Small Business Advice

The 10 best businesses to start in Florida

Are you looking to start a business in Florida but don’t know where to begin? Check out the 10 best businesses to start in Florida in our article for more info.

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Starting a successful business is hard work. From researching the current north and south Florida economic market, choosing the kind of business you want to pursue, selecting a business name, applying for a business license, choosing a business structure, drafting a business plan, to speaking with a financial advisor about potential business loans, your list of responsibilities can grow quickly before you have even started your daily operations. 

Nonetheless, once you are up and running, having your own business can provide you with numerous opportunities as a small business owner. If entrepreneurship is something you're passionate about, you may already have a small business idea in mind that you want to pursue. If you don't, there's no need to worry; many entrepreneurs have no idea what kind of startup they want to invest their time and effort in. For this reason, we're going to provide you with a list of the best small business ideas you can start in Florida. Therefore, keep reading for more information. 

Is Florida suitable for small businesses?

Yes, Florida is an excellent place for small business owners to establish themselves and succeed long-term with the right business plan. Why? The state of Florida is the second most visited state for domestic and international travelers. With over 21.22 million residents and over 2.5 million small businesses throughout the state, 99.8% of all Florida businesses are privately owned. Accordingly, Florida’s GDP as of 2018 was recorded at $1 trillion, making it the 4th largest state economy across the United States and is expected to grow exponentially in the years to come. Therefore, if you’re an entrepreneur thinking of starting your own business, then you can benefit from establishing your own profitable business within the state. 

What is the economy like in Florida?

Furthermore, now that you know a little more about why the state of Florida is an excellent location for local business opportunities to thrive; let's take a closer look at what the economy is like. When surveying Florida's economy, several local business trends appear that are especially favorable for: 

  • Freelance writing 
  • Drink and food services 
  • Other online business opportunities involving personal services 
  • Real estate opportunities 
  • Personal healthcare services 

While the opportunities for small business owners are endless, one of the beneficial aspects of the categories listed above is they offer low startup costs with sustainable, long-term success. Therefore, regardless of what type of small business you choose, Florida's economy indicates favorable and profitable opportunities regardless of whether you decide to operate in Miami, Tampa, Orlando, Jacksonville, Daytona, or any other location throughout the state. Let's take a closer look at some aspects of Florida's economy in more detail: 

  • 3.5 million residents are small business employees, which is 41.7% of all Florida employees
  • 527,247 are self-employed minorities 
  • Florida’s unemployment rate is 12.9% which is below the national average of 14.7% 
  • The state is the second-largest foreign trade zone in the United States 
  • Florida has the third-largest workforce in the United States
  • The state overall has low tax burdens and is one of nine states across the nation that does not have a personal income tax making it a great business location for s-corporations and limited liability corporations.
  • Significant access to capital opportunities when first starting your business 
  • Over 100 million tourists visit Florida throughout the year, making it favorable for small business owners to offer seasonal personal services tailored to the entertainment and tourist sector of the economy.
  • 1.1 million small businesses in Florida are owned by women making it one of the best places for women to pursue entrepreneurship in the United States

As you can see, there are numerous advantages to starting a small business in Florida. However, it is essential for entrepreneurs to remember that depending on where they choose to live in the state, the cost of living is relatively high, especially in major cities. Therefore, this is something you will want to factor into your business plan when choosing the most favorable place to live and work. 

10 of the best businesses to start in Florida

Moreover, now that you know more about Florida's economy, let's take a look at some of the best business opportunities you may wish to consider before launching your own small business in the near future. However, keep in mind that these are only some of the few best businesses to start in Florida. Therefore, if you don't see something you like, remember that other low-cost business opportunities are available to you!

  1. Yoga studio or other fitness studios 

If there is one thing most Florida residents enjoy, it's personal health. Being a warmer state with beautiful beaches, people tend to care about how they look and feel, which is precisely why a fitness-related small business such as a yoga studio can be a great idea. In fact, with close to 3,000 health clubs throughout the state, approximately 3.6 million residents dedicate time and money to this industry. Accordingly, the health and fitness industry accounts for $1.5 billion in revenue each year in Florida. Thus, if you’re passionate about health and fitness and want to help others reach their fitness goals, then this opportunity is calling your name.  

