Why Entrepreneurs are Flocking to Florida

Why Entrepreneurs are Flocking to Florida

| May 23, 2017 | Business Law |

When you think of Florida, you may tend to think of the perfect holiday destination, with its sunny weather, pristine beaches, and awesome entertainment options. Now the Sunshine State is also becoming a popular destination for entrepreneurs looking to start their companies.

For one, there is no income tax in the state of Florida. Overall – unlike California and New York which have high taxes and are therefore seeing citizens and business leave – Florida is gaining in jobs and business startups.

Many entrepreneurs from various industries are bypassing hubs like New York City and Silicon Valley in favor of Florida, and the state is fast emerging as a hotbed for startups. In fact, it is the fifth most entrepreneurship-friendly state in the US, according to a 2014 Small Business and Entrepreneurship Council study.

Here is a quick look at why entrepreneurs are flocking to Florida to start their businesses.

  • Startup and Innovation Culture: One of the main reasons for entrepreneurs heading to Florida is the startup and innovation culture in the state. This culture has been helped immensely by the international flavor. The mixture of different cultures is a catalyst for ideas, which does not happen in too many places. Additionally, programs at local universities, such as Florida Atlantic University and University of Miami and the LAB Miami, are geared towards promoting startups in Florida. Apart from this, the state is rich in high-quality resources that are essential for startups and their success.
  • Economic Benefits: Relocating to Florida also provides entrepreneurs with economic benefits. An example of such is the lack of an income tax in the state. Additionally, living costs in the Sunshine State are cheaper than those that can be found in a number of other startup hubs around the United States. For instance, the average monthly rent in Miami for a one-bedroom apartment is roughly $1,557, compared with $3,313 in San Francisco and $2,993 in New York City. Being able to save on living costs is important for young entrepreneurs who are struggling to start a new company, so Florida is naturally a great choice for a startup.
  • Youthful Energy: Many of the cities in Florida are fantastic places for young entrepreneurs to relocate to start their own business as they are fun and full of youthful energy. The combination of the climate, the diverse culture and the overall vibe in Florida makes it a great place for startups. For young people, the energy in the state plays a role in boosting their drive in building their businesses and striving to make their startup the success they desire. Additionally, the startup community in the state is catching up at a fast rate to other entrepreneur-friendly cities, such as Boston, New York City, and others. And because many of these other places have burdensome regulations, it just makes sense to many business owners to give Florida a try.

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