Starting a Business in Florida: A Guide
By Space Coast Daily // May 25, 2021
With an economy worth $800 billion, Florida is a great place to start your business. Many people over the past year have either lost jobs, or begun to reconsider their priorities in life.
As such, they’re finding themselves in the perfect position to get creative and start their own company. But there’s a lot more to it than just waking up one day and deciding you’re quitting your job to go it alone.
And while there’re lots of articles about how to launch your business in terms of getting a website, creating branding etc., we’re going to go through the tedious administrative side, so you know exactly what you need to do to set up legally and officially.
Choose the type of company you’ll be starting
There are three main company formats that you can choose from:
■ For-Profit (Existing to make a profit)
■ Non Profit (Existing to serve the community)
■ Register your new business
Once you’ve decided on the type of business you’ll be starting, you then need to register it. This can be done with the Division of Corporations for Florida. Registration will cost, so it’s important to incorporate this into your budget. You can find out more about the fees here.
During registration, you’ll need to provide your new business information, as well as details of the owners (this is likely you, but if you are partnering with friends, you’ll need to provide their details, too).
As well as the general information, this is your chance to register a business name. If you don’t want to do business under your own title, you’ll need to create a name instead. This could be pretty much anything you like the sound of, but make sure it’s easy to understand for customers.
Set up your taxes
As a business owner, you’ll be required to pay federal, state and local government taxes. Some of this can be done online, but for federal taxes, you’ll can visit your local IRS branch or opt to pay online.
Obtain a business license
Depending on the type of company you’re starting, you might need a license. The two main organizations for licensing are DBPR (Department of Business & Professional Regulation), and DACS (Department of Agriculture & Consumer Services).
Apply for funding
Unless you’re one of the lucky few who have a nice lump sum of savings to help get your business off the ground, you will likely need to apply for business funding. This will help take off a little financial pressure as you launch your company and find your feet.
Once all of the admin is out of the way, it’s time to shine. From here, you can get working on your branding, and get serving your customers. Who knows, you might be the next Bill Gates …
2021 is a great time to start a new business, as the world begins to recover from the results of the pandemic and more people look for fresh starts, new services and a new ray of hope.