Content Index
- Introduction
- Benefits Of Starting A Business In Florida
- How To Start A Business In Florida - 12 Easy Steps!
- How To Promote Your Business With Or Without Money?
- Get Help From Local Resources When Starting A Business In Florida
- Some Of The Best Business Tools for Promoting and Managing Your Online Business:
- Tools For Measuring Your Website Performance and Analysis
Introduction
Awesome business acumen! We appreciate your smart business choice as you have searched for the best location for starting a business “Florida” - The Sunshine State.
Before we decode the secrets to starting a business in Florida, here is what we want you to self-reflect so that you get sure that Florida is the right destination to make big bucks!
Do you want to start a business in a growing economy?
Is a flexible and friendly taxation policy a must for business growth?
Is an economy that supports every business type is vital for business launch?
Do robust commercial services and trade facilities play a critical role?
Are a growing population and increasing purchasing power necessary?
If the answer to all the above questions is a "YES," here are some interesting numbers that will blow your mind and motivate you for starting a business in Florida.
- Floridians boost over $1.1 trillion in personal income.
- Florida's total merchandise trade amounted to $90.8 billion through July 2021.
- Florida's population of 21.6 million+ provides a vast workforce and customer base.
- As a booster to businesses, Florida has a low corporate income tax rate of 5.5 percent, with several sales tax exemptions.
- More than 59 million tourists visited the Sunshine State in the first half of 2021; tourism adds a lot to the overall economy in Florida.
- 1.1 million women-owned businesses flourish in Florida, the third-highest number in the country.
With no second thought, you are on a promising path to starting a business in Florida.
Trust us, with a GDP of $1.1 trillion, 8.7 million people employed, the fourth-largest economy in the United States, Florida, the Sunshine State is undeniably one of the best destinations for businesses of any scale.
Let’s get the momentum going, aim high and step on the action plan to put up the best business to start in Florida. Here’s a little more insight into what makes Florida the best for business.
Benefits Of Starting A Business In Florida
Florida is home to 2.5M small businesses that contribute nearly 44% of the state GDP. Be it LLC, Corporation, or non-profit, the state has much to offer. Here are the key reasons why starting your business in Florida is the right move for ensuring profitability in the long run. Some key highlights are:
- The Qualified Target Industry Incentive - QTI Tax Refund policy is a booster for businesses creating high-wage jobs in Florida. Businesses are entitled to refund driven on sales, corporate income, intangible personal property, insurance premium, and other taxes.
- When starting a business in Florida, a benefit of a tax refund of $3,000 for job creation in the city and approx $6,000 in refunds for jobs created in a county is what you are entitled to.
- Exemption of business inventories from property tax, great for good business to start in Florida.
- The tax climate of Florida is highly favorable for new businesses.
- Capital is available. For entrepreneurs wishing to start a firm, Florida has a plethora of venture capitalists and angel investors. This ease of access to finance makes creating a business in the state much more accessible.
- Popular seasons. Tourists visiting Florida during the winter months benefit Florida businesses. A rise in tourism means more money and opportunities for expansion.
- High skilled workforce and great infrastructure work best when starting a business in Florida.
- The low cost of living as real estate in Florida is quite manageable.
- The labor force in Florida is quite strong; it’s the third-largest in the country and growing at 5.4%.
- Easy venture capital funding. 8% of venture funding in Florida went to women-founded companies in 2020, up from 7% in 2019.
Have you already started thinking about your business name? How will you make a mark in such a business-friendly environment? Stay with us in this journey of starting a business in Florida, which we have broken into simple 12 steps.
How To Start A Business In Florida - 12 Easy Steps!
Starting a business in Florida is favorable, but you need to comply with all the norms and regulations by the local bodies as well. Here are the steps to starting a business in Florida.
Step 1: Are You Sure Your Business Idea Will Churn Out Millions?
The first step toward a good business to start in Florida is to figure out the right business idea. Go for a business idea close to your interest; execution is viable as per the state laws, you can get the skilled workforce, the right vendors/suppliers has market demand, and most importantly, keeps you motivated all the way.
Need some ideas for what business is the best to launch in Florida? Here is a comprehensive list of the best business to start in Florida:
Step 2. Decide The Business Structure
Now that you have shortlisted the business idea for starting a business in Florida, it's time to work upon the proper business structure. In Florida, your options for the business structure are Partnership, Corporation, Limited Liability Company (LLC), Sole Proprietorship, Partnership, General Partnership.
Depending on your business type, take a professional consultation from a legal and financial advisor to guide you to the proper business structure. Here are some valuable details that will help you have a better understanding:
- Corporation - When starting a business in Florida, if your business is large and you plan to go public later, a corporation is a beneficial business structure.
