Are you looking to start a business in Florida? Florida has over 2.5 million small businesses in the state, which also account for almost 98% of the state’s total business, and with numbers like that it’s safe to say that Florida is one of the best states for startups and small businesses.
Seven steps to start a business in Florida
Every business starts off as a business plan. Creating a business plan is the first step to starting a business. A business plan must include the business pitch, a unique selling proposition that defines the mission statement of a business, an outline of a business’ target market and marketing plan to reach its target market, and a time-scheduled list of definite goals a business would like to achieve in the future.
Step two is registering your business with the state of Florida. Before registering, it’s important to choose which business structure you would like to form, between a sole proprietorship, and LLC, or a corporation to mention a few, and to decide on a striking and memorable business name.
The next step, step three, is finding out which business licenses and permits, and tax requirements your business will need to obtain or adhere to. Knowing which licences and permits your business requires to remain operational is important to ensure your business is compliant on a local, state and federal level. For details regarding federal taxes you can visit the IRS business taxes webpage, and for industry-specific details of licenses and permits you can also contact your local Chamber of Commerce.
Step four is creating a distinction between your personal and business assets. This is easily accomplished by opening a business bank account, getting a business credit card and establishing your business’ credit score; but it’s also as simple as keeping separate accounting and bookkeeping records to track your personal and business affairs and transactions.
The fifth step is acquiring funding for your business. Florida’s Small Business Center and the Florida Finance Network offers financial advising and low-costing workshops and details of Florida’s loan programs. The next step is branding your business, you can do this by creating a unique logo that captures the essence of your business and differentiates your business from its competitors.
Step six feeds into step seven, which is marketing your business, best done by focusing on your business brand and accessing your target market. It would be wise to create a marketing strategy that is able to evolve as your business and brand does.
Why start a business in Florida?
It would be pointless denying Florida’s popularity among business owners and burgeoning entrepreneurs. For one, Florida has a relatively low tax burden. Florida imposes no personal income tax, which is good for smaller businesses, and for larger corporations, Florida imposes a tax rate of 5.5% on corporate income tax returns. With such tax advantages, it’s no wonder startups and small businesses are drawn to incorporate in Florida. But that’s not all, Florida also offers a host of funding opportunities, such as angel investors, investment capitalist and state resources to help entrepreneurs establish their business. Another contributing factor to Florida’s business popularity is it’s annual tourism season. With countless tourists visiting Florida every year, businesses are able to generate more revenue, harness their potential to grow and capitalize on the yearly rush of tourists to Florida’s summer months to carry them through the off-season periods.
Starting a business in Florida can easily be done if these seven steps are followed, but that’s not to say it isn’t going to be hard work. Creating a successful business will always require hard work and due diligence on your part, yet with assistance from online services such as TRUiC, that provide how-to guides, logo maker tools and links to more business services, to help you get your business off the ground, your business will be operational before you know it.