Why You Should Start a Business in Florida
But what makes Florida so great? Major cities like Miami and Orlando, an impressive university system, and low taxes means the Sunshine State is ripe with opportunity for savvy business owners. Keep reading to learn more about why Florida could be the perfect spot to start your new business!
7 Reasons to Open a Business in Florida:
1. Low Cost of Living
Many cities in Florida offer an affordable cost of living to their residents. For example, the median home value is $186,519 in Jacksonville, and more than half of the city’s residents own homes However, if you prefer to rent, cities like Daytona Beach come in about $150 per month below the national average for a two-bedroom apartment.
2. Favorable Tax Climate
Florida has long been an attractive state for tax-conscious individuals and families because it doesn’t have an individual income tax. Plus, the state has garnered attention for its favorable business taxes. In 2019, the state ranked 4th on The Tax Foundation’s State Business Tax Climate Index, which shows how well states structure their tax systems and provide a road map for improvement.
3. Strong Labor Market
According to the U.S. Bureau of Labor Statistics, Florida ranks 19th in the nation for its 3.4 percent unemployment rate. Furthermore, the state’s labor force is the third largest in the country and continues to grow at an annual rate of 1.7 percent.
In addition, U.S. News & World Report ranked Florida’s public university system first in the nation in 2019 for the third year in a row. In other words, if you’re looking for talented employees to join your business, you shouldn’t have any trouble finding them in Florida.
4. Ready Access to Capital
Florida ranks fifth in the nation for venture capital funding, according to U.S. News & World Report. In 2018, startups in the state received $511 million in seed capital.
Not to mention, Crowdspring ranked Miami, Florida the third-best city in the United States to build a startup in 2019, based on its critical mix of venture capital funding and talent. If you think Silicon Valley is the only place to find startup capital for your business, you might want to take a closer look at Florida.
5. Thriving Entrepreneurial Scene
Orlando, Miami, and Tampa occupied three of WalletHub’s best large cities to start a business in its May 2019 ranking, where cities were ranked on business environment, access to resources, and business costs. Other Florida cities such as Jacksonville and St. Petersburg also made the list.
In particular, Orlando was recognized for having one of the highest growth rates in the nation for number of small businesses. Clearly, it’s evident that entrepreneurs are flocking to the Sunshine State!
6. Diverse Economy
Although tourism is by far Florida’s top industry — a record 116.5 million tourists visited Florida in 2017 — the state’s economy is surprisingly diverse.
According to the Florida Economic Development Council, aerospace and aviation, life sciences, manufacturing, security, and information technology are currently the strongest segments of the state’s economy. And, according to Swyft Filings, construction, retail, and consulting are Florida’s fastest growing industries. It’s no wonder companies like Publix, Office Depot, and Darden Restaurants all choose to call Florida their home.
7. High Quality of Life
You can’t work all the time. In fact, you’ll probably be a better business owner if you prioritize a healthy work/life balance!
If you’re looking for a place to run your business that also has a high quality of life, Florida may be a great option due to its sunny weather, world-class beaches, golf courses, and other outdoor hot spots.
In addition, U.S. News & World Report ranked Florida 13th in its 2019 Best State Rankings — two spots higher than in 2018 — primarily because of the state’s fiscal stability, quality of education, and economy.
Conclusion: Consider Starting Your Business in the Sunshine State
There are many reasons Florida is becoming a hub for entrepreneurs and business owners. If you’re looking for a new home and a place to start your business, consider the Sunshine State. You might be surprised to find that Florida is much more than a vacation destination!
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.