There are a very large number of factors that can affect the ability of the business destination to compete in contemporary global markets. Even in a nation like America that is considered pro-business, Florida stands out for its welcoming attitude to businesses, big and also small with its business-friendly environment that enables businesses to thrive. Some of the biggest draws of Florida as a business destination:
An Enabling Business Climate
When you locate your business in Florida, you can expect complete peace of mind because the state really does go all out to woo businesses with its favorable taxation structure, competitive costs, and also business-friendly policies that make fast growth possible. According to https://www.businessnewsdaily.com, the state has the nation’s fourth-largest economy.
Favorable Tax Climate
Traditionally, Florida has always been a very attractive place to work in because it does not have a system of personal income tax. Additionally, it also follows a favorable taxation policy for businesses. The state was ranked fourth in 2019 on the State Business Tax Climate Index compiled by The Tax Foundation.
Easy Access to Funding Is an Important Catalyst, Observes Eric J Dalius
According to U.S. News & World Report, Florida ranks a very healthy No. 5 in the list of states for venture capital funding. Seed capital made available to startups in the state in 2018 amounted to $511 million. Additionally, a vote of confidence has been given by Crowdspring. By ranking Miami as the nation’s third-best city for entrepreneurs to establish startups. The 2019 study took into account the vital combination of venture capital and also human resources, remarks EJ Dalius.
Booming Entrepreneurial Activity
The 2019 WalletHub survey of the best large cities to establish a startup included as many as three destinations; Miami, Orlando, and also Tampa, certifying what many entrepreneurs have always known to be true – that Florida is a great place to start a new business. The critical factors considered by the study included the business environment, cost of doing business, and also access to resources. Also included in the list were popular cities like St. Petersburg and also Jacksonville. Orlando got a special mention for having the highest growth in the number of small businesses in America.
Robust Labor Market
According to the U.S. Bureau of Labor Statistics, Florida has the third-largest labor force in the country. The annual rate of growth is pegged at a healthy 1.7%, with an unemployment rate of 3.4%; Florida ranks a low No.19 in the country testifying to its flourishing business economy. In 2019, for the third year in succession, U.S. News & World Report ranked the state’s public university system as the best in the country. This means the businesses do not have to worry about finding high-quality talent to join them.
It is quite easy to figure out why Florida is such a hugely attractive destination for big and also small businesses. Entrepreneurs looking to establish their ventures or big businesses looking to expand will do well to take a hard look at Florida.