Apart from the yachts and glamorous life in the city of Miami, Florida has other things that can attract promising entrepreneurs and investors who have some dollars to invest in Florida’s economy.
As of 2021, Florida had a Gross State Product (GSP) amounting to $1.2 trillion, making it the fourth-largest in the US.
According to stats available on the U.S. Census Bureau site, more than 21.5 million (August 2021) people leave in the state of Florida, giving you access to the large workforce and the potential customer base to patronize your business and services.
Do you want to tap into the opportunities in the state? Don’t we will share with you the most promising and affordable small business ideas to start in Florida.
One of the major attractions that is pulling small business owners to the state of Florida is that the state has no personal income tax, offers entrepreneurs a 5.5% corporate tax rate, and has nothing such as payroll taxes.
But Florida isn’t the only U.S state operating $0 personal income tax. Other includes Tennessee, Alaska, Wyoming, Texas, Washington, Nevada, and South Dakota. We’ll come back to the issue of tax in another article.
Why should I start my business in Florida?
Florida is one of the best places in the United States for small business owners should consider due to the following reasons:
- Favorable Climate
- Diverse Population
- Cheaper Cost of Living compared with New York, Hawaii, Oregon, and California
- Tax-Friendly Environment
What lucrative small businesses can I start in Florida?
Florida is a great place where diverse business ideas can be carried out with profitable income and help you income-generating assets. These businesses are some of the most profitable that an individual can consider:
Gardening Services
Residents of Florida are required to keep their lawns in good shape, considering the state’s subtropical environment. Handling this task is quite stressful, and most homeowners would require someone or a company that offers services like lawn maintenance, landscaping service etc.
Start A Beauty Salon
Starting a beauty salon is a great business idea in Florida. People always need to look good, which establishes the need for a beauty salon to include services like body waxing procedures, pedicures, and manicures.
An individual can start a female salon and employ the best personnel. In a state like Florida, you would find the cost of hiring stylists into your salon lower than in places such as LA or New York.
Back-End Tech Support Business
Florida has a lot of businesses that cannot afford to pay for a full-time technical team. As a result, one can start a back-end tech support business and offer services on a contract basis.
You can help many startups solve this headache without worrying about hiring. It would help if you focused on major cities such as Jacksonville (Florida’s largest city), St. Petersburg, Port St. Lucie, Miami, Tampa, and Orlando among others to offer these services. It is one of the easy-to-start business ideas in Florida.
Elderly Care Services
Do you know why senior care service is a great business to start in Florida? Statista.com says there were 4.5 million people in their 65 and above in the state, that is 20.9302% of the total population of the state.
Senior people require the best of health care, and Florida is an increasing market for offering elderly care services. One can suitably start an elderly care service home where these senior people will be taken care of and provided for their needs.
Organic Beauty Products
Numerous individuals prefer natural and organic products compared to others. This is an excellent business that one can utilize to make profitable returns. You can produce or get these products and make them available to those in need.
Vertical Farming
Another business that one can consider in Florida is vertical farming. The crop climate in Florida is very conducive, and one can make huge profits without requiring much capital to start.
Yoga Studio
As a result of the massive health benefits, many individuals are considering and favoring yoga practice over the gym. You can set up a yoga studio and get a qualified yoga instructor to conduct daily yoga practice.
It is a bit capital-intensive to set up a yoga studio. You may need between $20,000 to $40,000 to start a moderate yoga studio. But for a large-scale investor, who wants all facilities available, it may cost something around $1 million USD.
The truth is you can make use of the little capital within your reach, you don’t have a take a loan you are not sure of paying.
Writing Services
Many companies require creative personnel who can write quality articles for their blogs. One can engage in content writing jobs while offering services at a considerable amount.
Given one’s skill and ability, one can earn more contracts from multiple companies. As a writer, you consider offering your freelance services on platforms such as Upwork.
The demand for freelance writers has grown exponentially after the pandemic. Although there had always been a high demand for quality and professional content creators, the COVID-19 redefined the demand for writers globally.
