^{by Diann Madden}

The economy is opening up, and businesses are slowly getting back on track. And despite recent circumstances, experts believe that now is an ideal time to start your own business. “The Profit” host and successful businessman Marcus Lemonis echoed this statement, saying that those who faced financial uncertainty during the pandemic will have the “passion and commitment” needed to succeed in spades. On a more practical note, startup costs such as rent and advertising are also much cheaper during recessions.

Yet, not all states are the same, and, for those looking to start a new business, they should consider establishing it in Florida. Here are some reasons why…

Government Backing
Small businesses are the backbone of a state’s economy, and there are approximately 2.5 million small businesses in Florida, making up 99.8% of all companies in the state. As such, the local government greatly values small businesses, giving them access to grants and incentives to encourage more companies to come to the state. For example, in Palm Beach, the city has the “Job Growth Incentive,” which aims to bring businesses into the area by offering a generous grant. The local Small Business Administration also offers many loan programs for both newcomers and small businesses looking to expand.

This year, the state even offered $50 million worth of interest-free loans for small businesses. New businesses registering in Florida today can also pass most of their requirements online, making the process much more efficient.

Tax Benefits
Government support isn’t the only advantageous aspect of Florida; its tax benefits are also very friendly to small businesses. In fact, many LLCs are formed in Florida because of the state’s tax policies. LLCs are what we call “pass-through entities” or businesses that don’t have to pay corporate taxes. Instead, all profits go to the owner’s personal income, and taxes are computed through that. Florida is one of seven states that don’t have personal income taxes. Therefore, LLC businesses in Florida will only need to pay taxes on a federal level, saving them a lot of money. For new businesses, it’s a pretty good deal. You get to keep a lot of your profits, allowing you to grow your business more efficiently, despite recent circumstances.

Supportive Community
Due to the sheer number of small businesses in the area, these companies have formed multiple communities throughout the state. And they’re eager to help small business owners succeed. Just this year, Encore Palm Beach County, an organization that introduces work opportunities for seniors, held an event called “Wisdom & Experience”. It aimed to encourage small business employers to value the “wisdom and experience” of the older demographic so they can grow their business. There’s even a University-driven partnership in Central Florida, called the UCF Business Incubation Program, that provides entrepreneurs and early-stage small businesses with the tools they need to succeed.

If you’re wary about entering the business scene at such an unusual time, don’t be. There are plenty of organizations out there that can help you navigate. One such organization is the Florida Small Business Development Center, which provides training, software and networking opportunities for small businesses in the state.

It’s always a good time to start a business in Florida, but even more so now that the government have boosted their financial support. There is increased community support and the cost barrier for startups is lower than ever.