  1. Cleaning business

Another one of the best businesses to start in Florida is a cleaning business. As the state experiences millions of tourists yearly, Florida hosts thousands of vacation rental properties and hotels. As such, a cleaning business is an excellent opportunity for individuals who wish to get into a profitable and sustainable sector. Additionally, if you do not want to register with the Florida Department of Business and Professional Regulation, you can always choose to do business as (dba) yourself as a sole proprietor. Thus, providing you with the flexibility to apply for tax discounts. Further, you can also choose to expand your small business beyond being a sole operator later on, should you wish to hire employees to generate more income. 

  1. Social media marketing

As Florida is host to over 2.5 million small business locations, social media marketing is a great small business opportunity that has a low-cost startup rate, provides flexibility, and can be completed in the comfort of your own home. Many businesses are looking to improve their SEO rankings online to grow their clientele and increase revenue. Therefore, if you are knowledgeable in social media marketing, then you can realistically create a six-figure business offering your services to others. 

  1. Ghostwriter

Furthermore, freelance ghostwriting is also a profitable small business venture you can start today without spending a ton of money. Similar to digital marketing, many businesses seek writers to oversee their blogs and social media captions so they can improve their online presence. Therefore, if you're looking for flexibility in your schedule and want to work from home anywhere in the state, ghostwriting is a good choice for you. Additionally, as you will likely be working as yourself, you will not need to register as a business and can file your business earnings along with your personal income tax, which is more efficient and can also provide you with tax benefits. 

  1. Microbrewery

The craft beer industry is gaining momentum across the United States, along with the food and service industry. Therefore, if you're looking for a great business opportunity, then perhaps starting your own microbrewery is the right job for you. As Florida has a fantastic tourist population each year, you'll have a chance to market your craft beer to a larger target audience of people looking to kick back and relax while they're on vacation. Additionally, having a microbrewery also provides you with the opportunity to sell your beer in stores, at restaurants, food trucks, and at your own location, which can expand your annual revenue portfolio greatly. 

  1. Food truck

Are you passionate about delicious food? If the answer is yes, then why not start your own food truck? Owning a food truck is a great way to live out your dream of becoming a professional chef without the cost of paying the rent of a restaurant location. As the real estate market is hot in Florida, owning a food truck can save you a lot of money in the long run in business expenses. Further, this type of business also provides you the flexibility to travel throughout the state and beyond. As a result, you'll have more of an opportunity to serve more people and travel to popular tourist destinations where hungry travellers are waiting to purchase a delicious meal at the beach. 

  1. Real estate 

Moreover, another one of the best businesses to start in Florida is the real estate business. As mentioned, Florida real estate is hot. Therefore, if you have the personal finances available to you or already own a home, you can start your own Airbnb or vacation home business. This business opportunity essentially provides you with a large target audience who is looking for a great vacation rental to stay in during their time in the state. Therefore, if you like customer service and don't mind renting out your space, then real estate may be the perfect small business opportunity for you. 

  1. Nail salon 

Furthermore, operating a private nail salon is a great business opportunity as the industry is expected to grow by 10% by 2030. People enjoy spending money on self-care services. And, with over $8 billion in revenue across the United States, owning a nail salon is most definitely a profitable business in Florida. Whether special events or tourists looking to relax, your target audience for this type of business, along with the amount of paying customers, is highly favorable. Additionally, when first starting out, you can always sell your services from the comfort of your own home before renting out a space in the future once you grow your clientele list. 

  1. Tour guide 

As you already know, Florida is vacation central. And, if you are familiar with all the best sites for tourists to visit and experience, then starting your own tour guide business is a great business to start. Not only are tour services relatively low cost, to begin with, but the job also provides you with lots of flexibility. For example, you may opt to start a walking tour or a hop-on and off-bus tour of the area. Alternatively, if you still want to work in the tourist industry, you could always launch your own water sports business for tourists and locals who want to experience some excitement and adventure during their week. 

  1. Moving services 

Lastly, Florida is projected to have 26 million residents by 2030. Therefore, with increasing numbers of people moving into and across the state, moving services is a great small business opportunity for entrepreneurs. While you have the chance to operate by yourself, establishing a moving company is a great opportunity that allows for business growth and sustainability in the long run. 

Final thoughts

As you can see, Florida is an incredible place to live, work, and explore. Therefore, if you are considering starting your own small business, then Florida is the place to be. Not only does it offer a promising economy for small business owners, but it also has a booming tourist economy that is only expected to grow. However, like all businesses, it is always essential to ensure you plan your business thoroughly before applying for a business loan. Additionally, make sure you have sound personal finances and a low credit card amount owed, so you start your business in a positive financial place.  

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