Hailed as one of the greatest places in the nation to start a business in a recent report released by the Small Business & Entrepreneurship Council, Florida is currently ranked fifth in the nation for its entrepreneur-friendly policies making it a virtual Entrepreneurial Eden of sorts for businesses and businessmen seeking greener pastures in a slow, but steady economic recovery. So what exactly makes Florida so irresistible all of a sudden you may ask?
Here are 10 reasons South Florida is a great place for entrepreneurs:
1. With its business friendly federal and state tax considerations, Florida has emerged as a siren for those looking to start or relocate an existing business. Tax credits along with land availability make Florida the place to be.
2. Location, location, location, we have heard it all before. The truth is, however, that when it comes to the invaluable location piece of the puzzle Florida has it in spades. Any industry starts with a leg up here.
3. Construction costs are low and demand is increasing in the coastal state. Both residential and commercial properties are in demand. Employment is growing faster in construction than in any other sector of the economy. The number of construction jobs in Miami-Dade, Broward and Palm Beach counties grew by 8.9 percent from November 2013 to November 2014 while total employment in the area grew 3.4 percent.
4. Troubles abroad have led investors back to Florida. Investors worldwide are skittish about investing in foreign banks and long for the security that only US banks can provide. Florida, with its location and port accessibility up the coast, make it the natural choice for international trade.
5. Abundance of available resources has transformed South Florida into a prime market place. Miami has always been the place to be for those wanting to do business in Latin America, but now it has expanded its reputation. Companies are flocking to South Florida with broader interests in mind knowing that the professional infrastructure they need is ready and available.
6. South Florida has the potential to become another Silicon Valley. Start-ups are no longer the exception to the rule in South Florida’s business panorama.
7. With a constant influx of travelers along with an increase per capita income Florida has transformed into a retailer’s paradise. More and more national chains open monthly and retail space is renting at a premium.
8. People on vacation love to spend money and South Florida has tourists galore making it the ideal location for new or existing entrepreneurial ventures.
9. While banks nationwide may be treading water, the financial sector of the South Florida economy is holding its own. Lending has increased in the residential sector and commercial financing is attractive which serves as a further incentive for entrepreneurial growth.
10. Venture capital and angel investors are moving in, with more companies willing to fund emerging businesses, Florida is literally the place to be.
South Florida entrepreneurs have more resources than ever before. Florida has the cash and the human capital to make any entrepreneur pack their bags and head south. For ongoing information on the growing business economy South Florida has to offer check out the latest edition of South Florida Business and Wealth.