A common question that entrepreneurs have when starting a business is whether their location is right for their venture. Every state has its own advantages and disadvantages, but Florida has a lot to offer small businesses. The Florida Small Business Development Center is an excellent resource for new entrepreneurs, providing free financial advice and helping them decide which financing options are best for them. It's important to note that not all small business loans will be available to a business owner just starting out, but the Small Business Development Center can guide them in the right direction.
Entrepreneurs also report that they have sufficient access to capital to start and grow their businesses in Florida. The state is home to significant investment capital from venture capitalists and angel investors, making it an ideal place to expand in today's competitive global market. Florida is ready to welcome businesses with its talented workforce, world-class infrastructure, global connectivity and quality of life. These are just some of the reasons why global players, established companies and burgeoning startups have chosen to expand in Florida.
Additionally, workers in Florida earn more than the national average, while enjoying a low cost of living. Whether you're operating an LLC for your home business or striving to create Florida's next big Fortune 500 company, you should have a business bank account separate from your personal accounts. That's especially true in key markets such as the Florida Keys, Orlando, Jacksonville, Tampa Bay, Naples and South Florida. News ranked Florida's economy eighth in the nation based on growth, jobs and business environment.
Due to Florida's long coastline and warm weather, water sports businesses abound, including jet ski and boat rentals, surf and paddleboard lessons, and fishing trips. Whether it's one of the above businesses or the one you've been dreaming about, you can decide what is the best business to start in Florida. The reasons why Florida ranks so highly as a good environment for business include its business-friendly policies and an optimized regulatory environment. That can change the rules of the game for a company that is just starting out or an established company looking to get out of a state with high taxes.
Furthermore, South Florida's proximity to Central and South America and the Caribbean makes it an international business center. Florida state law requires all employers to report any newly hired or rehired employee to the state board within 20 days of their start date. Additionally, Florida can afford to keep tax rates low because it depends on the hospitality tax revenues of its tourism businesses, including theme parks, hotels and resorts. A recent Wallethub report determined that Florida is the most business-friendly state in the country, placing four cities in Florida - Orlando, Miami, Jacksonville and Tampa - in the top ten. In addition, as in many other parts of the country, Florida has an employee labor market, making it difficult to retain existing talent.
Workers' compensation insurance is mandatory for any company with at least four employees in Florida (whether they work full time or part time), as well as for construction companies regardless of size and agricultural companies with at least six regular employees or 12 seasonal workers. Some business owners are uprooting their businesses to move to Florida because of tax advantages for small businesses. Whether you're looking for a great place to start your business or just want to take advantage of all that Florida has to offer entrepreneurs, it's no wonder why so many people are choosing this state.