The Sunshine State is a bright spot for American business, with more than 2.4 million small businesses in Florida alone. Chief Executive Magazine ranks Florida as the number two best state to do business in America, and it is understandable. With a GDP of almost a trillion dollars, Florida, the fourth-largest state, is significantly larger than the national GDPs of Saudi Arabia, Switzerland, and Argentina.
Florida hosts various kinds of businesses, including numerous export and tourism industries, manufacturing, and IT. In 2019, the diligence of the entrepreneurship community launched more than 6,400 new companies in Florida, and more than a quarter-million new Florida jobs were generated in 2018 alone.
What is the most suitable business one should start in Florida?
8 Most Profitable businesses to start in Florida
Florida has a large population, labor force, and infrastructure, making it an attractive place to start a new business and develop new industries. Florida entrepreneurs also indicate that there are vast banking and investment capital resources that facilitate attracting and retaining funds.
Florida is a good place to do business, but what kind of business would you open there? Here are 8 to consider:
- 1. Incidents: The idea of starting a food truck/restaurant is not new.<|human|>Starting a Food Truck/Restaurant.
- Seventy-seven counties in Florida have a blend of both national and global cultures. Florida is a food and beverage hotbed due to its diversity. As the food service industry in America is estimated to grow by 3 percent by 2022, Florida may be the best state to start a food truck or restaurant.
- Each model has advantages and disadvantages. To illustrate, overhead, initial investments, and staffing required to start a restaurant are greater, though sometimes food trucks cannot afford to maintain a regular location or rotation.
- Industry forecasts and food trends, such as:, should be remembered as you plan your food business.
- Many consumers are showing interest in plant-based foods, including meat-like products like burgers and sausages.
- Orlando has also scored well in terms of comparatively low costs and low hurdles to establishing, securing a business license, and running a food truck.
- The minimum initial budget of a food truck startup is 30,000 to 50,000.
The Florida restaurants can need between $175,500 and $750,500 to establish themselves and open the doors. The median start-up cost for restaurants in the country is approximately 375,000. Sites are different, though costs are projected at 100-800 per square foot.
2. Start a Real Estate Business
In 2019, hot real estate markets in the nation included Fort Lauderdale, Orlando, and Jacksonville. Naturally, it is no surprise: Florida has a population increase of 900 people per day, comparable to adding an Orlando-sized city each year. New Floridians must have places to stay, and every Florida business must have places. Real estate sales in August 2020 were up 8.8 percent compared to 2019, with total transaction value at 12.2 billion, a 33 percent increase from 2019. There are approximately 195,000 realtors in the state of Florida, and you can open your own real estate business with less than 1000 dollars.
3. Start a Microbrewery Business
The U.S. craft beer is a small portion of the total US beer market, but the proportion of craft in terms of dollars and market share continues to increase. Florida has fewer breweries per capita than other, more competitive states, including Colorado, Washington, and California, with an estimated 200 craft breweries spread across a densely populated, highly urbanized state. Although other large cities like Gainesville and Tampa boast of craft breweries, even the small regions like Apalachicola are in need of good, locally created beer.
The number of American breweries has increased significantly, from 1,653 in 2009 to 8,386 in 2019. The venture of opening a Florida craft brewery, including used equipment, is usually a six-figure business in a highly controlled sector. You will have to have a good business plan, which will center on what type of business structure you will adhere to (whether it is a brewpub or a production-only brewery), the level of production, and the distribution size that you are targeting (whether it will be in-house sales or regional wholesale and retail distribution). Competition in the market is fierce, yet as more and more breweries open across the country, there is still an opportunity to succeed in brewing.
4. Start a Nail Salon
Americans who care about their appearance spent more than $8 billion in nail salons in 2018. Nail salon demand is still on the rise nationwide, and growth is projected to reach 10 percent by 2028. And in Florida, a nail salon may get you to the point of earning an annual income of 40,000 -70,000 dollars or 58,000 dollars on average.
Discovering the idea of opening a nail salon, an update on CDC guidelines on COVID-19, and a new minimum wage law enacted by Florida voters in 2020. Nail salons are about 1,000 square feet, so they should be considered when planning your space. The equipment will cost between 75,000 and 125,000, and the majority of your target market will be women aged 18 to 24 in Florida.
5. Start a Grocery Store
Brenda Dervinanne (2008), buying into a franchise or launching a niche store, the Sunshine State has the potential to make owning a grocery business profitable. Be familiar with your territory and the business, however. Profit margins may be as low as 1 percent in the case of a traditional supermarket, or as high as approximately 10 -12 percent in the case of a smaller and more specialized store. Expect long-term permitting, as well as half a million or more to open a small or medium-sized store.
