It is normal for entrepreneurs to head to cities and states that are business-friendly when they intend to start their business, and Florida is one of such states. According to Kauffman Indicators of Entrepreneurship, Florida had the highest rate of new entrepreneurs among all states in 2019, and a startup early survival rate of nearly 78 percent.
Little wonder why we have about 2.5 million small businesses in Florida. They make up 99.8 percent of all businesses in the state and employ 3.3 million workers, which is about 42.2 percent of the state’s private sector workforce. In addition to that, Florida is a tax-friendly state that does not impose an income tax on individuals and has a 6 percent sales tax.
Corporations that do business in Florida are subject to a 5.5 percent income tax. However, LLCs, sole proprietorships, and S corporations are exempt from paying state income tax. When it comes to choosing the best place to start a business, there are loads of factors to be considered before settling for a location.
Some of the factors include; the type of business you run, space considerations, security, value for the price, proximity to clients, proximity to employees, technology infrastructure, and of course, parking lots. Having said that, here are the 10 best cities where you can start your business in Florida.Best Places to Start a Business in Florida
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Jacksonville
Jacksonville is one of the cities where you can start your business in Florida. Jacksonville is a city located in Duval County and St. Johns County Florida.
Jacksonville has a 2020 population of 975,177. It is also the county seat of Duval County. Jacksonville is currently growing at a rate of 1.33 percent annually and its population has increased by 2.69 percent since the most recent census, which recorded a population of 949,611 in 2010.
The average household income in Jacksonville is $74,873 with a poverty rate of 14.98 percent. The median rental costs in recent years come to $1,089 per month, and the median house value is $187,700. The median age in Jacksonville is 35.9 years, 34.6 years for males, and 37.2 years for females. Jacksonville is the largest city in Florida.
Miami
Another city you should consider if you are looking to start a business in Florida is Miami. Miami is located in Miami-Dade County Florida. Miami has a 2020 population of 450,797. Miami is currently growing at a rate of 0.96 percent annually and its population has increased by 1.93 percent since the most recent census, which recorded a population of 442,241 in 2010.
The average household income in Miami is $68,105 with a poverty rate of 21.52 percent. The median rental costs in recent years come to $1,242 per month, and the median house value is $344,300. The median age in Miami is 40.1 years, 39.1 years for males, and 41.4 years for females.
Miami is the most populous city in the Miami metropolitan area and the most populous metro region in the Southern US after Washington, D.C. It is also one of the largest urban areas in the country, and a global city with the largest concentration of international banks in the United States.
Tampa
Tampa is yet another city where you can start your business in Florida. Tampa has a 2020 population of 394,809. It is also the county seat of Hillsborough County. Tampa is currently growing at a rate of 1.26 percent annually and its population has increased by 2.56 percent since the most recent census, which recorded a population of 384,959 in 2010.
The average household income in Tampa is $87,818 with a poverty rate of 17.54 percent. The median rental costs in recent years come to $1,178 per month, and the median house value is $254,600. The median age in Tampa is 35.7 years, 35 years for males, and 36.2 years for females.
Tampa is part of a large metropolitan area called the Tampa Bay Area (2.8 million population), and the city is also part of the Tampa-St. Petersburg-Clearwater Metropolitan statistical area. This is the fourth largest metro area in the Southeastern U.S. after Miami, Washington, D.C., and Atlanta. The Greater Tampa Bay area has more than 4.3 million people and is projected to hit 4.56 million by 2017.
Orlando
Orlando is another city you should consider if you want to start your business in Florida. Orlando is located in Brevard County and Orange County Florida. Orlando has a 2020 population of 321,427. Orlando is currently growing at a rate of 2.20 percent annually and its population has increased by 4.50 percent since the most recent census, which recorded a population of 307,573 in 2010.
The average household income in Orlando is $75,669 with a poverty rate of 16.07 percent. The median rental costs in recent years come to $1,253 per month, and the median house value is $262,500. The median age in Orlando is 33.8 years, 33 years for males, and 34.3 years for females.
The urban area is the 32nd largest in the country with 1.5 million people, while the Greater Orlando metropolitan area has a population of 2.13 million, which is the 26th largest in the country, the 6th largest in the Southeastern U.S., and the 3rd largest in Florida.
