3 Reasons Why the Sunshine State is a Hot Spot for Small Businesses

America’s peninsula has witnessed an insurgence since air conditioning’s debut in the 1950s. Every decade since then, Florida’s population has expanded – currently ranked as the 3rd most populous state in the country- replacing New York’s spot in 2014.

Curious why Florida is attracting so much heat? We are glad you asked!

A Sparking Population
Growth leads to financial prosperity, which creates an ideal environment for business startups. Unsure of investing your time and money in Florida? Think of this for a second: Florida businesses attract two huge markets – tourists and residents.

Accounting for 87.3 million visitors in 2011 (a record number), Florida is the top travel destination in the world. The tourism industry has an economic impact of $67 billion on Florida’s economy, which has led to tourist transitioning into permanent residents – investing in property, consumer goods/services, etc.

According to the United States Census Bureau, Florida’s population as of July, 2015, is 20,271,272. In April 2010, the census was recorded at 18,804,623, a 7.8% increase within a half-decade. Speaking of Florida’s income of people, there’s another huge reason to consider the Sunshine State…

State Income Tax
Possessing more money in your account allows you to invest additional funds into your business startup, by hiring more employees, buying furniture, and/or being able to afford office space. One of Florida’s hidden gems is the absence of a state income tax for residents. Floridians are only liable to pay federal taxes, which means more money in your pocket, which is a change for many new residents who are unaccustomed to the laws. Chances are the more financially secure someone is, the more likely they are to spend on products and services.

However, this law only applies to individuals, not businesses, unless your business operates as an S-Corporation, which is more common for small businesses! In the end, almost every business owner originally worked at their regular job and saved money over time or managed to do both – Florida’s absent state income tax promotes you to accomplish this goal sooner- until they were financially concrete to lay the foundation for their company…

Property Ownership/Rental Deals
Business is beginning to pick up and you can no longer effectively work at home and manage people off-site, now it is time to bring it all under one roof. I know what you may be thinking: “Property/renting is expensive? Could I afford to do that in Florida’s booming business areas, such as Miami, Jacksonville, Tampa, St. Petersburg, and Clearwater?” You sure can, keep in mind that most of Florida used to be predominately farmlands until the 1950s when realtors transformed Florida into a summer home and travel destination.

Big cities are expensive, but there are still several underdeveloped areas within a few miles reach. This is great news for any small business desiring to build connections with big name companies and attracting customers, while keeping the rent to a minimum. The bad news though, is that people are getting wind of this phenomenon and are buying land or signing office rental deals before the price climbs up.

The time to coast to Florida is now, before all opportunities are dried up! For example, several surrounding areas in Tampa that used to be desolate farmlands are now operating thriving stores for every industry imaginable, creating an unforeseen amount of traffic and community prosperity.

How will I Beat my Competitors in Florida?
Plan on or contemplating about moving to Florida, but unsure where to turn for your marketing needs? No problem, here at Signify Studio we tailor every client’s needs and guarantee your startup or small business will stand out against the rest of the competition.

Sources:
Entrepenuer.com: http://www.entrepreneur.com/encyclopedia/subchapter-s-corporation
FloridaTrend.com: http://www.floridatrend.com/article/682/taxes–know-what-and-when-to-pay
StateofFlorida.com: http://www.stateofflorida.com/facts.aspx
United States State Census Bureau: http://www.census.gov/quickfacts/table/PST045215/12 ; https://www.census.gov/newsroom/press-releases/2014/cb14-232.html