Choosing the right location to start a new business in is one of the most important strategic decisions associated with starting up in almost any sector. Your location will affect your access to a recruitment talent pool (unless you intend to have all of your staff working remotely), the ease of setting up your business in the first place, and the laws and taxes that will affect you at the state level.
A good location can also mean prestige and networking opportunities, or even access to special grants and schemes aimed at start-ups and entrepreneurs. The economic wellbeing of the location where you start up can of course, also be a major factor, as are things like the cost of living and of property.
Naturally, you’ll be bearing all of this in mind while thinking about where to look into starting your new venture, but once you have some locations on your shortlist, it’s time to look at them in more detail. If you are considering Florida at the moment, then here are four important things to know.
1 – Miami is a Rising Star in the Tech Sector
South Florida in particular is definitely starting to be noticed as a part of the country with a lot of potential for startups, especially in tech. If your venture falls into this category, then Miami may be well worth looking at, given it is seeing a lot of emergence as a small business tech hub, according to Forbes. As more companies begin to be founded as a result of this, there tends to be a snowball effect that leads to a quickly growing business community and a lot of interest. Tampa also offers some good incentives for tech entrepreneurs, and local funding schemes are definitely something you should always be looking into when searching for the right location for your new business.
2 – No Income Tax in Florida
Florida has no state level income tax. Naturally this is something that appeals to almost everyone, and so if you are hoping to be able to attract talented specialists to work for your company from other states, then the appeal of relocating to a state where they can earn without state income tax is going to be a strong selling point in winning them.
3 – You Can Register Your LLC Online
If you plan to make your new venture an LLC, then it is helpful to know that in Florida, you can complete the entire process via online portals, which certainly makes it more convenient. Florida is more business friendly than many people realize, and so while it may take some time and effort to formalize your business as an LLC, as it does anywhere, you will find the online process in Florida more comfortable than in some other states where full online registration isn’t offered.
4 – Minimum Wage Considerations
As of the latest election, voters in Florida chose a plan to bring the minimum wage in the state to $15 over a period of six years. Whether or not this will affect your business will depend a lot on the sector you are working in, and whether or not you would normally be expecting to employ many people at the minimum wage anyway. In sectors like tech where hardly any necessary roles fit in that category, this may not affect you at all, but in other areas like retail, you may want to be well aware of the wage commitments required in Florida while you are deciding whether to start up there.
Florida can be a pleasant place to be with the great beaches and beautiful weather, and the draw of the party city of Miami, as well as being a fairly business friendly state. Consider the factors listed here if you’re trying to decide if Florida is the right location for you
