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How to Run a Business in Florida? – FH News

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Business In Florida

How to Run a Business in Florida
How to Run a Business in Florida: Image Source

Florida is also known as the Sunshine state of USA and it is the fourth in the country when it comes to the size of the economy. Last year the growth of the economy of Florida out-performed the US economy on the whole at the rate of 3.5% to 2.9%. a significant part of the Florida economy consists of small businesses as it makes almost 99.8% of all businesses of Florida. Only in the state of Florida, the small businesses employ 3.3 million workers and it makes almost 42% or above of the total workforce of the state.

At the time when the overall unemployment rate of the country is 3.6% it even lower in the state of Florida, that is 3.4%.  Some of the top industries that are the small businesses earning a lot of money in Florida include food services and accommodation, technical services, professional, scientific, social services and healthcare, retail, and construction.

The economic indicators of Florida are very positive for the future of the state, but they do not tell the complete story. Florida is situated from tropical to sub-tropical temperature zone so the businesses of the state get affected by the changes in the weather. There are a number of challenges that the businesses of the state of Florida’s face and the seasonal changes are one of them.

Fewer Taxes

The state of Florida is a very lucky one as it is one of those states that have a low burden of taxes to pay. There are seven states in the USA that do not have a personal income tax and Florida is one of them. This quality of Florida makes it a suitable place for some pass-through things like LLC’s. The sales tax does not apply to the necessities of life like groceries and medicines. Companies in Florida should file their business income tax returns at a considerably low top rate that is 5.5%.

According to the founder and President of Idealcost.com Robert Livingstone Florida is a state that does not have an income tax as well as many other taxes that the businesses running in other states have to pay regularly.

There are a number of businessmen who are uprooting their businesses to move it to Florida to take tax relief and make more money. The CEO of Baker Street Funding Daniel DiGiaimo is busy in relocating the business that has been running successfully in New York City to Florida in order to avoid the heavy taxes that they have to pay while doing business in states other than Florida. Daniel said that it makes a huge difference when you move your business from the city with the highest tax rates to the state where you won’t have to pay any state taxes. It will save a fortune both professionally and personally.

Availability of Capital

There are a number of entrepreneurs out there who say that as compared to other states of America it is easier to get the loans for your business. It is a fact that the businesses running in Florida have easier access to capital than those in other states. There are more than 150 banks in the state of Florida and a number of angel investors and venture capitalists who can help you with getting the capital.

The concept of doing business in metropolitan cities like Silicon Valley or New York to have easy access to new investment and more capital to grow your business is old now. the smooth running businesses in Florida make enough money to provide for further investment to grow your business. There were times when the states like Florida did not have access to bigger markets but today the latest technology has removed all the communication barriers and Florida has international access to huge markets. Florida was not always as progressive as it is now. in fact, Florida has emerged as an economic hub for most of the new startups and innovative ventures.

Affordable Lifestyle

There are many people who assume that the cost of living in Florida must be very high, but, in fact, it is not as high as many other states of the country. If you compare the cost of living with the earnings of the people you will notice that living in Florida is much affordable than living in New York. According to the experts living in Florida is much more affordable than many other states of the country including Chicago, New York, and San Francisco.

The prices of different things do not stay the same throughout the year and may vary according to the locality. For example, if we compare the prices of different things in Miami with those of Tamp Bay or Jacksonville you will definitely find Miami more expensive than Tampa Bay. Starting a new business needs a new piece of land and you have to buy a piece of land. In such a situation you should first do some research as the prices of real estate may largely differ from one area to the other.

The current minimum wage rate in Florida is $ 8.46 until January 2019. Florida lacks a number of laws that make a business pay more, for example, the state laws of Florida do not say anything about paying overtime to employees. There is no law for providing any compensation for an accident during work or even if one wants to quit the job.

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