start small business in south florida

Entrepreneur’s Guide to Starting a business in South Florida

Entrepreneur’s Guide to Starting a Small Business in South Florida

One of the most frequently asked questions we get, indeed almost daily, is about starting a business in South Florida. How is it different? What are the steps I need to take? How do I even begin? So, we decided to write an Entrepreneur’s Guide to Starting a Business in Florida. Consider this your resource for the foundational basics (and some legal fun stuff) to start your new venture off right.

TABLE OF CONTENTS

10 Questions to Ask Before Starting a Business in South Florida

A little planning before you start your entrepreneurial journey can help you stay focused even when the road gets rocky. Before you launch a website or announce your new enterprise on social media, you should ask yourself:

  1. Who are you? Small businesses are the largest contributors to the U.S. economy. That said, the idea behind starting a business in South Florida should be something other than “Hey, I want to make a buck.” Your credibility is going to be a huge issue. Who are you? What are you about? What is it that you’re going to do, and how will you do it? You need to ask yourself these questions now so you have the answers ready for your clients.
  2. Are you ready? Building a business is all about freedom. It’s controlling your own destiny, producing something from nothing, and taking advantage of the American dream. Of course, with freedom comes responsibility. Do you have the resources you need—time, advice, funds, and assistance—to run your business the right way? Establishing a solid foundation now makes for less fixing later.
  3. Why you? People want better service, better products, and better quality. How will you deliver something better than someone else out there? For this, you need to do ample market research on the demand for your product or service, who your competitors are, and what sets your business apart. There are always opportunities to disrupt a market or an industry. Understanding your market niche may be the biggest factor in your success.
  4. Are you organized? You’ll have to choose a legal structure for your business, meaning a sole proprietorship, partnership, LLC, or corporation. Each structure has different tax implications, liability protections, and administrative requirements. We can help you determine which option makes the most financial sense for your startup, as well as register your business name with the state of Florida and obtain all necessary licenses or permits.
  5. What’s the plan? Develop a detailed business plan for your objectives, target market, marketing strategy, and financial projections. How much capital will you need to start and operate your business? This may include funding for equipment, inventory, marketing, and other expenses. Explore your financing options (including loans, grants, or investors) and create a financial plan to manage your funds effectively. Our 8-Point Plan for Business Success is a great place to start brainstorming.
  6. Where are you? If your business requires a physical location, research potential sites in South Florida. Consider factors such as foot traffic, accessibility, lease terms, and zoning regulations. For online businesses, set up a website and establish your online presence through social media and other digital channels.
  7. Who’s on your team? Start recruiting and hiring qualified individuals. Your money team is especially important since you will rely on your accountant and corporate attorney to give you straightforward and timely advice. If you need employees to run your business, invest time in training and development to ensure they provide excellent customer service.
  8. What if you fail? I can hear you now: why would I bring up failure before you’ve even started? The answer is simple: to prepare you. You’ll have wins, and you’ll have losses. Is there a loss too big to sustain? What contingencies do you have to prevent large losses? If something isn’t working, at what point will you change course? It’s empowering to set these parameters ahead of time, not to mention the confidence you’ll instill in your partner or external investors.
  9. Will customers find you? A strong marketing strategy is needed to attract customers to your business. This strategy may include advertising, promotions, networking, and establishing partnerships with other local businesses. You may need both online and offline marketing channels to reach your target audience effectively
  10. Are you tough enough? Starting a business requires dedication, hard work, and perseverance. Your passion for doing what makes you happy will allow you to overcome setbacks on the road to making your business successful. Flexibility is key. Be ready to respond to feedback and market conditions, adapting your business strategy as needed.

Bonus tip: How will this be profitable? Too often, we see entrepreneurs underestimate the total costs to run the business and overestimate how quickly they will be profitable. Have you run the numbers?

What Are the Benefits of Setting Up a Small Business in Florida?

There are definitely some advantages to starting a business in Florida. One of my favorites is that we don’t have any state income tax. In other states, the tax rate can be above 10 or even 13 percent on income! If you’re going to start your own business here, just think about the difference state income tax might take away from your bottom line. 

Florida does impose a tax on corporationse tax to do business in the state, and business owners may be subject to other state taxes (such as sales and use tax or duties on luxury items). However, there are also several business deductions and tax credits available to Florida businesses to reduce their corporate tax burden.

One of the challenges we face here in South Florida is fraud. We’re among the top four states in the country for fraud and identity theft. Many other attorneys and professionals I interact with worldwide will ask for help with due diligence on another company. We can track people down to ensure that whoever a client is potentially investing with is legitimate and that the investment is sound.

The One-Step Solution: Talk to a Florida Startup Business Attorney

Many other lawyers and law firms are seen as an expense to their clients. It’s an “uh-oh, I have to call the lawyer” situation. With Yolofsky Law, our clients consistently tell us that we’re their partner—not just another expense to be added to their balance sheet.

All entrepreneurs have something different to offer. We are unique because of the value we bring to our clients. We calculate the return on investment our clients get from our services. In some cases, we’ve provided an ROI greater than 500%. 

We work with various small business owners and industry professionals on their corporate and estate planning needs. This is your time to make your dream succeed—so what are you waiting for? Email us at hello@yolofskylaw.com today or schedule a 15-minute call to get started.