The State of Small Businesses in Florida

Florida is known around the world for its beautiful beaches, sunny golf courses, and family-friendly attractions and as a welcoming place for retirees. With over 116.5M visitors in 2017, and a large population of residents to serve, is Florida a great place to start a new business? Looking at the statistics, the answer may well be yes. Of the 2.5M businesses in Florida, 99.8 percent are classified as small businesses. Many small businesses thrive in the state, especially in tourism-oriented sectors such as retail trade and accommodation and food services. The prevalence of small businesses by industry shows that 51.7 percent of accommodation and food services businesses and 29.6 percent of retail trade businesses in Florida are small businesses.

With a double-digit growth rate in Florida residents between 2016 and 2017, there are plenty of successful small businesses that are built to serve Florida’s permanent population. This is especially true in sectors like health care, construction, and professional services.

Florida has also been raking in accolades from business organizations. WalletHub listed Florida as the sixth-best state in the United States to start a new business and as the fifth-best state in the overall business environment. In addition, CNBC ranked Miami-Fort Lauderdale as the third-best city in the United States to start a new business in due to the high average annual business revenue of $854,540. Whether you’re looking for a friendly business environment to launch your new venture or looking to add some sun-soaked beaches to your quality of life, Florida may be the place for you.