Estimated reading time: 2 mins
Are you thinking of opening a new business but aren’t quite sure where you’d like it to be located? You know for sure you don’t want to be in the northern states where winters are cold, and you are simply looking for a change of scenery. Have you considered the Sunshine State? Actually, Florida is the ideal location for startups for a number of reasons. In fact, commercial real estate in Florida is booming simply because it is so desirable for business opportunities. Check out these four reasons why Florida is the perfect state for business startups.
1. Location, Location, Location
Obviously, year-round sunshine is a key attraction. The state is always busy, and although winters are traditionally considered to be ‘high season,’ every season sees heavy volumes of travelers. No matter what business you are in, such a constant influx of visitors to the state has a huge number of advantages. With so many visitors to the state, you can easily staff your startup with top talent while reaching a huge market as well.
2. No State Income Tax a Huge Draw
Speaking of a Florida workforce, one of the reasons why many of the nation’s top professionals choose to work in Florida is because there is no state Income Tax. While all workers pay Federal income tax no matter what state they live in, Florida does not have a state tax which makes it highly attractive to workers within any salary range. With this kind of draw, you have your pick of the brightest stars within your field. That’s a big plus right there!
3. Florida is Fiscally Stable
While some states are operating at a huge deficit, Florida remains one of the nation’s most fiscally stable states. According to U.S. News, Florida is the second most fiscally stable state behind Tennessee that takes the lead. Florida corporations do well because the economy is so very stable which is not only attractive to businesses but to the workforce as a whole. No one wants to worry over whether or not they will have a job tomorrow, so they choose fiscally stable states in which to reside and work. Added to that attraction is the fact that sales tax is one of the lowest in the nation at a mere 6%, what’s not to love?
4. The Ease of Incorporation
Some states are notoriously difficult to form a corporation in. While not exactly the easiest state in which to form a corporation, Florida by no means is as expensive on a state level as states like California. Therefore, when looking for a warm state in which to do business, Florida corporations are preferred choice almost every time. It obviously depends on the type of business under consideration, but remember that Miami now rivals LA in terms of major movie and sound productions. Florida is also a hot tech center to be reckoned with. If you need help incorporating a Florida business, take specialist advice.
If those four reasons aren’t enough, then it’s time to remember that Florida continues to grow. It is a multi-cultural state in which the top talent in almost every industry loves to reside, so there will always be both a market and a workforce at the ready. Looking to start a business? It’s time to look at all Florida has to offer.