Writing service is an easy-to-start business. After obtaining the required license, you can manage your business from home. And you can earn handsomely well by offering this service. For instance, ziprecruiter.com reveals that the average annual pay for a freelance writer was $53,258 as of September 2, 2022.
Food Services
Food is an essential thing that people require for daily survival. You can explore the over 20 million residents in Florida by providing food services.
Frozen Yogurt Business
The fact that Florida tends to maintain warm temperatures on average makes the frozen yoghurt business one of the most profitable small businesses in the state.
The consumption of frozen yoghurt is massive, and Florida is one of the best places for this type of business. One can start a frozen yoghurt business with a small capital and the correct type of supplies.
Dating Consultant
Due to the advancement in technology, the whole concept of dating has changed drastically. People now have several options and would still require expert advice. An individual can start up a dating consultancy business and offer different suggestions on what a client can follow.
Credit Consultancy Services
This specific business is excellent; if you have a good knowledge of numbers, you would have to assist people with their finances. Florida has a large market for credit consultants, and one can suitably help people manage their debt and investments.
Taxi Business
One of the best businesses to start in Florida is a taxi business. Once you have a comfortable and functional taxi, the best location, and a well-improved service, you can provide transportation services to many people. You might need to be a taxi driver for any taxi company but join companies such as Lyft or Uber.
Security Camera Installation Business
There are a lot of banks, homes, and establishments which require security cameras for security purposes. Florida has a great demand for security camera installation, and this could be an excellent business to consider.
Start a Fruit and Vegetable Retail Store
Starting a fruit and vegetables retail store business is an excellent idea in Florida. One can get a retail store and a good fresh fruit and vegetable supplier.
Customized Tour Services
The tourism sector in Florida continues to grow. For instance, 131 million tourists visited the Sunshine States in 2019, though the number went down due to pandemic restrictions, even at that, the state welcomes 122.4 million, a US News report says.
In 2014, tourism-related spending also shows that tourists spent $21.1 Billion USD on lodging, they also spent $36.3 billion on food and refreshment while fun-lovers committed $82.0 billion to the economy of Florida in spending related to tourism Visit Florida says in its Fast Facts
The tourism industry is one of the most profitable businesses in the Sunshine State. The state has a lot of beautiful and fantastic sites for one to visit and explore. Organizing a customized tour service is an ideal business to start in Florida.
Open a Casino and Game Center
Another business that an individual can start in Florida is a casino and game center. Many people engage in numerous games for leisure and pleasure purposes, and this can be a profitable venture for a specific business owner. Be sure to be approved before running a casino, and also note that it is lucrative, but it is capital intensive.
Start An Aquaponic Farm
An aquaponics business involves the combination of aquaculture (the raising of aquatic animals like fish and snails) with hydroponics (the cultivating of plants in water).
You can start an aquaponics farm and supply various products to different manufacturers. This is one of the easy-to-start business ideas in Florida if you have the license to start a farm in this area.
Start A Car Rental Services Business
A car rental services business is a lucrative business that an individual can consider in Florida. One would need to conduct market research and specify the target customers first. It’s one of the easy-to-start business ideas in Florida.
Startup Consultancy Agency
There are a large number of people who have multiple business ideas but do not have the information on how to start. They will definitely embrace services around helping them to solve business-relation issues.
According to Florida Business Development Commission (FBDC), Florida boasts of more than 2.5 million small businesses
The government understands the importance of small businesses in mic-economic growth. For instance, SMEs create millions of jobs every year thereby reducing the burden on the government.
Because of this and some other favorable factors put in place by the government, the number of small businesses in Florida. So, you can start a consulting agency that provides the best advice on establishing various businesses.
Conclusion:
Considering how massive the economy of Florida is, there are many small businesses you can kickstart in the state, however, the aforementioned listed ones in this article are profitable and a good point to start.
References:
America Counts Staff (August 25, 2021). “Florida Was Third-Largest State in 2020 With Population of 21.5 Million”. census.gov
Florida BDC (2020). “Small Business and Its Impact on Florida”. floridasbdc.org (PDF)