There is always the choice to be your own boss and actually achieve those dreams by starting out your own business. Even though capital is needed, that can be sorted out by having a crowdfunding campaign, Angel Investor or even your community to help support you. Florida is a great destination to start businesses in, since it has a huge population for all ages and a low tax rate. Have you ever considered starting a business, but not sure where? Well, here’s why Florida is popular with entrepreneurs and a quick guide on how to start a business in Florida. 

Why is it popular with entrepreneurs?

The first reason is because of the low tax rate for sales tax which is only 6% and the fact that they do not have a state income tax. Property tax is also based on the market value, which can be advantegous to entrepreneurs out there. Florida is a state that is huge, which makes it a great location for a wider target audience.

There are many entrepreneurs that have all kinds of startup companies and usually they are online. However, in Florida especially, the younger generation have aimed to succeed greatly by coming up with innovative ideas that stand out. That’s what attracted other budding entrepreneurs to start their business in Florida, knowing that they are guaranteed success and with affordable costs too.

Florida as a state offers loan programs through the Florida Finance Network and professional advice can be given at the Small Business Development Center, where there are also low cost workshops for first time business owners.

How to start a business in Florida

First, you need to come up with a structured business plan, that clearly outlines your goals as a company, which includes focusing your target audience, the image of your brand, your unique selling point and marketing strategy. It’s best to set a realistic budget and yearly goals as a company.

There are free online tools available to help plan your business and set out targets that you’d ideally like to meet as a business.

Second, you need to choose a business structure type for your business in order to register your business. This means that you have to choose whether your business formation will be an LLC, corporation, partnership, sole proprietorship or an organization. In order to get the best help for this part, you can always hire a business formation service that can handle everything for you and even give you the right advice. Please bear in mind that fees vary for each type of registration process.

Another thing that is important to consider and do extensive research on is checking as to whether your business requires a certain license in order to operate. There are also local, state and federal taxes that you need to look into.

Once you have completed the registration process, you can finally separate your personal assets from your business assets by setting up a bank account. This protects you from any personal liability that your company may face and can help you manage your money. You should also obtain an EIN for tax purposes and advantages such as hiring employees and being credibly for business loans.

Finally, once your registration process is complete and you have sorted out your EIN, business bank account and permits, you can look into building towards your business brand. This means that you need to create an image, logo, website and other tools in order to come across as professional and set a good impression to first time clients. 

You also need to maintain your bookkeeping when running your business, so that you can have a record of all important information, revenue and relevant documents that need to meet deadlines.

It’s important to have a good marketing plan that attracts clients, but also showcases your unique selling point. It’s important to stay away from anything that can make your customers remind them of your competitors. In order to do this, you must be memorable and unique. What really attracts clients to businesses is quality, good customer service and a trustworthy image.

Our say

Starting up a business can benefit you greatly, but what can work towards your advantage is knowing what state is suitable for your business. Many digital startup companies are located in Florida, but there are also other sectors there too. It’s a relaxed state with low tax fees, which is the perfect combination for a stable revenue. 

It’s important to follow the registration process correctly for your business and the best way to do that is to hire help that can make things easier for you. It’s also important to remember to keep a good credit score for your business, so that you can maximize any potential funds for you.