Starting a small business in Florida sounds like an exciting thing to do for entrepreneurs. Why won’t it be? After all, Florida has the lowest implication of income tax in the USA. If you have a business plan ready in hand, the Sunshine State of the USA will offer the best platform for entrepreneurs.
3 important facts about Florida that makes it an ideal place to start a business here-
- Florida implies the lowest income tax in all of the USA.
- Forbes ranked Florida in the first position amongst all the 50 states in Economic Growth Prospects.
- It is the 2nd best state for entrepreneurs to start their business.
So, if you are an entrepreneur, apply for business license Florida today.
If you are wondering how to get a business license in Florida, you have come to the right place. We will be discussing 10 easy steps to starting a business in Florida.
Things to know before you plan your business in Florida:
Are you planning your business in Florida? Don’t rush into any decision. Here are some valuable inputs you can apply in your plan to have success in the business-
- The Sunshine State is the largest citrus fruit producer in all of the USA.
- The population of Florida is higher than in New York by 19.7 million, giving it the 3rd rank in population amongst the 50 states of the USA.
- Southern Florida offers higher opportunities for startup companies.
- Established companies having their headquarters in Florida are Citrix System, ADT, AutoNation, HSN, Publix, and more.
Now that you are aware of the interesting business facts about Florida, do you want to know how to start a business in Florida?
We have guidelines to make your life easier.
10 Easy Steps to Start a Business in Florida:
1. Get an idea for the business:
If you want to start a business, you must be having some ideas in mind? We recommend choosing ideas that interest you and your target clients. if you want inspiration then here are few business ideas that are selling well in Florida-
- Business in fishing charter
- Cleaning service for boats
- Cleaning pools
- Fence making company
- Business to wash cars under pressure
- Business to make Italian ice
2. Plan your business:
A good plan is a steppingstone to a successful business. Before you invest in any business idea, its best to plan critically first. What do you need to start a business in Florida? Some points of consideration while planning are-
- Decide a name for the business that is unique.
- Decide the product you want to sell and develop it.
- Identify your target market.
- Indulge in marketing and sales.
- Plan your finances well to avoid any future hindrance.
- Estimate the starting cost of the business.
- Determine the ongoing expenditures of the business.
- Note down your profit expectations and steps to improve whenever necessary.
3. Forming the company:
Registering a business in Florida calls for forming a legal entity. There are 3 different business structures here-
Getting a business license Florida for is advantageous for a corporation or LLC. It provides-
- Enhanced credibility
- Personal liability protection under the circumstances of the company getting sued.
If it is a small business, we recommend LLC as the best structure for your company. The cost of registration is only $125.
To get this registration done, you require a professional registered agent to get the work done in a short time duration.
Where to register each of the structures?
- For LLC, DBA, or Corporation you need to submit all documentation at the Florida Department of State Division of Corporations.
- File IRS Form 2553 for S-Corporation structures.
- You can apply online at sunbiz.org for DBA structure.
4. Set your website and domain:
Setting up a business in Florida is not complete until you have a registered domain name from GoDaddy or Namecheap and a website of your own. take the help of Google G Suite to prepare a professional e-mail id for your company.
5. Tax Registration:
Tax is an important component of “starting a business in Florida checklist”. Florida has 2 major taxations on businesses-
A.) For business selling products, Florida Sales Tax is applicable.
B.) For companies hiring employees, you need to pay Florida Re-employment Tax.
To register for taxation under the government, you need to have an EIN or Employer Identification Number. EIN works as a independent contractor taxes id to prevent any kind of theft of identity of the company.
You can apply online or submit a physical copy of IRS Form SS-4 at the Florida Department of Revenue Site visit: https://floridarevenue.com/pages/default.aspx
6. Open a fresh bank account and credit card for the business:
Whenever you invest in a business, the first thing you do is separate your personal and business account.
Benefits of separating bank accounts-
- Keeps your personal and company assets discrete.
- Personal assets get better protection.
- Filing tax becomes easier.
Having a bank account is not always enough. You need the expenses for your business to be conducted with a credit card exclusive for the business.
Benefits of business credit card-
- Keeps company and personal expenses discrete.
- Builds a strong credit score for the company.
- Increases in chances of getting loans or capital in the future.
7. Accounting Setup:
Every business requires a professional for constant monitoring of the in-flow of cash and expenses. There needs to be a parity in order to have a constant flow of profit. One can judge the success of the business with the growth in profit margin.
8. Get Licenses and Permits for the Business:
After getting your business registered with the state, it’s time to obtain a small business license Florida. You can only begin your company after you have acquired this.
To check the type of licensure you need for the business, you need to look into the official website: http://www.myfloridalicense.com/DBPR/ of the Florida Department of Business & Professional Regulation. This website will also give you information on whether you require any special permit, based on the business you plan to do.
9. Get business insurance:
Insurance is a must in Florida for every business. This reduces the risk for the company and keeps the entrepreneur protected from liabilities under stringent circumstances.
there 3 types of insurance that every business must consider-
A.) Insurance for General Liability
B.) Insurance for Workers Compensation
C.) Insurance for Professional Liability
10. Branding of the company:
The last, yet the most important phase of setting up your business is branding. You need to actively spread the news and promote your product in the market.
your branding depends on-
- Marketing strategies
- Digital and social media promotions
- Customer service you provide
- Product quality
- Business card
Your attitude towards the business defines your brand.
The above points will make the process of starting a business in Florida easier for you. Now you know what to do and where to approach. But the main hurdle lies ahead. This is going to be a tiresome and time-consuming process, so don’t feel disheartened.