Why It’s a Good Idea to Launch Your Startup in Florida
Florida is renowned for many things, such as its beautiful beaches, amusement parks, sweet oranges, and abundant sunshine. And with its bustling ecosystem perfect for businesses, the Sunshine State has also drawn in a lot of entrepreneurs in recent years. So why has Florida become one of the best places to launch a startup business?
Readily Available Capital for Florida Businesses:
Funding is one of the biggest impediments to launching and growing a successful startup. Luckily, Florida is considered one of the United States’ economic powerhouses, and is home to the fourth largest economy in the nation. So there is Readily Available Capital for Florida Businesses. Small businesses are a huge part of the economic landscape in the state, and as such, it is home to several startup hubs that offer access to capital. Aside from this, there are also several venture capital firms, with Tampa’s own Florida Funders being the biggest VC fund in the state, that are ready to invest across Florida.
And even with the current pandemic, Florida is expected to bounce back strong next year, and maybe even outpace much of the nation in job and income growth. All of this just goes to show that Florida is a promising and cost-effective location for startups, with a significant amount of investment capital available.
A Talented and Diverse Workforce:
Aside from easy access to capital, the state can easily provide a wealth of skilled employees. Florida’s workforce is consistently ranked among the best in the nation. This is due to the training programs and incentives given by the state’s educational institutions. The state also offers a culturally diverse workforce, which can serve as an advantage for most startups, especially in this age of connectivity. Millions of its residents were born outside of the country, and lots are bilingual. Therefore, Florida’s workforce gives you access to a greater range of talent that can help your startup become more effective and successful.
Favorable Tax Climate:
The Sunshine State is also one of only seven US states that don’t have personal income tax, which makes for a very business-friendly climate. So if you are thinking of setting up a limited liability company in Florida, your business’s profits and losses are passed through to your personal income, and will not be taxed at the state level. This can add up to thousands of dollars’ worth of savings in the long run. Meanwhile, corporations are exempt from property tax over their inventories, from sales and use taxes over locally produced goods for international trade as well as from corporate franchise tax for their capital stock. Overall, Florida’s highly favorable tax climate provides advantages that make it a location profitable for every type of business especially startup businesses in Florida.
As a business owner, it is also good to consider the importance of a healthy work-life balance. Florida is a great place not only for launching startups, but also for relaxing and fun activities outside of work. For example, Tampa Bay offers many different leisure activities, from riding one of the country’s tallest standing dive coasters to watching exciting shows at night.
The state has an abundance of outdoor activities as well. State parks are located nearby, wherever you choose to start your business. Activities and amenities like these are important to help you and your team unplug from work and avoid burnout. As you and your team hustle during work days, you might also enjoy the different activities and locations the state has to offer during your off days to unwind, and enjoy life a little more.
As you can see from the points above, Florida doesn’t just offer an excellent quality of life — it also provides several compelling advantages for your business. So if you want to turn your business idea into a reality and ultimately a success, we recommend you consider launching your startup in the sunny state of Florida.
Content provided and written by Alyanna Cathy Ross
Exclusively for Destination Tampa Bay ™ . For other articles to show why Tampa Bay is a great place for start-ups, check out this story on how St. Pete empowers entrepreneurs. Here is another article on Florida Startups here.