Views on Entrepreneurship
Friday, October 25, 2013
Tuesday, October 15, 2013
Why is South Florida a Great Place to Start a Business?
South
Florida is an exceptional part of Florida. Why? Well, it is the only
part of continental America that has a tropical climate. Though this
article focuses not on its blissful beaches but on why it is a great
place to start a business. Why do so many dynamic entrepreneurs like Issa Asad see
South Florida as the place where their business can flourish?
A
friendly tax man
Florida
collects no state income tax – South Florida, Central Florida
and North Florida all benefit from this policy that makes the
sunshine state an attractive place for individuals and companies. Add
to this that the Florida corporate rate tax is currently set at 5.5 %
– at the low end of the American scale – and you have a
fertile environment.
Regulations
are relatively friendly
Businesses
operating in the northern parts of the United States like New York,
Boston and Connecticut have to follow more regulations than their
corporate cousins in South Florida. Costs attached to following rigid
regulations can be high; business startups want to plough their
capital into setup and development costs, not regulatory costs.
Topnotch
public schools
No
company exists in a vacuum; it is part of a larger community. South
Florida offers a solid public school system that is continually well
funded. Not only is this an important feature for families of
business owners but it indicates the high quality of employees that
are available for hire in South Florida.
Fiscally
strong
The
state of Florida boasts a stable financial status that forms a strong
base on which a small or large business can stand. The budget is
cleanly balanced, the state holds no debt and its bond rating is
stable and strong. The value of homes is rising in South Florida,
even as they remain static in many pockets of America.
The
Lab Miami
South
Florida offers outstanding resources for business people who have set
up a business or are thinking about doing so. The Lab Miami, for
example, has been set up to work with entrepreneurs and the business
community to help them make South Florida work for their business.
That such an impressive resource exists in Miami speaks to the
focused efforts of South Florida to attract and nurture strong
businesses.
Networking
Businesses
flourish through networking within their larger community: South
Florida offers outstanding institutions through which important
interactions take place, like the Greater Miami Chamber of Commerce
and the Beacon Council.
The
big picture
South
Florida can be said to have it all, when it comes to the conditions
that are known to be positive for setting up a business that makes
it. Tax policies, solid institutional support for business, public
schools that are well-funded, and a fiscal health that is the envy of
much of America. This is to say nothing of the tropical climate.
If
you are thinking about setting up a business in South Florida, do
your research. You’ll be pleased with what you discover.
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