Starting a business in Florida - is it a smart move to make?

Embarking on an entrepreneurial journey is always an exciting and challenging task. However, it’s usually a lot harder than most people assume. So, you’ll need to be extra careful, because starting a business in Florida can be a very good idea if you know what you’re doing.

Requirements for starting a business in Florida

Nothing is as easy as just saying it. So, you’ll need to take care of some things before you can start your business in Florida.

Registering

The first thing you’ll need to do if you want to open a business in Florida is to get a name for your company. Make sure the name is unique and catchy. Once you’ve figured a name out, you’ll need to register your company with both the federal and state officials. You can choose whether your company will be:

●      A sole proprietorship - if you’re starting a business in Florida you’ll want total control of.

●      An LLC - with a limited liability company, you’ll report your business’s income on the company members’ individual tax returns (as opposed to a company’s tax return)

●      Fictitious name - your company can conduct business under a different name without having to register as a different company.

Apart from this, you’ll need a Federal Employer Identification Number, unless you’re planning on starting a sole proprietorship.

Bank account

You’ll need to provide a bank account for your company. Doing so will present your company as a separate entity, and it will keep your personal finances away from the companies. Even though this may not sound like an important thing, you’ll be glad that it’s so. Spending your company's funds by accident is very bad and undesirable. Apart from this, you’ll need to get an accountant for your company. This is a transparent way to do your company’s finances and if you don’t believe us, check out 5 reasons why you need to hire a bookkeeper for your business.

Get your licenses

Getting all the necessary licenses if one of the most important requirements for starting a business in Florida. If you don’t get all your permits you won’t be able to legally conduct your business. And then you’ll have more serious challenges than just establishing your business. So, make sure you begin your business venture on the right foot.

Benefits of starting a business in Florida

Florida is definitely one of the best places to start a business in. There are so many advantages that we couldn’t have mentioned them all. So we focused on the most important ones.

Large market

Florida is a very popular state which has much to offer. Whether it’s beautiful sandy beaches or a high-end lifestyle, there are many things you can do all over the Sunshine State. That is why it can provide such a large market. This is really good for anyone starting a business in Florida. A large market means that you won’t need to fight your competition so hard since there are enough capital and profits to go around. Apart from this, the Sunshine State attracts many tourists which will drastically increase your profit margin during certain months.

Good tax benefits

Florida is well known for excellent tax benefits. They don’t only apply to the senior citizens who live here, but also to everyone starting a business in Florida. If we take all of the aforementioned into account, as well as the excellent tax benefits, Miramar might be a place to start your business journey. This city is a new market open for fresh and bold entrepreneurs.

Reliable commercial movers

Finally, if you’re planning on starting a business in Florida, but you already have a business somewhere else, you might consider moving your business there. This is another reason why Florida is such a fertile ground for new businesses. You can easily relocate your business to the Sunshine State because of the quality of their services. No matter where you’re moving from, no no matter how long the distance, there are professionals that can help. With them, your commercial relocation will be done in no time.

Drawbacks of starting a business in Florida

Unfortunately, not every place is great for business in all aspects. And even though starting a business in Florida is generally a good idea, it’s not without its challenges.

Not too tech savvy

First and foremost, the population of the Sunshine State is not the best when it comes to technology. It went so far that some tech companies in Florida had to import their experts from other states. We don’t know the reason behind Floridian’s dislike for technology jobs, but it may have something to do with the shore. Who wants to stare at a screen all day when they have beaches right under their nose? Thus, if you’re opening a tech company in Florida, make sure you bring your own personnel.

Lack of resources and guidance

Apart from this, another challenge you’ll meet in the Sunshine State is that there is no guidance system for new entrepreneurs. Maybe it’s because this state is such a fertile ground for starting businesses, but in the state of Florida, you’ll be pressed to find an organization that will help you with your business in its early stages. Same goes for resources - both financial and otherwise. Seems the Sunshine State thinks you’ll be fine on your own. This is why they have almost no organizations which can help you with your new company.

In the end, to answer the question of whether it’s a good idea to start a business in the Sunshine State, we say - YES! Every business will meet with a lot of challenges, especially in the early stages. However, it’s how we deal with those that define us as entrepreneurs and businessmen. Sure, your business might prosper better in some other states, but not many. While you can surely do much worse than Florida. Finally, it’s up to you to make your starting a business in Florida worthwhile. If you don’t decide to explore and try your best options, who else will?