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By Ryan Pedro
- In Money Goals
Florida’s approximately 2,4 million small businesses make it a shining example of American business. Chief Executive Magazine ranks Florida as the second-best state for businesses in the United States, which makes sense.
At almost one trillion dollars, the GDP of Florida’s fourth-largest state surpasses those of Saudi Arabia, Switzerland, and Argentina.
Florida is home to a diverse range of industries, including manufacturing, exports, tourism, and information technology.
Due to the labor-intensive efforts of entrepreneurs, over 6,400 new firms were formed in Florida in 2019 alone, and over a quarter million new jobs were generated in Florida in 2018.
Florida is home to some of the most prosperous cities for entrepreneurs. The government can support business owners in reducing start-up costs and maximizing profits.
Numerous enterprises benefit from a reduced regulatory environment, and the absence of a state income tax boosts both your personal and corporate wealth.
Although Florida is a business-friendly state, you can nevertheless expect to encounter barriers. For example, labor expenses will continue to rise due to the need for higher remuneration, the dearth of suitable workers, and the expansion of benefits such as paid health care. Increased frequency of extreme weather events, such as hurricanes, may lead to higher insurance premiums.
How to Start a Business in Florida: Professional Counsel
Conduct Market Research.
You are exploring an uncharted region. Regardless of the veracity of the data you hold to be true, they are always subject to scrutiny due to the fluctuating nature of market interests. Start by conducting extensive study on the industry you wish to enter. Examine its online presence and SEO-based promotion, and determine how it can benefit your model.
Create a business plan.
Next on the list of preliminary chores should be the creation of a solid business plan that explains your company’s objectives. This strategy should also contain a list of well-written suggestions for prospective sources of funding. This strategy should address the following areas: product development, sales and marketing, human resources, and long-term financial planning with precise projections for at least five years.
Below are the eight most in-demand businesses in Florida.
Real Estate
Real estate is always a popular profession, but in a state like Florida with a rapidly growing population, it may be very lucrative.
If you’re considering entering the real estate market, there are a few considerations you should make. You must first obtain a real estate license.
In Florida, you must complete 60 hours of real estate curriculum and pass a 3-and-a-half-hour exam covering the following topics (this list is not exhaustive):
Mobile Auto Detailing
Mobile auto detailing is one of the best businesses to start in Florida because you can work there year-round. In addition, this service is always necessary because to the abundance of automobiles on the road. Launching a mobile auto detailing service is neither difficult nor costly.
Before beginning to market your business to prospective customers, you must first acquire some high-quality tools and resources. The following items are required to launch your business:
Obviously, this does not cover everything you must do to establish your business as genuine and lawful. Determine the company’s legal structure, register it with the Florida Division of Corporations, and purchase at least general liability insurance.
Create a Microbrewery
Despite accounting for only $27.6 billion of the $114,2 billion US beer market as a whole, craft beer continues to increase in both volume and market share.
Florida has fewer craft breweries per capita than other, more competitive states, like as Colorado, Washington, and California, with approximately 200 dispersed over a populated, densely metropolitan state. Even though major urban districts such as Gainesville and Tampa are recognized for their craft brewers, even little towns such as Apalachicola have a need for high-quality, locally brewed beer.
The number of American breweries has increased dramatically from 1,653 in 2009 to 8,386 in 2019. In a highly regulated industry, launching a craft brewery in Florida often requires a six-figure investment, even with used equipment.
You’ll need a solid business strategy that focuses on the desired production and distribution volume, as well as the business model (such as a brewpub or production-only brewery) you’ll employ (such as in-house sales only, or regional wholesale and retail distribution). As new breweries continue to open around the country, it appears there is still opportunity for success in the brewing industry, despite the fierce competition.
Open a nail spa
In 2018, appearance-conscious Americans spent more than $8 billion at nail salons. Through 2028, the demand for nail salons will increase by 10% nationwide. Additionally, opening a nail salon business in Florida could help you to earn between $40,000 and $70,000 each year, on average.
Consider opening a nail salon after reviewing the CDC COVID standards and the new minimum wage law that Florida voters approved in 2020. Consider that nail salon often have fewer than 1,000 square feet when arranging your space. A major portion of your target market may consist of 18- to 24-year-old Florida women. Typically, equipment costs range from $75,000 to $125,000.
Flower Delivery Company
The fact that Florida is known as the “Land of Flowers” implies that flowers are considered a valid cultural element.
It should be mentioned that Valentine’s Day is not the only time when you could send someone a bouquet of flowers; flowers are not just for February 14th. A modest business involving the delivery of flowers to people’s homes or doorsteps could be successful for an entrepreneur.
Transport Service
Constantly requiring the delivery of time-sensitive items from one location to another, every economy need courier and transportation services.
You can boost your chances of success if you are willing to make deliveries on short notice, in all types of weather, and even on holidays.
This type of business requires effective word-of-mouth marketing in order to succeed.
Open a supermarket
Owning a grocery store in the Sunshine State may be beneficial, whether you invest in a franchise or open a speciality business.
However, demonstrate your expertise in the topic. Depending on the sort of store, profit margins can range from as low as 1% for a standard supermarket to as high as 10–12% for a smaller, more specialized grocer. In order to start a modest or medium-sized store, you must be able to invest up to $500,000 and obtain extensive permits.
Start a hotel or inn
2020 has not been an easy year for Florida’s 3,908 hotels and motels, despite 2019’s continuous rise in the state’s hospitality sector. There are indicators of potential for the $20 billion sector. There are possibilities where there is hope.
Given that the state’s hospitality sector is not expected to fully recover until 2023, opening a hotel or motel in Florida (and securing the required permits) may be challenging. These following years could equip you for success if tourism recovers, regardless of whether you establish an independent facility, purchase a franchise, or acquire a motel. South Florida, the Florida Keys, Orlando, Jacksonville, Tampa Bay, and Naples are examples of significant markets where this is doubly true.
International commerce
Miami has the largest container port in Florida. This port can efficiently ship goods to every area on the planet, so exporters have nothing to worry about. If you understand the complexity of exporting and are willing to take the jump, Miami is a wonderful place to begin your own export company.