The Advantages of Starting a Business in Florida

Are you trying to decide where to start your business? Florida might be the state for you.

Florida is becoming an increasingly popular state to start a business, and since the Covid-19 pandemic, many companies have chosen to relocate to Florida. In 2021, 12% of new businesses nationwide were filed in Florida.[1] Why? According to U.S. Census data, Florida is now considered the top location to form a new company.[2] In fact, in 2019, Florida had an early startup survival rate of nearly 78%.[3]

Lower costs

One of the top reasons Florida is an ideal place to start a business is its low tax structure. Florida has no personal income tax, a payroll tax of only 6% on the first $7,000 in earnings for each employee, and a 5.5% corporate tax rate.[4] Additionally, Florida has a lower cost of living than other popular states such as New York and California.[5]

Infrastructure

Florida houses more than 130 public-use airports and 20 commercial airports. Additionally, Florida is home to 15 deep-water seaports, which support nearly 900,000 Floridian jobs and contribute US$117.6 billion to the economy each year.[6]

Business Growth

Ranking 4th in the U.S. in small business growth, Florida is the place to be if you are looking for fertile soil for expansion. Florida is home to many business incubators and accelerators that encourage business innovation and can generate company growth. Some incubators and accelerators in Florida include Tech Runway in Boca Raton, the Goldstein Business Accelerator in Orlando[8], and The Launch Pad, an entrepreneurship center at the University of Miami. Visa Business Plans’ CEO, Marco Scanu, is a venture coach at The Launch Pad.

A Talented Workforce

Florida’s public university system is ranked the best in the nation.[9] Additionally, many young, educated people who are eager to start their careers are moving to Florida. This influx provides a growing talent pool that businesses can benefit from. In fact, Florida is home to the third-largest workforce in the nation.[10]

Quality of Life

Many business owners also choose Florida because of the quality of life it offers. Florida has great weather and beautiful beaches, world-class theme parks, sporting events, and a low cost of living that enables more activities.[11] Florida’s cities also feature top restaurants, cultural attractions, and vibrant nightlife.[12]

Thinking of starting a business in Florida? The team at Visa Business Plans is here to help. Our knowledgeable and professional consultants have helped thousands of entrepreneurs launch successful operations in Florida and throughout the U.S. If you want to learn more about how we can help make you and your business a success story, call us today!