 5.5 percent.
You also escape the headache of payroll taxes because Florida doesn’t have one.
2. Large Workforce
Florida is also home to one of the largest workforces in the nation. It typically ranks somewhere around third for all fifty states.
As an added bonus, you’re highly likely to find multi-lingual employees for your business. That can help open doors to more and a greater variety of customers.
Florida typically enjoys a strong tourist presence. That means a steady stream of fresh customers, most of them with money to spend on their vacations.
While the Covid pandemic hit Florida hard, the state has seen a lot of uptick in its tourism and overall economy in the last six months. As vaccination rates rise and restrictions continue loosening, those numbers should continue their improvement.
4. Strong Entrepreneurial Community
Florida is home to a lot of new and small businesses. Several of its cities rank very well in terms of access to business resources.
One resource that proves especially important for non-retail startups is available venture capital. That’s a resource area where Florida routinely ranks in the top five or ten places in the country.
It also means you won’t need to look far if you want to learn how to file for an LLC.
5. Quality of Life
Florida definitely has an edge in terms of quality of life. The weather is excellent and winters often prove mild. You also have access to a whole lot of coastline if you enjoy the beach.
Why Not Start a Business in Florida?
In many ways, the question isn’t why should you start a business in Florida? It’s more a case of why wouldn’t you?
You get a very favorable tax structure that keeps more money in your pocket and your employees’ pockets. You have a huge workforce to draw on. Tourism keeps a fairly steady flow of new customers coming into the state.
On top of that, there’s venture capital and a strong entrepreneurial community. Splash some excellent quality of life on top and it’s a solid win.
Looking for more business tips? Check out the posts in our Business section.