St. Petersburg
St. Petersburg is a city located in Florida and it is indeed one of the best cities to start and run a business in Florida. St. Petersburg has a 2020 population of 261,016. St. Petersburg is currently growing at a rate of 0.52 percent annually and its population has increased by 1.05 percent since the most recent census, which recorded a population of 258,308 in 2010.
The average household income in St. Petersburg is $81,203 with a poverty rate of 11.61 percent. The median rental costs in recent years come to $1,168 per month, and the median house value is $222,900. The median age in St. Petersburg is 42.9 years, 41.9 years for males, and 44 years for females.
St. Petersburg is a city located in the State of Florida. This city is one of the largest cities within the state of Florida that does not serve as a county seat. The area is constructed on the peninsula area of Florida and is sandwiched between Tampa Bay and the Gulf of Mexico.
Port St. Lucie
Port St. Lucie is one of the cities where you can start your business in Florida. Port St. Lucie is a city located in St. Lucie County Florida. Port St. Lucie has a 2020 population of 212,901, and it is currently growing at a rate of 1.93 percent annually. Its population has increased by 3.93 percent since the most recent census, which recorded a population of 204,851 in 2010.
The average household income in Port St. Lucie is $74,355 with a poverty rate of 9.28 percent. The median rental costs in recent years come to $1,485 per month, and the median house value is $224,400. The median age in Port St. Lucie is 42.5 years, 41.7 years for males, and 43.3 years for females.
Cape Coral
Another city you should consider if you want to start a business in Florida is Cape Coral. Cape Coral is a city located in Lee County Florida.
Cape Coral has a 2020 population of 201,958. Cape Coral is currently growing at a rate of 2.01 percent annually and its population has increased by 4.09 percent since the most recent census, which recorded a population of 194,016 in 2010.
The average household income in Cape Coral is $76,925 with a poverty rate of 9.70 percent. The median rental costs come to $1,367 per month, and the median house value is $237,400. The median age in Cape Coral is 46.7 years, 45.8 years for males, and 47.7 years for females.
Tallahassee
Tallahassee is yet another city that is ideal to start a business in Florida. Tallahassee is located in Leon County and Wakulla County Florida. Tallahassee has a 2020 population of 199,127. It is also the county seat of Leon County. Tallahassee is currently growing at a rate of 0.75 percent annually and its population has increased by 1.51 percent since the most recent census, which recorded a population of 196,169 in 2010.
The average household income in Tallahassee is $66,889 with a poverty rate of 25.24 percent. The median rental costs in recent years come to $1,022 per month, and the median house value is $212,800. The median age in Tallahassee is 26.9 years, 26.6 years for males, and 27.3 years for females.
Tallahassee is the capital of the state of Florida and the county seat of Leon County in Florida’s panhandle. The city is a popular college town with the Florida State University, Florida A&M University, and Tallahassee Community College.
Fort Lauderdale
Fort Lauderdale is a city located in Broward County Florida and this city is ideal to start a business. Fort Lauderdale has a 2020 population of 186,208.
It is also the county seat of Broward County. Fort Lauderdale is currently growing at a rate of 0.93 percent annually and its population has increased by 1.89 percent since the most recent census, which recorded a population of 182,760 in 2010.
The average household income in Fort Lauderdale is $99,308 with a poverty rate of 15.76 percent. The median rental costs in recent years come to $1,353 per month, and the median house value is $350,900. The median age in Fort Lauderdale is 42.1 years, 42.7 years for males, and 41.1 years for females.
West Palm Beach
Lastly, West Palm Beach is another city that you should consider if you are looking to start a business in Florida. West Palm Beach is located in Palm Beach County Florida. West Palm Beach has a 2020 population of 120,915. It is also the county seat of Palm Beach County.
West Palm Beach is currently growing at a rate of 1.47 percent annually and its population has increased by 2.98 percent since the most recent census, which recorded a population of 117,415 in 2010.
The average household income in West Palm Beach is $81,826 with a poverty rate of 16.95 percent. The median rental costs in recent years come to $1,381 per month, and the median house value is $263,400. The median age in West Palm Beach is 39.5 years, 37.7 years for males, and 40.9 years for females.
In Conclusion,
It is important to note that aside from the cities listed above, there are other business-friendly cities in Florida where you can start and grow your business.
If you can’t find your choice in the listed cities, you can explore other cities in Florida, but trust me, the cities above have high population density and they provide a large market for businesses irrespective of the products or services you are offering.