Starting a Business in Florida
Starting a Business in Florida is a good idea right now. The area demographics, the flourishing tourism commerce, summed up with encouraging incubation programs for entrepreneurship makes Florida a lucrative attraction for new startups. This may explain why the state is cluttered with small and medium size enterprises even though it is not home to the Fortune 500. The laws, environment and labor encourage start up businesses in Florida to grow.
Demographics of Florida
Central Florida is a host to a good quality of life in addition to a handful of post secondary institutions. This means that the state has a broad base of young consumers who follow a standard of life that allows them to spend on luxury goods and services. Summed up with such a demographic is the flourishing industry of tourism. The tourism industry has had a huge positive impact on the economic success of Florida. This opens up opportunities for start up businesses in Orlando to go for a product line associated with tourism or products that specifically target the youth.
New Business Ideas
If you’re making the effort of launching a new business in Orlando, then make sure it is not something that is already there in the market. Although it might be a little risky launching something innovative, the more risk you take, the higher the potential profits. The difference between a successful entrepreneur and one that is not so successful is that a successful entrepreneur comes up with something that has not been done before.
Opening a new business in Florida takes a lot of time and effort. Above all, it takes a significant monetary investment. Looking up to a professional or someone who has already launched a startup which has been successful would be a good idea.
Since the internet gives you easy access to almost everything, social networking sites can be used as an asset for your business. Big names like Bill Gates also have a presence online. Following successful people on social networking sites would allow you access to their experiences, their personality, and their knowledge through what they share. This will facilitate you in choosing the right leadership style for your new start up.
While individuals are in the process of starting up a new business in Florida, they often quit their jobs thinking that their business will reap returns soon. This is a mistake that they make. A new start up will never give you good returns immediately. Rather, it will most probably cost you from your pocket. In the beginning, the business is likely to have negative cash flow no matter how good sales are or how good your product is. Once your business starts giving you returns that are more than your salary, you know it’s the right time to choose your business over your job.
To be the boss of your own running venture, you need a proper strategic plan. Before you do anything else, prepare a powerful course of action on the launch and execution of your venture which will help you pave your way with planning. It will enable you to fight surprises when they occur, while you manage to start a steady cash flow and manage labor efficiently.
How to Start a Business in Florida
If your dream is of one day becoming your own boss, then Florida is the right place for you. Starting a business in Orlando, Florida opens you to vast benefits the state has to offer. The government is business friendly and the taxes are low. Known for its tourism, Florida has become a business powerhouse in country. If you have the idea and the support, start incorporating in Florida today.
Choose a business structure
If you are the only owner of your business with no investors, choose sole trading. If you and your partner are starting a business, a partnership would be suitable. If you have investors in your partnership, then form an LLC in Florida. All these business structures employ different tax policies. The Florida Department of Revenue can help you in choosing an appropriate structure.
Register your business name
The next step to incorporate in Florida is filing your business name with the Florida Division of Corporation (FDC). The FDC will check whether any other business in the state own your requested business name. Once your request is accepted, you can register for that name with the FDC. The registration requires a description of your business and your contact information. Registering your business name in Florida is cheaper compared to other states.
Get a license
Acquire a business license from the Florida Department of Business and Professional Regulation (DBPR). The DBPR will issue you a business license on terms like the nature of your business and types of services you provide for customers and clients. You will be required to list your business address, contact information and social security numbers.
Get a tax license
Your incorporation in Florida makes you liable to pay state taxes on any items it sells or services it provides. Register for a state tax license. Registering online with Florida Department of Revenue is free. Once your application involving forms on your information, nature of business and products and services offered is approved, you will receive a sales tax certificate.
Apply for Employer Identification Number (EIN)
You can get this certificate from the Internal Revenue Service. EIN is important for filing taxes with the federal government. Your employees will need your EIN when filing for their tax returns.
Why start a business in Florida?
Florida is a great state for you to relocate under the current economic climate. The initial capital requirements to incorporate in Florida are generally low. The government provides infrastructure, health and business insurance, and other business incentives to attract business oriented individuals and firms to the state. The court system is business friendly as you can carry out all business activities within the laws of Florida. No personal income tax policy allows you to avoid double taxation. That saved tax money can be used as operating capital to help your business grow.
Starting a business in Orlando, Florida has never been so easy and rewarding. Professional consultancy is readily available if you want information on investor resources, business loans and business plans. The road to success starts from here.
If you need more information about our business development services, please contact us at 407-344-1228. FreedomSBS is a marketing, graphic & web design, accounting, internet marketing, business development, and corporate law resource firm all in one! FreedomSBS is your one stop shop to start, grow and mature your business. Our services include: incorporation services, graphic design, logo design, web design, web development, internet marketing, search engine optimization (SEO), marketing consultations and corporate law resources. Our services are provided nationwide, but since our main office is located in Kissimmee, FL, we mainly help businesses in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, and Hunters Creek, FL.