Are you thinking of opening a business? Part of this decision is where you want to have its main office be located. Florida has become an enticing option for many business owners. Here are four reasons why you might want to pick the Sunshine State for your home base!
1. Incentives to Grow Businesses
One of the main incentives that Florida officials like to dangle in front of small businesses is that they can get some very solid tax credits, like the Qualified Target Industry Tax Refund. This is very helpful for those companies that can create jobs that have very high wages. The Capital Investment Tax Credit (CITC), is another perl that’s a yearly credit against corporate income taxes.
2. Tax Benefits
Florida not only offers those above incentives, they also can provide a bevy of other very corporate-friendly tax exemptions. This includes: no corporate tax income on subchapter S-corporations, exemptions of capital stock from a corporate franchise tax, the exemption of business inventory from property tax, goods that are in transit are exempted from property taxes for 180 days, and any goods that are made in Florida and are intended for international trade are exempt from Sales and Use Tax. Do you need R&D? You can get tax exemptions for those, as well as things like boiler fuel, and you can serve on pass-through taxation.
3. Booming Local Economy
People are always coming to Florida, whether they are seniors who are snowbirds, they come during the winter months to avoid the cold, full-time retirees, tourists, or even families who have moved there to enjoy what the state has to offer. That means that your business will have a steady flow of people who could use your services or buy your products all year round. These people are what’s keeping the state economy booming, and your business could be the beneficiary.
4. Excellent Quality of Life
Are you a beach lover? You can set up your business on either side of the state, work your normal hours, and then be able to sit and relax on the beach for a while before heading home. While the temperatures aren’t always going to be perfect, you’re going to have a lot more beach days than if you were anywhere else on the East Coast. Even if you aren’t at the beach, you could always have your office overlooking the water – there’s something serene about seeing the skies and the lapping waves of the ocean.
Next Steps to Get Started
While Florida sounds great, you need to make sure that you can afford it. For example, here’s what you should do before opening a franchise there. First, obtain the franchise disclosure document (FDD). Next, you should locate trusted professional advisors who can assist you, where you can make sure you can pay certain bills, like water heating, which can cost 18% for a home or business. Finally, do your own due diligence to research the corporation heavily before investing.
Customers want to go to a place that looks clean. You want to make sure you hire the right people to make the office look just like that. In 2023, according to IBISWorld, there were 66,000 tile installer businesses. Read the reviews for the ones you’re looking for in Florida, and pick the one that has the most satisfied customers and the best price. Do the same for other services that you need.
This is a state that likes to offer businesses a better opportunity to be able to swim in the often rough waters of competition. That doesn’t mean that you’re automatically going to win. You still need to impress your customer base with your services or goods. Work hard and focus on that, and you can be on your way to business success. Then you’ll really be able to enjoy soaking in the sun.