6. Start a Hotel or Motel
Although the accommodations industry registered the continuous rise in the state of Florida until 2019, the 3,908 hotels and motels in Florida did not find it an easy year in 2020. Nevertheless, the 20 billion industry has some rays of hope. And opportunity where there is hope.
Since recovery in the entire hospitality industry of Florida is not projected until 2023, a motel or hotel in Florida (along with the necessary licenses) can have a rough initial year of operation. Be it setting up an independent property, franchise or going to the market and acquiring a motel; the following couple of years may pre-position you to success when the tourism picks up again. That is twice in such prominent markets as Florida Keys, Orlando, Jacksonville, Tampa Bay, Naples and South Florida.
7. Start a Auto Parts Repair Shop
So long as the vehicles continue to travel along the Florida roads, there will always be the need of auto repair shops. In addition, Florida has no licensure of auto technicians. Incidentally, you can own your own business with a little bit of knowledge about the industry by opening an auto repair shop in Florida. The costs of starting up may be about 50,000. You may be considering approximately 100,000 a year based on your market of service and the size of your shop. Hourly rates to customers can be between 70-100, however, flat-rate fees can be used in services like oil changes. Monitor such niches as the trending electric vehicles market: Florida is currently ranked 2nd in EVs sales.
8. Become a Freelance Writer
Yes, you can write for a living. Demand of quality print and online content has been on the rise since copywriting on behalf of the businesses in Florida to writing thrilling articles on traveling and leisure in Florida. Ghostwriting articles to emails, writing blogs, video scripts, and more, becoming a freelance writer can be an activity of many different types, based on your interests and expertise, and where there is a business that requires someone to offload the burden of writing onto already busy plates. Initial expenses are also not always high, as writers can do their work at home without much difficulty. With a laptop, cellphone, and high-speed internet connection, it is possible to meet assignments and do networking with the prospects.
More great businesses to start in Florida
The above are good food to think of but there are other good business prospects in Florida as well as:
- Pet services: These are specialty/high-end pet selling, or services to pet owners like dog-walking, grooming, boarding or pet sitting.
- Translation services: The state of Florida is a melting pot of higher learning institutions, technology firms, global cultures, and new AI technologies that can support translators.
- Lawn care and landscaping: The sub-tropical climate in the state translates to the fact that there is always some work to do to the homeowners and business owners who feel that they need to maintain the landscaping of their lawns.
- Organic beauty products: It is always in demand in Florida to develop and sell sustainable and organic beauty products.
Why These Companies Appeared in our List?
What did we do to identify the most successful businesses to establish in Florida? Zen Business spared you the hassle by examining the trends in the economy at length. The recent national census was also factored in by us so that we could excavate underserved types of businesses in the Sunshine State. Concisely, you will soon see a list of good business opportunities, which will inject some inspiration in entrepreneurs like you. So just jump in, get excited and call in to be assisted with the nitty gritty details.
Florida Economy
Are you willing to own your own business? The opportunity to establish new local businesses in Florida, in particular, is large.
- Food and restaurants
- Real Estate Businesses
- Microbreweries
- Nail Salons
- Grocery Stores
- Hotels/Motels
- Auto Repair Shops
- Freelance Writing
In Florida, there are metropolitan areas that have the most successful entrepreneurs. The state could also assist the business people to reduce the cost of starting up and establish a more profitable business. The regulatory environment in many industries will be streamlined and 0% personal income tax by the state will increase the bottom line of your company and your personal wealth.
Sole prop or partnership? Regardless of whether it is LLC or corporation, here are other reasons why the Florida economy has brought a conducive environment to develop your business:
- The Floridians have a personal income of more than 1.1 trillion.
- The annual trade in merchandise alone is over 153 billion.
- The state has 20 million+ customers and workforce as Florida has a considerable population.
- Florida tops in terms of friendly corporate tax environment.
- Florida has approximately 100 million visitors every year.
- The level of unionization of the private sector is very low in the state.
- There are exemptions of sales tax and use tax on certain industries.
The county of Florida is ranked 3 when it comes to women businesses with more than 1.1 million Florida women-owned businesses. There can be tax credits and refunds on select initiatives to create jobs, do R&D, and invest in capital. The contemporary infrastructure is represented by vast coverage of freight rail and highways, inland waterways, 15 deepwater seaports, and 19 commercial service airports.
The number of civilian labor force in Florida is 10.1 million, which ranks as one of the largest in America. Though Florida is a business friendly state, plan to address issues as well. As an illustration, labor expenses will only be increasing, as they will be requested to pay workers more, there will be shortages of workers, and more comprehensive benefits, such as paid health care. Premiums can increase because the frequency of extreme weather events like hurricanes is on the increase.
Key Takeaways
The climate of Florida being business-friendly friendly implies that one of the highest rates of small business ownership in the state is available. The most popular business to launch in Florida, be it one of the businesses above or the one you have been dreaming of is entirely up to you.
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