Florida has long ranked pretty high on every list of states that are the most business-friendly. Its economy is the fourth largest economy in the country, following only Texas, New York, and California. Its GDP of $1 trillion speaks for itself. In many ways what drives its growth is the number of startups registered on its territory. However, it is also the place where lots of companies decide to move their business. As a result of this, many corporate giants are present. That said, perhaps the best business investment opportunities in Florida come in the form of startups and small businesses in general.
Why Florida?
The main reason for Florida being a popular destination for business is the business conducive environment created by the pro-business legislation favored by its lawmakers. Essentially, what makes Florida attractive to investors is the fact that it can surely be placed among the under-taxed states. For example, there is no personal income tax. This provides space for huge savings both for individuals as well as their employers. The state sales tax is on the lower end of the spectrum. The same is true for the corporate income tax return that corporations must file. These kinds of laws make it easier to both start a business as well as have a big profit margin.
Furthermore, another piece of what draws companies to Florida is its highly developed infrastructure. Florida’s transportation is multi-modal, and as such will be able to fit all of your needs. Not only are there sufficient airports available, but there are also deep-water ports, as well as complex highway and railroad networks. Its convenient location also allows for easy international trade. The available workforce is also one of the advantages of doing business in Florida. The talent pool is young and diverse, often ranked among the best in the country. So, no matter what you deem the best business investment opportunities in Florida, your staffing needs are sure to be met by a skilled and hardworking pool of workers.
Where to invest?
Florida’s leading industries are as follows:
- tourism and agriculture
- international trade
- aviation and aerospace
- healthcare and life sciences
- banking
These and more offer ample space for Florida franchise opportunities. Obviously, though, choosing the best business investment opportunities in Florida will depend on more personal things. Some of those variables could be your own education, skillsets, interests and available capital.
Tourism and agriculture
Owing to its pleasant climate, two industries that dominate the business landscape in Florida are tourism and the hospitality industry and agriculture. Some of the best business investment opportunities in Florida can be found in these particular industries. In addition to that, these industries offer a pretty wide range of investment opportunities. Agriculture and the food manufacturing industry can make a nice marriage. You could come into it with a healthier slant. For example, you could invest in the growing field that is the healthy vending machine industry. People have generally been on a major health kick in the past 5 to 10 years. The vending machine industry, though, still hasn’t entirely caught up.
Alternately, gluten-free products can also be a good place to invest if your interests lie in growing and/or preparing food. Not only do gluten-free products have their fixed target audience in people who suffer from Celiac Disease, but they are also gaining in popularity with the general public as well.
Another small business idea when it comes to food manufacturing and the hospitality industry is owning and operating a food truck. Much like the healthy vending machine industry, this field is rapidly growing and is one of the best business investment opportunities in Florida as it offers fewer risks of failure than, for example, investing in a proper restaurant.
Technology
As in most places, there is a variety of different opportunities for tech investments in Florida. Virtual reality is a growing area and as such could be a good field to enter while it’s gaining momentum. Age-appropriate apps for children can also make a good IT investment, as it is an ever-expanding field. Even more on-the-ground work like smartphone repairs and drone rentals can be a good idea for investing if you have the interest and the skills for it.
Retail and services
When it comes to small business ideas, retail is almost an obvious choice. In a state as big on tourism as Florida is, this can actually turn out to be a very valuable investment. You might need an angle that would separate you from the pack, but even having a good location and the right products for what you want to do will do. Floridians are also big pet owners, so any services related to pets like pet sitting, dog training, or making dog treats will easily find their eager customers.
Healthcare
With the advent of startups, it is easier to invest in healthcare now than ever. Whether it’s an online platform that helps with different aspects of our bodily fitness or a device for advanced cardiac monitoring inside an MRI, some of the best business investment opportunities in Florida come from the scientific fields. One particular medical area that is gaining lots of traction lately is the medical marijuana industry. This year, Florida has seen the legalization of medical marijuana, including products such as hemp gummies with THC that come in many flavors.
While the legalization of its recreational use is still a long way ahead, this progress represents both short- as well as long-term potential for investing in the state.
Rosa Keery lives and writes in Florida, mostly covering topics related to moving for companies like Moving Kings Van Lines FL as well as investment tips and life in Florida in general. She loves salsa dancing and throwing outdoor dinner parties for her friends and family.
