Florida has a wide market for emerging businesses with a massive population of over 850,000 plus people. With such a huge base for customers, Florida is now a hub for some of the biggest specialized business chains.
Florida has a very healthy business climate with huge scope for new businesses. The state is one of the largest exporters of trade goods and is famous for its production and industrial facilities. Being the third most populous state in the United States, Florida has multiple international companies like Publix, HSN, Office Depot, AutoNation, ADT, Citrix Systems, and more.
Starting a small business in Florida is less expensive compared to other high-tech states of the United States of America. The cost of land, manpower, and capital is less costly in Florida than in many other states in the United States. As this report suggests, there are more than 2 million small businesses operating in Florida at present.
There are a number of businesses you can start in Florida which has immense potential to grow country-wide. While tourism remains one of the most important industries contributing a major portion to the economy of Florida, several industries have grown over time.
From different food services to healthcare to consumer goods, here are the top 15 profit-making businesses you can do in Florida.
Here is a List of Top 25 Small Business Investment Opportunities in Miami, Florida
Off late microbreweries have become very popular in the United States and the craft beer industry now is worth more than $25 billion in 2018. It may require some investment, but with the right mix of flavors and recipes, you can make a lot of money in a tourist destination like Florida.
Though, it’s really important for you to maintain the quality of their beer and use the best brewing techniques.
If you are looking for making some decent money right from your home in Florida, try online survey jobs. There are many legitimate online survey sites in the United States that provide good income opportunity just by sharing your opinions on products and services.
3. Frozen Yogurt Business
The consumption of frozen yogurt is growing rapidly in America and Florida has a huge business scope for the business. With a little capital and the right suppliers, you can start your own successful frozen yogurt business. You can even expand and offer franchises at other locations in Florida.
With businesses going online, they need firms that will help them with their social media needs. As a digital marketing consultancy, you will offer services related to Facebook, Twitter, Instagram, etc. and help clients to sell their products and services via its social media channels.
5. Back-End Tech Support Business
Florida has some of the biggest and as well as the smallest of businesses. As not all of them can afford a full-time technical support team, you can act as outsourcing IT support supplier. You will offer IT services to such businesses over a contract. The back-end tech support business will include services like network setup, technical maintenance, data backup, data recovery, software installation, and more.
6. Online Business Consultancy
As more businesses are trying to go online overall in the United States of America, Florida also has several businesses that want to sell their products and services online. You can start an online business consultancy that will help others to effectively handle their businesses online and generate a good income.
7. Gluten-Free Products Selling Business
The demand for gluten-free products has significantly risen and more people have been hopping onto this new food trend. The market for gluten-free products is estimated to be hitting $2.35 billion in the United States by 2019, and Jacksonville has a huge scope for gluten-free products and its business.
8. Specialty Food Services
As people in America are now more focusing on different diets and food services, Florida similarly has a growing market for specialty food products. You can start a specialty food order and delivery service, or even sell full meals for conscious customers who want to maintain their eating habits.
9. Drone Rental Business
The Federal Aviation Administration has finally legalized the regulations for drones. The drone industry is set to get a major boom, so there is going to be a demand for recreational drones in different parts of America including Florida. The drone rental business is on a steady rise, and it’s the perfect time you can start your own business for the technically advanced Florida.
10. Credit Consultancy Services
If you are someone who is good with numbers and can help people with their finances. Florida has a massive market for credit consultants and you can help people to manage their debts, invest wisely, and assist them with their financial decisions. You can even start a rental program to build a base of clients.
11. Life Coaching Business
The world is slowly turning into a place with people who are themselves jumbled with their own lives. Florida is a growing market for life coaches and you can start the business as a life coaching consultant who will help people overcome their life’s challenges.
12. Dating Consultant
With technology, the concept of dating has changed in recent years. As people have so many options available today, they still need expert advice. The dating market has seen a heavy increase for consultants where you as a dating consultant will provide suggestions on what they should proceed with their matches.
13. Scuba Diving Club
As Florida is just located close to a river as well as an ocean, there’s a wide scope for scuba diving clubs. Tourism in Florida has boomed and this business will never see a dip. You will have to invest some money and hire a few professionals, but it’s worth the money.
14. Customized Tour Services
As the place is big with tourists, Florida has a lot to explore. This opens a huge market for customized tour packages where you can offer people experience with your services as a tour planner.
15. Startup Consulting Agency
With more people trying to join the startup craze, everyone has an innovative idea of their own to start a unique business. But they lack knowledge on how to start a business or promote or develop or even how to bring in investment. You as a startup consultant will offer these services helping others to establish their businesses.
16. Elderly Care Services
Senior people need proper care, and Florida has a growing market for such elderly services. You can start as an elderly care service provider offering services to seniors around your area. The pay is good as health care services are getting better and people will live longer than ever.
17. Writing Services
As companies need creative people to do their blogs and social media without hiring someone full time, writing service companies are filling up the gaps. You can start with the type of content you like and start working as a ghostwriter offering services to other companies on a contractual basis from home.
18. Smart Products Seller
With IoT and next-generation technology, the market for smart products is growing very rapidly. You can start a business where you can outsource these smart products and sell them via your store or shop. You can even sell them online as an online vendor.
