There is nothing like life in the Sunshine State. With so much new development in the Tampa Bay area, it is an ideal location for a new business. However, if you are new to the area, there are some things you may want to know about starting a new small business on the Sun Coast. So, whether you are new to the area or a long-time local, here are some tips to get you off to a stellar start with your new business.
1. Be Ready to Compete with the Main Industries
Tourism and hospitality were the leading industries in literally any part of Florida for many years. However, as the warm climate began to draw more year-round residents, new businesses began to crop up. Now, according to the latest data on City Town Info, some of the major industries in the Tampa Bay Metro area are:
- Information Services
- Financial Services
- Maritime Sciences
As you can see, tourism is still a competitive industry but not the only major employer in the area. In other words, competition is stiff here regarding a labor force and customer base, so be ready to run the race!
2. Be Prepared for the Legal and Practical Aspects of Starting a Business
Actually, starting a business in the State of Florida is relatively easy compared to other areas of the country. For one thing, payroll will be a lot easier as there is no state income tax to deduct. You will, however, need to register your business, obtain a business license and be prepared to purchase the necessary insurance to protect yourself, your employees, and the general public.
When it comes to the insurance coverages you will be required to carry; it is best to talk to a company like The Hartford that has been in business for over 200 years. They are not a new provider and understand what kind of Florida Business Insurance coverages you must carry by law and other supplemental coverages you may need for maximum protection.
3. Be Competitive in Salaries
Another crucial thing you might want to consider when starting a business in Florida is the salaries you are willing to offer. That is one of the impediments to drawing the top talent for so many businesses in the South. The current wages they offer are in no way as competitive as those paid along the entire West Coast of the nation. So they often lose the top talent to companies in California, Oregon, and Washington. If you are ready and able to offer competitive wages, you can be assured that you will attract the cream of the crop, and your small business will be off to a great start.
With that said, welcome to the Sunshine State, and remember to enjoy our gorgeous beaches while you’re here. There’s nothing like Florida Sunshine to motivate you to succeed.