- Sole Proprietorship - Take up a sole proprietorship when starting a business in Florida if you are the only person involved in the business. One downside may be that you carry all legal liability because you and your business are not separated.
- Limited Liability Company (LLC) - When starting a business in Florida, a Limited liability company is a legal entity that can be used when forming a business. It’s a more formal business structure compared to a partnership or sole proprietorship. Also, LLC offers protection to the owner from personal liability for any debts that a business incurs.
Step 3. Register The Business With Department Of State (Dos)
To Submit the Articles of Incorporation to register the business with the DOS. The article is available on Florida's Department of State Website. To complete the process, here's what all is required:
- Business Name - The name of your business is an identity that will stay lifelong, so put your heart and soul into getting the best one when starting a business in Florida. Choose a business name that is unique and resonates with your product and services. You may even check the proposed business name at the Division of Corporations; if the status is "INACTIVE" or "INACT," then the title is available for use. In case it reflects Active, then you may need to search for some other name before starting a business in Florida LLC.
- Choose a business name generator tool to find the perfect name when starting a business in Florida. Here are some great tools for you to check out:
https://businessnamemaker.com/
https://businessnamegenerator.com/
- Also, make sure to check for domain name availability before finalizing the business name. Use these tools to find a domain name:
- Effective Date. The corporation's effective date is usually the date the Division of Corporations receives and files your Articles of Incorporation. This date must be no more than five business days before or after the DOC receives your Articles of Incorporation.
Pro Tip: To learn more about the exact requirements, log on to the Florida Department of State's website. |
- Payment. To file the Articles of Incorporation for a corporation in Florida, you must file your formation documents to the Florida Department of State online or by mail along with the $70 filing fee.
- EIN. Register for an Internal Revenue Service Employer Identification Number (EIN). Then register with the Florida Department of Revenue (DOR), and for the Corporate Income Tax. All corporations, LLCs, and partnerships doing business in Florida must file for Florida's Corporate Income Tax.
Step 4: Do Your Business Location Enables Starting A Business In Florida?
Where are you going to establish your business in the Sunshine State? Your business location plays a vital role in your business growth, licenses and permits. Here is what you need to consider for choosing the right location for starting a business in Florida.
- Look for a location that's within your budget.
- Take into consideration accessibility to suppliers and vendors
- The location should be safe
- Check out demand for your services in the area
- Look for competitors in the vicinity
- Think about your employees and mobility
Here are some locations you may consider for starting a business in Florida:
Step 5: Make A Business Plan To Achieve Every Milestone
Starting a business in Florida begins with making a business plan for which thorough market research is the first step. By market research, we meant know facts like:
- The right age group that will buy your products
- What are their shopping patterns and preferences?
- Which competitor products are doing best, and what makes them do so well.
- Do surveys to understand your audience well.
- You may even consider going for a search engine optimization to check out what kind of traffic your website is pulling in.
After analyzing the market, come up with a full-proof business plan for starting a business in Florida? However, making a business plan is not a cakewalk, but we make it easier for you.
Tips to make a perfect business plan for the best business to start in Florida:
However, consider working with a professional marketing agency that will guide you with the best business plan, exhaustion plan and get you the desired outcome.
Step 6. Look For Business Funding When Starting A Business In Florida
You may fund your business through Small Business Administration (SBA) loans, short-term loans, bootstrapping, credit cards, crowdfunding, and others. Florida's Small Business Development Center provides valuable information and free financial advice to young entrepreneurs looking for funding opportunities.
Step 7. Begin With The Hiring Process For Starting A Business In Florida
To build a strong business, hiring the best of employees is crucial. But when you start your business in Florida, along with hiring the best resources, you also need to comply with the legal hiring requirements.
- This includes making sure you're registered with the IRS for employee taxes and notifying the state of Florida about new hires.
- Register for State Employee Taxes in Florida.
- By federal and state law, all employers must report newly recruited and rehired employees to the DOR. New employees can be reported in various methods, including online, electronically, and by letter or fax. The Florida Department of Revenue's for Employers webpage has more information.
Step 8. Apply For A Business License, Permit For Starting A Business In Florida
Fill out an application with the Florida Department of Business and Professional Regulation (DPBR). The Business Information Portal of the State of Florida provides information on the licenses, permits, and registrations needed to start a business in Florida.
Step 9. Check Local Regulations And Requirements For Starting A Business In Florida
Local governments, such as county and municipal governments, may have their criteria for new enterprises, including additional permissions and licenses. Always check the website of your local county or city.
Step 10. Open A Business Bank Account For Starting A Business In Florida Steps
Many business bank accounts come with business-specific bonuses, such as longer billing cycles or more significant credit limits, which might benefit a new business.
Create a business bank account, credit cards, and accounting software while starting a business in Florida.
