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Five Important Factors for Successful Small Businesses in Florida
In recent times, the small-business sector has been on the increase. The economy is improving, and more and more people are beginning their own businesses. Even though it's an overwhelming task, however, there are some essential things you can take care of to ensure your small business is profitable in Florida. In this article, we'll discuss five key factors that can aid your business in growing.
Begin a New Business in Florida
If you're thinking of creating a company in Florida, it's certainly not alone. The number of entrepreneurs in Florida has been steadily increasing over the last five years, and at any given time, 0.42% of non-business owners are launching their own businesses. However, less than half of these businesses, 49.5%, will last five years.
One reason for Florida's entrepreneurship expansion could be the favourable tax environment. As per Tax Institute Tax Institute, Florida ranks as No. 1 for individual income tax without personal income tax being assessed, and it's ranked no. 4 in corporate taxes and the corporate tax rate reaching 4.5 per cent.
However, taxes aren't the only aspect which makes Florida an excellent option. In fact, the median income in Florida is $59,227. This makes it affordable for small-scale businesses to hire workers.
On the other hand, Florida has seen its fair share of catastrophes, most of which are hurricanes. Florida has also been severely affected by the COVID-19 epidemic, which had 6,930 cases for 100,000 inhabitants at the time of January 12, 2021, with the rate of new cases rising again.
5 Essential Factors to Successfully Run a Business Small-sized businesses in Florida
Florida is often referred to as a state with a low overall tax burden. It's among the nine states without an individual income tax, making it an ideal place for pass-through entities, such as LLCs and S-corporations.
The sales tax in the state is at the middle of the road, with taxes for purchased or rented products at 6%, but when you factor in the average 1.05 per cent local tax to transactions, the total sale tax will be 7.05 per cent. Food items such as medicine and groceries - as well as costs for a business like the purchase of new machinery and equipment, are not subject to sales tax. Florida has an annual sales tax holiday in August, which is when families do school shopping.
In Florida, companies have to file a corporation income tax report, however, at a very low rate of 5.5 per cent. Additionally, unemployment insurance taxes are very low at 2.7 per cent for employers who are new Property taxes are quite low, though the rates vary according to the county.
"Florida doesn't have a state income tax or some of the other nuisance business taxes found in other states," said Robert Livingstone, president and the founder of IdealCost.com.
A few business owners are dislocating their businesses to move to Florida because of the tax benefits for small businesses. Daniel DiGiacomo, CEO of Baker Street Funding, relocated his business from New York City to Florida to lower the tax burden.
"[One reason we moved to Florida] is because of the tax benefit," said the president. "Moving from a city with one of the highest tax rates in the country to a state with no state tax is a huge personal and professional saving."
Florida is able to afford to keep taxes low since it depends on the hospitality tax revenues from its tourism business, such as themed parks, hotels and resorts. Local governments could also impose additional taxes on tourism.
access to Capital
Entrepreneurs also have access to Capital for beginning and expanding their businesses in Florida. The state is home to investment capital from angel and venture capitalists.
"The idea that you have to be in huge metropolitan areas like New York or Silicon Valley for access to capital is overblown," said Andy Latimer, founder and chief executive officer of Bluewater Media. "The steady business climate in Florida allows businesses here to be ripe for investment. Additionally, the barriers to access to major markets are being smashed down thanks to technological advancements."
It was not always the scenario. It was the case that Florida had attracted investment capital from private investors. Recently, however, investors are turning their sights towards Florida as the Sunshine State. At present, Florida is home to various economic hubs that are considered to be incubators of startups and innovators. For instance, The Florida High Tech Corridor Council provides high-tech companies with investment, resources, and initiatives in the 23 Central Florida counties.
"Whereas Florida used to be a state largely excluded from the startup and VC scene, things have changed considerably over the last five years," stated Zohar Pinhasi, the CEO of MonsterCloud. "I now see it as a promising and cost-effective location for buzz-worthy startups."
