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Published On: Thu, May 2nd, 2019

Starting a Business in Florida: The Ultimate Checklist

Starting any kind of business is a bit challenging. However, when it comes to the right place for such an endeavor, Florida is definitely it! Florida has been trying (and succeeding!) to make a business-friendly environment for quite some time. And, it has definitely paid off. Its government policies and generally low income tax draw many prospective businesspeople in. Also, its diverse workforce will definitely help you reach your goal in business development. If you’re wondering how to go about starting a business in Florida, here is the ultimate checklist.

photo/ TeroVesalainen

Select the right business idea for you

Of course, the first thing you need to do when starting a business in Florida is to choose the right idea. Don’t get too carried away, focus on your interests and abilities. That is basically the most certain way of succeeding. You can do research online and possibly find an untapped niche. That is also a good way to reach business success.

Make a business plan

The main purpose of a business plan is to set a direction for your business. While there are many variables when starting a business in Florida, you need to make a plan to preclude any huge surprises. Make sure your plan has the following:

  • The objectives of the business
  • Product/service
  • Management and organization
  • Financial projections
  • Market trends
  • Opportunities and risks of your new business

Also, it is beneficial if you decide on a few key things here, as well. For instance, create your logo. This is the thing that can make your business recognizable. Then, decide how you’ll present your company. These are all the finesses that you need to include in your business plan.

Man writing something on whiteboard

Select the right business idea for you  photo/ rawpixel

Choose a location

Your choice of location should go hand in hand with the type of business you choose. Some locations are better for bakeries, other for bike shops. If you want to open a startup, there are areas that are most beneficial for that type of business. Put much thought into the location of your business.

However, if you find that your first choice was not the right one, you can easily move your business. There are many moving companies specialized in such a thing and it’s not too hard. Let’s say you’re considering moving to Miramar. Well, moving your business to Miramar with ease can be quite easily done, no matter how large a company you’re running. You simply need the help of professionals.

Choose how you’ll register your business

In general, you get to choose between a for-profit corporation, a limited liability corporation or a nonprofit corporation. If you choose the first option, your company will be owned by a group of people that pays corporate income tax. When it comes to a limited liability corporation, its income is reported on the individual tax returns of its members. Also, it does not pay corporate income tax. As for the third option, it is mostly selected in case of churches and charities.

Register your business

Luckily, nowadays, a lot of things can be done online. Well, that is also the case when starting a business in Florida. You can register it and submit most papers online. It is possible that you may need some additional documents for your line of work, so make sure that you acquire that. Also, you have to pay the filing fee, which depends on the type of business you’ve registered.

Register a fictitious name

If you don’t want your company to have your name, you need to register an assumed name that your business will use. This is called a DBA (“Doing Business As”). Although this step is optional, it allows businesses to use trade names without having to create a separate legal entity. Again, there is a fee of fifty dollars to register your DBA.

Register to pay taxes

In case of most businesses, it is necessary to pay local, state and federal taxes. In some cases, there may be even city taxes. So, when starting a business in Florida, make sure you learn about taxes in your desired location to have all of your bases covered. Do research on all the types of tax you need to pay in Florida for your business. Don’t forget to consult the IRS for the federal tax.

Acquire a business license

If you’re starting a business in Florida, you need to inquire about particular business license you need. However, whether you need a license or not depends on the type of business you conduct. There are quite a few licensing agencies with which you can inquire. Most counties in Florida, however, require a general Florida business license. Once again, take a look at the federal, state and local requirements for licenses.

Also, should you decide to relocate your business, the first step is to find out about possible changes in the required business license in that county/city. Then, you need to hire the best office movers there are. Moving Kings Van Lines FL can help you carry out your office move efficiently and easily.

Open a business bank account

Regardless of the type of business you’ve chosen, it is most prudent to have a separate bank account for it. This will reduce any confusion when it comes to audit and time to submit your taxes. Also, if your personal and business account are one and the same, then your home or car or any other belongings are at risk if someone sues your business. Another perk is that when you get a separate business credit card, you can build up your company’s credit history. That can come in handy later to raise capital. It’s also easier to reinvest your company’s profit when you have separate accounts.

Explore funding options

As we’ve already mentioned, Florida is creating a business-friendly environment. Well, one of the benefits to this is that there’s funding options galore in the Sunshine State. There is crowd funding, short-term loans, SBA loans, etc. Also, the Small Business Development Center actually offers financial advising for rookies in the entrepreneurship business. The Center is there to guide you to choose the best option for the specifics of your business. Now you’re all set to start a business in Florida!

Author: Lee Sadawski

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