The Sunshine State attracts vacationers across the globe, but Florida has more to offer than theme parks and sandy beaches. The state is a fertile ground for many businesses, even those outside of the tourism industry. Discover the advantages of buying a Florida business.
Florida’s population continues to grow at a rapid pace, which means more potential customers and clients for your business. The U.S. Census Bureau reported that from April 2010 to April 2020, Florida added 749 new residents a day, resulting in a current state population of 21.7 million residents. As a result, the state is now the nation’s third largest, giving your Florida business access to a diverse and growing population.
Expansive Potential Workforce
A growing population also means a larger potential workforce. No matter where you choose to establish your Florida business, it will be within 50 miles of a post-secondary institution. Florida’s State University System includes 12 colleges and universities on dozens of campuses throughout the state. These campuses are a fertile ground for finding eager, well-educated young graduates looking for a job. Additionally, the state’s labor force of 9.4 million is the fourth largest in the United States.
Climate has the potential to affect all businesses, whether you work outdoors or produce your products in a climate-controlled indoor facility. Thanks to Florida’s year-round moderate temperatures, your business won’t risk shutting down when severe winter weather strikes. While your competitors in colder climates may be shutting their doors for days or weeks in the winter due to snowstorms and icing, your Florida business will remain open and accessible to customers throughout the winter months.
Business-Friendly Tax Structure
Florida’s tax structure is designed to encourage businesses to move to and remain in the state. This business-friendly tax structure includes no personal state income tax. Additionally, your Florida business can benefit from a series of tax breaks and incentives. Some Florida localities offer tax breaks for business established in enterprise zones identified as economically distressed areas in need of job creation. The Qualified Target Industry Tax Refund offers refunds of up to $3,000 per new job created for qualified businesses. Many industry-specific tax incentives exist as well, which can result in significant savings for your Florida business.
Quality of Life
Choosing to become a Florida business owner can improve your overall quality of life. Rather than simply dreaming of a Florida vacation, this scenic state can become your home. Trips to an Atlantic or Gulf Coast beach can become a simple weekend excursion. Nature lovers will be able to explore more than 160 state parks, while thrill seekers can enjoy one-day visits to the state’s theme parks. Such activities also become a recruiting tool for potential employees, which can help you expand your business and secure a high-quality workforce from around the country.
Florida’s largest industry might be tourism, but business opportunities in other sectors abound in the state. Agriculture, services, health technology, construction, window replacement and other sectors also excel in the state. These businesses have chosen Florida for its many benefits. You can be the next Florida business owner enjoying the population growth, government incentives and scenic backdrop that this state offers. Let your Florida business broker help you find the right Florida business for sale to start taking advantage now.
For information on the top three industries for buying a Florida business you may want to consider one of these or take a look at the 7 key tips for taking over a Florida business.