The cost of living
Living costs in Florida are a bit more expensive than the U.S. average across the range. However, it's cheaper than the other major economic centres in the U.S. It means that entrepreneurs can get into a bustling business environment at a low cost, although housing and transportation costs are more expensive.
"The cost of living and operating a business is still generally significantly lower than in New York, Chicago, D.C., San Francisco or LA," Pinhasi stated.
Prices vary depending on the location and, naturally. Miami tends to be more expensive than the other major metropolitan areas of the state, for instance, Jacksonville and Tampa Bay. For businesses that have physical presence property, the cost of real estate varies greatly, making it essential to study local market prices.
The minimum wage in Florida is $10 at the time of September 2021. However, it will increase by $1 every year until it reaches $15 by September 2026. Florida labour laws don't mention any of the requirements for overtime payments; however, federal overtime laws are in effect.
There aren't any Florida laws requiring employers to pay employees compensation for severance if dismissed. Additionally, no state laws require employers to offer employees vacation or sick time, either paid or not.
Do you have any idea? Although Florida doesn't require private sector businesses to offer sick leave, many companies provide the option as part of an extensive benefits package for employees.
Florida is situated within the subtropical to tropical temperature zone - is recognized as a tourist destination. Along with that, popularity is a significant season affecting most companies.
In summer and spring, in the months when weather conditions are more pleasant in northern states, there are fewer tourists and snowbirds spending the time or money they would in Florida. The result is that business slows down significantly for those who run businesses in Florida all year long.
Operating a business in Florida requires you to prepare for the upcoming months of low demand by making sure your operations run smoothly and judiciously allocating your earnings from the season of high demand, generally referred to as the period between Easter and Thanksgiving. But, companies can take advantage of the greater availability and cheaper workforce during the summer months since people hired to work during the summer months aren't able to find work.
"If you own a corner store or restaurant or daily staples business dependent on foot traffic, your small Florida business from Thanksgiving to Easter will be packed with snowbirds clamouring for everything [they] forgot back in Jersey or 'the City,'" said Baron Christopher Hanson, lead consultant and the owner of RedBaron Consulting. "If you are looking to open an ageing healthcare or routine medical practice, be prepared to be busy from November to May, yet very slow in the summer and hurricane months."
In addition to the seasonal declines and the onset of hurricane season, hurricane season poses a danger to businesses. Customers are often forced to evacuate in order to stay clear of hurricanes, and storms pose a risk of disaster that can cause substantial damage to brick-and-mortar businesses.
"Hurricane season brings a lot of uncertainty to the market," Livingstone explained. "When we have to contact potential and current clients during this time, we're not always successful on the first and third attempts. South Florida has escaped mostly unharmed over the past few years. However, we often witness people preparing and evacuating because of previous experience."
However, the storm season can be an opportunity for certain kinds of businesses, like construction and roofing firms, as well as hardware stores and grocery stores.
Tip: To cut down on processing charges for credit cards in the case of seasonal business, talk to your processor for a flexible pricing structure, and be sure to look for hidden costs in the contract you signed.
Competitive labour market
Florida's low unemployment rate is a sign of the state's good economic performance. However, this number has one drawback: recruiting new employees can be a difficult and expensive process. Additionally, as with several other regions of the United States, Florida has an employee labour market that makes keeping employees who are already employed challenging. Some companies are willing to offer lucrative compensation packages in order to draw the most talented applicants.
It is predicted that unemployment will remain low through 2022, and the growth of jobs in Florida will surpass that of the entire U.S. economy. The hospitality industry will see the highest growth in employment in the wake of the pandemic. In addition, there is a constant flow of job seekers that will continue to relocate to Florida. Southeast Florida, in particular, is home to a huge population and is and is followed by the Tampa Bay region.
There are a number of leading universities across Florida where employers can easily find employees with high wages and salaries, as well as attractive benefits packages and perks for employees such as telecommuting and pay time off (PTO) policies are now the norm to attract employees. Companies must be ready to compete to attract the most knowledgeable or skilled employees within their industry.