Step 11: Get Insured To Secure Your Business
Minimize business risk by getting insured. You may opt for insurance for general liability, insurance for workers' compensation, insurance for professional liability.
In Florida, workers' compensation insurance is needed by law for firms with four or more full-time or part-time employees when starting a business in Florida.
Step 12: Build Your Brand When Starting A Business In Florida
By now, you are done with all the compliances for the best business to start in Florida, and it's time to give complete focus to building your brand and making a noise in the market.
Winning Tips To Build Your Business:
- The most effective way is working with an experienced Web design agency that has the infrastructure to develop and grow your business online.
- Invest in building a website that offers an unmatched user experience when starting a business in Florida.
- Get a logo that identifies with your brand. Here are some tools to design a perfect logo:
Logaster, Adobe Illustrator, Logomaker
- Pay attention to the website’s appearance. The color, scheme, layout, compositions, and navigation should be seamless.
- Promote your website. Get a digital marketing plan in place as to how it will reach out to your target audience.
- Mark presence on social media platforms like Facebook, Twitter, Pinterest, Instagram, Google Business, Yelp, depending on your business type.
- Go for search engine optimization, pay-per-click paid advertising, emailers, and much more.
- Define a concrete content strategy because the content is what will get you engagements and new leads.
- Promote your business on YouTube, especially if your services are in the beauty, food, and tourism industry.
- Promote your brand on Google My Business is a helpful tool that allows businesses to manage how their business appears on Google's search engine results page (SERP) and Google maps.
- Build an email list and send across well-though of emailers about your business and any special offer to attract users.
- Engage in conversions on social media, respond to comments on your Facebook page, post content consistently so that you never skip out on the audience’s attention.
- Let your customers know about the physical location of your business, hours of operation by adding a map to your contact page.
- Pay attention to the user experience (UX). Use multimedia effectively like images, graphics, videos to engage the audience.
- Use tools like googlepagespeedinsights to figure out how to improve upon the load time of your website.
- Get a clear, noticeable Call-to-action on the webpage.
- Don’t ignore search engine optimization, whatever be the scale of your business. We highly recommend working with a digital marketing agency that can help you with the right SEO strategy.
- Do make your site mobile responsive.
- Put up reviews, testimonials, user-generated content, certification on your website.
How To Promote Your Business With Or Without Money?
- Incentivize your existing customers so that they turn into regular shoppers and also spread word-of-mouth about your business.
- Use social media to the fullest. It costs nothing and will get to maximum mileage. The only point to consider here is the right social media strategy. Plan a calendar for your content and how frequently you may post the same.
- Get into affiliations. Partner with a non-competitor business to promote your product and vice versa.
- List your product in business directories.
- Answer questions on platforms like Quora and Reddit to solve users’ pain points and connect with them.
- Tweet! It costs nothing and is highly effective when done right.
Get Help From Local Resources When Starting A Business In Florida
Local resources are the best way to support your entrepreneurial journey. Here is what you can do:
- Participate in local fair and vendor market.
- Get into community engagements.
- Get listed on local business directories.
- Finally, check out Florida SCORE, as it is a great starting place for new businesses.
- Register yourself on websites like
http://www.merchantcircle.com/
http://national.citysearch.com/
Some Of The Best Business Tools for Promoting and Managing Your Online Business:
Tools For Measuring Your Website Performance and Analysis
We hope you are now well-prepared for starting a business in Florida and mark a fulfilling entrepreneurial journey for yourself. So on that note, here is all we have spoken about.
Get Started!
Hit the jackpot! Rise, and get going because starting a business in Florida is the next big success story for you. The business destination is perfect for marking a niche if you plan and execute it right. Comply with all the required documentation, abide by regulations, and delegate the task of building your brand to an expert web design agency.
So...tell us what business you are planning to launch, or do you already have a business in Florida and trying to expand it more, share your story with us in the comments down below, and we will be glad to work along!
FAQ’s
How will you make my small business successful in Florida?
Plan your funds smartly and invest in a digital marketing strategy if you want to make it big. Look out for professional marketing agencies in Florida that can get you end-to-end solutions for starting a business in Florida.
Can you run a business from home in Florida?
Yes, you can. You must get a home business license if you operate your business from your house, even with minimal resources.
Do I need a business license to sell online in Florida?
Except for Florida and Missouri, all 45 states with a sales tax now require online merchants to get a seller's permit or a sales and use tax permit. You can usually register for e-commerce sales tax online or by mail for a minimal price or no fee at all.
Your Next Read:
- 10+ Steps to Start an Online Business That Works
- How to start an eCommerce Business?
- 12 Steps to start a small business for rising entrepreneurs
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Nice written guide, helping step by step how to start a business in florida.