By Rieva Lesonsky
The New Year is almost here. It’s the time of year when small business owners look back at our business successes, mistakes and lessons over the past year. It’s time to say “Farewell” to 2017 and begin looking toward the future. As you plan the future of your business, consider relocating to Florida—where businesses are creating the future every day.
Here are just a few reasons why the future of business is in Florida:
Florida Talent. The state boasts a massive pipeline of labor and talent. With the fourth-largest workforce and the third-largest population of any state, it’s a great place for businesses to find a plentiful supply of eager, well-educated employees. Plus, the low cost of living makes hiring skilled workers more affordable than in many other locations.
Where are all of those educated workers coming from? Many come from Florida’s colleges and universities. Thanks to partnerships with local businesses, schools like the University of North Florida’s College of Computing, Engineering and Construction and the University of West Florida College of Engineering produce a steady stream of graduates who are well-prepared for success in industries ranging from logistics and aerospace to IT and manufacturing.
Taxes. At year-end, you’re undoubtedly thinking about taxes. Good news for those strategizing to hand over less to the IRS: Florida offers the potential to keep more of your hard-earned money. With no personal income tax and plenty of tax incentives for businesses, it’s no wonder that Florida regularly ranks as one of best states for business in the nation. (In the most recent Development Counsellors International survey, it ranked #2.)
Florida Business: Industry from A to Z
What kinds of companies flourish in Florida? It’s almost easier to ask which industries don’t do well in this welcoming state. Florida is one of the world’s top five telecommunications industry hubs. It’s also a major transportation hub, with easy access from anywhere in the state to the national network of highways and railways, as well as international airports and seaports. Agriculture, construction, aviation, cleantech, defense and homeland security, logistics and distribution, IT, life sciences, and financial and professional services are all thriving industries in Florida.
Florida Innovation. Then there’s aerospace. Space exploration is a field that was pioneered in Florida and continues to boom on the state’s “Space Coast.” Private space exploration firms such as Blue Origin and SpaceX have made Florida their home as they work toward the goal of making orbital and suborbital spaceflight commercially feasible. Their forward-looking efforts are attracting a host of small businesses that serve as suppliers.
All told, The Florida Chamber of Commerce estimates the impact of Aviation and Aerospace in Florida to be 1.7% of GDP, or roughly $15.7B in 2016, with two spaceports, 20 major military installations, and more than 500 businesses supporting it all. There’s also a network of private and public sector economic development organizations devoted to helping those businesses grow. In Florida, the sky’s literally no longer the limit.
But rockets aren’t all that’s taking off in Florida—businesses are, too. Here, you’ll find boundless opportunities to grow, innovate, discover and explore in a climate where your business has room to grow. If you’re wondering where the future of your business lies in 2018, the answer just might be “In Florida.”