The Sunshine State is a land ripe for business opportunities. Along with incredible year-round weather and a diversity of things to do, Florida boasts a 10.1 million civilian labor force, the highest in the country.
With low unionisation rates and a favourable corporate tax environment, starting a business here could be the best move you can make. However, before starting any business, you need to be aware of the makeup of Florida’s economy and what’s likely to take off.
Here are the top businesses to start in Florida in 2022.
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Food Truck/Restaurant
Starting a food truck or opening a restaurant in one of Florida’s 67 counties allows you to take advantage of local and tourist markets. The food services industry is projected to grow by 3% in 2022, meaning this is one of the few industries with strong growth projections.
Starting a restaurant requires a more considerable initial investment than a food truck, but it also comes with a higher profit ceiling.
Ensure you do your research regarding licensing and making sure your business is protected with against liability by checking out the best business insurance options in Florida. Not all businesses have the same licensing requirements. Furthermore, insurance prices will vary depending on the type of business you run. It’s good to know that the industry you are in and the risk will determine the price. For instance, a restaurant will pay less each month than a firm like a construction company that carries higher risk.
Note down the current food service industry trends. For example, more consumers are looking for plant-based meat substitutes. There’s also an increasing number of consumers who prefer home delivery to a dine-out experience.
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Real Estate Business
Florida real estate is booming. The median Florida house price has risen by 23%, with further growth expected in the years to come. Orlando, Jacksonville, and Fort Lauderdale are just some of the cities experiencing significant increases in prices.
There’s also the fact that thousands of people move to Florida every year. These people need somewhere to live, and real estate agents are a big part of finding homes for these Floridians.
Real estate sales are up, and it’s relatively easy to fulfill all the requirements necessary to enter this business.
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Microbrewery
U.S. craft beer has become a staple on the coastlines. The rampant microbrewery movement has also arrived in Florida.
Despite Florida launching its own adventure into craft beers, it’s still a relatively young industry. Compared to states like Washington, California, and Colorado, Florida cannot compete.
If you’ve got a keen interest in craft beer, now is the time to launch this type of business in the Sunshine State.
Make sure that you have a solid business plan before launching this type of business. For example, will you be a production-only brewery, or do you plan on opening your own brewpub? There are also questions regarding the scale of your operations and whether you want to operate within a local community or expand across the whole state.
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Nail Salon
American women love to look good, and Florida is a hotbed for nail salons. Opening a nail salon and running your own business could easily net you a six-figure salary. You don’t even need to know how to do nails yourself to start this type of business.
Make sure you’re aware of the changes made to the beauty business in Florida, including the recent minimum wage law passed in 2020.
Be aware that you’ll need a significant injection of capital to get your salon off the ground when planning your space.
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Grocery Store
The influx of new Floridians means neighborhoods are springing up across the state. Part of constructing these new neighborhoods is offering the amenities to allow people to cover their basic needs.
Starting a grocery store doesn’t have to mean creating your own brand. Plenty of franchises enable you to be anything from a convenient local supermarket to a specialized grocer.
If you embark on this business idea, start the permitting process early. Florida’s permitting process for food stores is extensive and can take weeks and months of complex paperwork.
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Hotel
Florida is a state that relies heavily on tourism. Millions of people from across the country and the rest of the world flock to the beaches of this southern state every year. It makes sense that the COVID-19 pandemic has created an oasis of opportunity for new players to enter the market.
The U.S. hotel industry is worth $20 billion, and there are already signs that it’s beginning to recover. While Florida’s hotel industry is not expected to recover for a few years yet, opening a motel or hotel can position you for when the tourist boom returns.
You have several options for starting a hotel or motel, including purchasing an existing hotel, operating a franchise, or running an independent property.
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Automotive Repair Shop
The car rules the road in Florida. With so little public transportation outside of major tourist hubs like Miami, Floridians rely on their vehicles to get around. Owning an automotive repair shop gives you a ready-made market that will continue to thrive, regardless of the economy.
Interestingly, Florida doesn’t require a license for auto technicians, enabling practically anyone to jump into the industry.
Startup costs average around $50,000, but a successful automotive repair shop can pull in more than double this every year.
Be aware of the electric vehicles market. Every year, tens of thousands more electric vehicles hit the roads of the U.S., leaving an excellent opportunity for automotive repair shops to provide services tailored to these green vehicles.
However, like any business, you will need to be prepared to spend the first few years building up your brand’s reputation. Despite the ease of opening an automotive repair shop in Florida, this hypercompetitive sector will take time to succeed in.
Conclusion
Starting a business in Florida empowers you to take advantage of a state with a growing population and a diversity of thriving industries. The opportunities available within the Sunshine State make this a location where any prospective business owner can become a success and live the American Dream.
Make sure you create a business plan and secure the necessary financing first to increase your chances of success. Don’t jump into launching any venture without preparation first.
What business do you want to start in Florida?
