The State of Florida is home to some of the most successful businesses in the U.S; known for its booming tourist season and with the fourth largest economy, it's no wonder Florida is such an attractive location for thriving business, but also for a little fun.
The profits of Florida’s top businesses range from $1 million to $4.6 million. NationsHearing was ranked as the number one business in Florida, with Avalon Healthcare Solutions ranked as second, and Bendcare ranked at fifth, also in the health industry. Apart from the accomodation and food services industry, the healthcare industry is second of Florida's most successful and profitable industries, the remaining being real estate, science and energy production and construction. Also on the list of most successful companies in Florida is Equity & Help, Blackjack Real Estate and Fair Price Properties, all real estate businesses, Poderio, a software company, and Effectus Partners, a product and service business out in Miami. Most of Florida’s most successful businesses are located in Miami, with a few more in Tampa.
The popularity of Florida as a business state
Florida is one of the states in the U.S known for its relatively low tax burden for small businesses. What adds to the popularity is that Florida does not have a personal income tax and with a low corporate tax rate of 5.5%, businesses are granted some leniency in this regard and business owners are drawn to Florida because of its advantageous tax requirements.
Access to capital is crucial to starting a business, and according to entrepreneurs and business owners in Florida, financial capital and backing are easily accessible for small and growth businesses in Florida. With more than 150 banks statewide, and countless venture capitalists and angel investors looking for the next best opportunity, you won’t find any shortage, or have a hard time gaining access to capital in Florida.
Florida is also known for its seasonal economy, which is perfect for some businesses, yet will hinder others a bit more. Florida receives more than a million tourists a year, and during spring and summer, when the tourist season is in full swing, is when most businesses in Florida, whether they are seasonal or all-year round businesses, make most of their money.
How to start a business in Florida
Florida has about 2.5 million small businesses currently operating. Wonder how they did it? Here’s how you can start a business in Florida. By following seven simple steps, it's possible for almost anyone to get their business off the ground. The first step to starting a business is creating a business plan that will help you stay focused, obtain funding, manage your cash flow and track your progress. You want your business plan to include details about your business’ target audience, marketing strategy and future milestones. The second step is registering your business with the state and usually involves disclosing the information about the business, the owners and any other relevant bodies. The registration procedure differs according to the business structure you’ve chosen to incorporate in so it will be good to do some research for the business structure you’ve chosen. The next step is determining your business’ tax obligations and the business licences and permits you require to operate your business, which will also be industry-dependent. Most counties in Florida require that all businesses obtain a general Florida business licence, but to find out more about municipal business requirements, you can contact the local chamber of commerce. The fourth step, which is a very important step, is separating your personal and business assets. This includes keeping separate books for your business and private affairs and opening a business account and business credit card, which will all establish your business as a separate entity and prevent others from piercing your corporate veil. The fifth step is financing your business. In Florida, there are several means of finding out how you can finance your business. Florida’s Small Business Development Centre offers free financial advice and low-costing workshops for small businesses, and the Florida Finance Network can provide you with information about the industry-specific loan programmes in Florida. You can also consider options suchs microloans, crowdfunding and trade credit, if more conventional routes are out of reach. After gaining access to financing, all that’s left is building your business’ brand and marketing your business. It's important to ensure that your brand is unique and memorable, that will help you stand out among competitors when you market your business to your target audience.
For more information about how you can start your business in Florida, you can visit the U.S government website for Small Business in Florida, or you can simply visit TRUiC’s website where you can find easy-to-use guides and business tools, to get the process started today.