19. Yoga Studio
Due to its health benefits, more people are now moving towards Yoga than opting for a gym. The market is wide in Florida, and you can start a yoga studio by charging a subscription fee from your members for using your yoga studio and even hire a yoga instructor.
20. Organic Beauty Products
Consumers are now more opting for natural and organic lifestyle products. The business of selling or manufacturing natural beauty products could be a money-spinner for you in this period. You can even make face soaps, scrubs, shampoos, and other cosmetics at your place and sell them to other retailers.
21. Food Truck
The food truck industry is growing at a fast pace in the state of Florida. If you are passionate about entering the restaurant business but do not have the required budget, a food truck business is a good alternative.
22. Craft Beer
There is no shortage of demand for craft beers here in the state. You can create your own beer or can sell beers of other manufacturers.
23. Vertical Farming
Vertical farming can be a highly profitable business in Florida with low investment. The crop-friendly climate here is one of the main reasons for the growth of vertical farming.
24. Bed & Breakfast
Florida is known for its exquisite tourist destination spots. If you have surplus rooms to share, bed and breakfast business can fetch you good returns.
25. Travel Agency
A travel agency is another low-cost business you can start in Florida. A huge number of tourists from all across the world visit here round the year. If you have the necessary network and good communication skills, a travel agency can be a highly profitable venture for you.
Several startups have grown in the state in the last few years, and businesses are shaping up rapidly. Florida has a very sustainable business climate with friendly laws. The state is trying to promote small businesses, a huge contributor to the state’s GDP. So, if you have been planning to start a business in Florida, here is a detailed explanation of what you need to do:
How to Start a Business in Florida
Here is a stepwise guide on starting a business in Florida:
Go Through Different Business Ideas
Different locations have specific business advantages. Make sure you start with your research and see which businesses could be feasible for your location. As it’s a long-term investment, doing proper planning will help you to define your objectives and goals. So choose an idea, research, and proceed further accordingly.
Choosing Your Business Structure
Once you are ready with your idea, now it’s time for you to choose the business structure. There are businesses that require a specific type of entity depending on the industry you choose. So you need to obtain different licenses to start. Your structure will define what you will need further.
In Florida the businesses must abide:
- Florida Professional Service Corporations and Limited Liability Companies Law
- Florida Business Corporation Act
Naming Your Business
Choosing the right business name will help you to broaden your company in the future. As the internet plays a crucial role in bringing more business, make sure that the name has a domain available. Also, do check the different social media handles for the name’s availability. If you plan to operate on a national level, try to pick a name as unique as possible.
Financing Your Business
If you are planning to take a loan for your business, try opting for a long-term plan with lower interest. Different banks offer loans at different rates, so check with the banks with whom you are eligible for a bank loan. A long-term financial plan will help you to disburse the costs adequately. If your credit score is not in good shape, try approaching alternate lending platforms to finance your business.
Business Registration & Legal Procurement
The business registration is largely similar in all the states of America. In Florida, you have to complete your paperwork to register your business.
These are things you need to do to complete your registration (LLC):
- The documents for the Florida Department of State Division of Corporations
- Registered Agent With Physical Street Address
- Organizational Meeting
- IRS Form 2553
Federal Employer Identification Number
Now you need to obtain a Federal Employer Identification Number. The FEIN will act as a bonafide Security Number for your company. Every business corporation in Florida has to obtain a Federal Employer Identification number except for DBAs. But there could be limitations, so it’s better to get an EIN to prevent any kind of identity theft.
Now you need to create different company accounts to separate the expenses separately. Maintaining proper banks of accounts will help you to establish a standard accounting format for your business. You can also apply for business credit cards for a company credit profile. You can take loans as well on lines of credit.
Necessary documents for company account registration:
- Legal documents
- Company resolution
- Authorization of your company to open the account
- Confirmation from owners, members, and director
Legality & Licenses
Once registered, you need to legalize your business now. From the business name to the procedures you are going to follow, you will have to obtain a business license for your company. Obtaining a license is very important. It will allow you to carry out your business and will authorize your company.
In Florida you will need the following documents to legalize your business:
- Registration of state taxes
Statement of Information
Your business has to file the “Statement of Information” every year. This will include all your details as an annual report with the ongoing requirements. This will help the government to update your business address to fulfill other legal requirements.
In Florida, you have to file an e-file to submit your annual report. A late fee of $400 is levied if you miss the deadline.
Evaluation & Assessment
Proper evaluation is really important when it comes to assessing the legality of a company. Make sure to go through all the necessary filings and documents and see if any of them need a renewal. The following dates are important for businesses in Florida:
Franchise tax due by end of April, June, and September
Tax on the last day of the tax year
Statement of Information by May 1
A great place to start a small business, this is a detailed map work on how you can start your own business in Florida.
Best Places To Start A Business In Florida
There are around 2.2 million small businesses operating in Florida. So, choosing the right location is going to be very important. According to Wallethub Orlando, Miami, and Tampa are among the top 10 best large cities in the United States to start a new business. Here are some of the best places in Florida to start your business:
- Florida City
The state offers a very fitting environment for new businesses with accessible laws and propositions to help them grow and prosper.
Finally, it is worthwhile to mention that there are plenty of other businesses you can start in Florida with less money. The most important aspect to be successful is your dedication to work and planning properly. We hope, the above-mentioned business ideas will inspire young aspiring individuals to start their own business in the state of Florida.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.