One common question most entrepreneurs have when starting a business is whether their state is right for their business. Every state has its own pros and cons but Florida has a lot to offer its small businesses.
According to the US Census Bureau, there are almost 2.5 mm small businesses in Florida.
These small businesses in Florida employ 3.3 million people. 42.2% of Florida employees are employed by small businesses (Statistics of US Businesses, US Census Bureau).
Florida’s economic activity makes it a worldwide powerhouse. Florida has the 4th largest state GDP and 19th largest GDP in the world – https://en.wikipedia.org/wiki/Comparison_between_U.S._states_and_sovereign_states_by_GDP
Florida has been recognized in the media for being a great place to have a business.
- Wallethub named Florida as the 6th best state to start a business. https://wallethub.com/edu/best-states-to-start-a-business/36934/
- CNBC named Florida as 10th top state for business – https://www.cnbc.com/2018/07/10/americas-top-states-for-business-2018.html. Florida was ranked highly for access to capital, business friendliness, education, technology & innovation, quality of life, workforce, infrastructure, cost of doing business and the economy.
- Florida was named the 4th best state for business tax climate – https://taxfoundation.org/publications/state-business-tax-climate-index/. A few of the reasons include:
- No corporate income tax on limited partnerships and
- No state personal income tax
- No property tax on business inventories
- US News ranked Florida as the second best state for fiscal stability –https://www.usnews.com/news/best-states/florida. Fiscal stability give businesses the confidence to invest and grow their businesses.
- Florida was also ranked #3 for education – https://www.usnews.com/news/best-states/rankings/education. A state with good education is linked to a strong pipeline of talented workers for employers.