If you want to start a small business in Miami we will show you a few reasons why this in fact is a great idea. Florida is so much more than just a retirement state. Miami especially is a magnet for young professionals and it has been for the last few decades. Young families are also relocating here daily and as you can imagine new businesses are popping up constantly. There is a reason for that of course. After we show you those reasons we will show you how to get there and start your small business in Miami properly.
6 reasons to start a small business in Miami
- Favorable tax climate
- Thriving entrepreneurial scene
- Diverse economy
- Strong labor market
- Ready access to capital
- Low cost of living
The last one we don’t even have to explain. Low costs of living are always a plus. Because that means low costs of rent and so on. A strong labor market for you means that you will have plenty of skilled people you can work with. A thriving entrepreneurial scene is a great thing but it also means you will have plenty of competition. You already know all about taxes in Florida and access to capital is another plus for starting a small business here. All in all, this is a great place and you will see that younger generations are often choosing Miami and coastal cities to start their businesses.
Another reason to start a small business in Miami
We wanted to separate this because it is not strictly business-related but it is still a big factor. We are talking about the high quality of life in Miami. If you are starting a small business here chances are you will be living here as well. That’s why you need to think about this as well and that is a reason why we are mentioning it – just separately. If you want to save some money so you can invest it in your business you can find a small place and downsize a bit.
Business-friendly tax structure
As you very well know by now this state will not charge you an income tax. That will give you and your employees a raise of sorts. That is if you are moving from a state that has an income tax. There are also no inheritance or intangibles taxes. You should also know that corporate and sales taxes are low compared to other states. One of the reasons why Florida keeps sales taxes on residents and businesses pretty low is because this state makes a lot of money on tourist-related taxes. This state can attract over 30 million people yearly.
Starting a small business in Miami
There will be some fees as you can expect for example you will need a :
- Filing fee which is $100.00
- Registered agent designation fee which is $25.00
- Certificate of status which is optional and is only $5.00
- Certified copy which is $30.00
The real costs will be renting a place of business whether it’s a shop, office space, or whatever works best for your business. For this one, you will need to find a local realtor to help you out just like when the time comes to move you will need to find reliable professional movers like City Movers for example. Hiring professionals is necessary when handling a business. That way you can ensure that you have a good start.
Why Miami and not NYC for example?
This is such a common question and you will see it as soon as you start researching “how to start a small business in Miami” or similar topics. NYC is the hottest city maybe in the world. It’s roughest as well and small businesses really make it there. There are other things like prices, competition, lack of space and the list goes on and on. The world’s biggest metropolises are simply not ideal places for starting a small business. We are not saying you need to start from the village, Miami is a pretty big city and very urban too. You want to be (and start your business) in a booming city like Miami but you still want to be able to breathe.
Settling in
This is a very important part of starting a business and the way you handle it will define your start. That’s why it would be wise to team up with professionals whether you need help with transportation or just settling in. Reputable assistance is available and they will do whatever you need to start your small business as quickly as possible. The longer it takes you to unpack everything the more money and business you will lose so don’t waste even a single day. Let professionals work their magic.
Another reason to start a small business in Miami
According to Biz2Credit, Miami is rated as the best city in the whole USA for starting a small business. The weather is amazing, you have so much to enjoy after work and relax. Healthcare-related and real estate businesses are thriving in Miami. You should research your line of work but chances are you will do just fine. Of course, you will be needing some help with the legal part of starting your business. This needs to be in order and you need to have all licenses and paperwork that is necessary. What will be necessary depends solely on your business so this is something you will need to discuss with your lawyer or legal department. Good luck with starting your new business and remember finding office space can take some time but it’s important to find the perfect location.