Chief Executive Magazine named Florida the third "Best State for Business" in 2011.

According to various sources, the businesses that thrive the most in the Sunshine State include: retail shops, beauty and barber shops. Another successful option in Florida is contracting. But first, let’s learn more about the state itself and how its economic evolution has taken place.

The state is located in the southeastern region of the United States. When it comes to population, Florida is the 8^th most densely populated in the United States and also the 22^nd most extensive. The Miami metropolitan area is Florida's most populous urban area. Florida is home to more than 20 million people living across more than 53,000 square miles of land. Therefore, we can safely agree that the Sunshine State provides businesses with large markets.

There are quite a few tax benefits in Florida, one of them being the Community Contribution Tax Credit, which allows any company that donates to an eligible community-based organization to take a credit of 50 percent of the donations against its corporate income tax up to $200,000 per year.

Looking back, Florida's economical growth was based on agricultural products such as cattle farming, sugarcane, citrus, tomatoes, and strawberries. Due to its economic prosperity at the beginning of the 20^th century, Florida’s tourism increased substantially. Besides tourism, in the past century Florida’s economic growth was also based on industry, construction, international banking, biomedical and life sciences, healthcare research, simulation training, aerospace and defense, and commercial space travel.

The economy is almost exclusively driven by its nineteen metropolitan areas. In 2004, they had a combined total of 95.7% of the state's domestic product. Nowadays, Florida is the leading state for sales of power boats, $1.96 billion worth of boats being sold in 2013.

The Gross Domestic Product (GDP) of Florida in 2016 was $926 billion, being the fourth largest economy in the United States. In 2010, it became the fourth largest exporter of trade goods.

Now let’s see what the basic steps are when you want to start a business in Florida:

 

·         Check with your County Tax Collector to see if you need a license.         

·         Register your business with the Department of Revenue.                          

·         Register with the IRS.   

·         Corporate entities or fictitious name registrants should register with the Department of State. The Florida Department of State makes note of six details that require your attention

·         Tax information

·         Business registration

·         Selecting a location

·         Tax registration

·         International trade information

·         Permitting and land use

 

 

So these are the main 4 steps that are not actually fun to deal with, but let’s see the greater picture and take a look at a detailed path of starting a business in this sunny state.

1.       Plan your business idea

The first and most important step in starting a business is thoroughly planning your idea. You must make sure everything is structured precisely, for example your market target, financial objectives, pitch and much more. This will give you tremendous support when it comes to growth, cash flow and will help your business stand out in time.

You can always start by reading a few guides or books on business planning.

2.       Think of a great name for your business

Always get creative when you try to name your business. It’s the first thing that leaves an impact on the world and makes people remember it. Secondly, you must check and see if the name isn't already taken by doing a name search on the State of Florida website.

3.       Advertise your business name

You should contact a newspaper to find out more info regarding the cost.

4.       Pick a URL

First of all, you must check if the URL that you’re thinking of is available. It is recommended that you buy the wanted domain name as soon as you think of it in order to prevent others from acquiring it. If you want your business to be taken seriously having a professional website hasn’t been an option for quite a while. It’s absolutely essential that you give your potential clients the option to investigate who you are and what you’re about.

5.       Choose a business structure

The most common type of business structure that is chosen by entrepreneurs is the LLC.  It has all the benefits of a Corporation without the disadvantages like double taxation. But if you want to take your company public or raise substantial outside capital the best choice for you is definitely forming a Corporation.

6.       Get informed about Florida’s Tax Obligations

After you’re done with choosing the name and structure of your future business, the next step is to become completely aware of all the tax obligations in Florida. The most recommended website to start researching is Florida Dept. of Revenue. You’ll definitely find links to everything you need to know.

7.       Get informed about License Obligations

It’s time to fill out and file all forms required by the State of Florida to legally operate your business. The most advantageous choice is to use a Business License Service. It will save you a lot of time because they will provide step by step filing instructions for everything and get all the necessary documents.

8.        Choose a great location in the Florida Area

Exactly like anywhere else in the world, choosing a good location is vital for your future business. Naturally, it’s not an easy process. It might help reading a few online guides regarding choosing the perfect location.

9.       Financing your Business

Start by generating ideas about financing your business. Also make sure you have plenty of reading materials before actually starting this step. A financial assistant would also be really helpful and will provide you with more time to concentrate on other steps in this process.

10.   Start marketing your business from the start

 

Even more important than having a business website, marketing is essential for every new-born company. Make sure you get some experts to help you create a proper marketing plan. Nowadays, your job is a lot simpler due to so many social media options through which you can easily promote your company. But always remember this, real human connections are the most important in your success.