Intro:
Here’s the good news: Florida ranks as the second-best state in the USA for business, according to a survey by Chief Executive Magazine.
Who wouldn’t want to have a business here? The weather is beautiful.
There are tons of recreation opportunities, marvelous restaurants, good schools and affordable housing – all of these top-notch perks – and the cost of living is slightly under the national average.
Entrepreneurs here are able to quickly get down to business. Much faster than they would in other states, which require more hoops, permits, and paperwork.
Whether you’re a local, or are considering moving to Orlando and starting your business to share your skills. We’ve got the details on how to successfully manage a business in beautiful Orlando, Florida.
Scouting it Out
If you’re thinking of opening a brick and mortar, location is everything.
Downtown Orlando is an excellent place to open a restaurant, boutique, or relaxed (yet hip) coffee joint.
Do your research, and get the lay of the land. Check out what others in your industry are up to. Maybe visit a few restaurants, or spend some time watching foot traffic meander into a store that’s similar to what you’re hoping to create.
If you just moved to Orlando and haven’t found a home or apartment yet, or are heading there soon to check out your options, there are some excellent and affordable short-term corporate housing solutions located throughout the city.
No need to rush and sign a long-term lease, housing options like these offer the perfect low-risk way of getting acquainted with various neighborhoods; getting the feel of the place before buying, or signing a rental agreement.
Choose Your Entity
How are you going to register your business?
According to the IRS, the most common are sole proprietorship, partnership, corporation, and S corporation.
Take the time to do your research, and find the one that works the best for you and your endeavor.
Get a Business License (if You Need One)
If your business falls under the skilled trade category, chances are you may need to acquire a business license.
The Department of Business and Professional Regulation (DBPR) covers licenses for things like alcoholic beverages and tobacco, home inspectors, barbers, and interior design.
Not sure if you need one? You can check on their website for more info.
The Department of Agriculture and Consumer Services (DACS) is where you go to get a license for things like pest control, and livestock brand registration. For a full list of who needs to be licensed, check out their website.
Make it Official
To make it official, you’ll need to register as a business.
It’s relatively simple, and can be done online, by visiting the Sunbiz website. The website is easy to navigate, and includes a ton of industry specific information, such as business trends and demographic breakdowns.
The website even has a handy page you can download, with all the necessary forms.
If you’re doing business as (DBA) – your business name is different from your name – you’ll want to register your business’ name. As long as the name isn’t already taken, it’s easy. You just need to pay the fee (around $50) to officially register. Check more about trulife distribution
Taxes
Taxes are a troubling combination of both complicated and boring. Thus, if you’re able to, enlisting help from an expert may be your best recourse.
In a nutshell, you’ll need to pay federal, state, and local business taxes, and in some cases city business taxes too.
For federal taxes, it is best to visit the IRS website.
State business taxes can be taken care of here, and the local ones (search for the county you’re doing business in) can be found here.
Open for Business
Once those are taken care of, the fun can begin! Whether that means scouting possible locations, hiring new employees, stocking up on inventory – whatever your plans may be.
Don’t forget to establish an online presence as well, and connect with your community. Orlando’s population of around 2,038,000 people (and that doesn’t include tourists!) are here, waiting for you to open for business.
Take Advantage of Opportunities
Many entrepreneurs fail to take full advantage of resources available. Connecting with other business owners in the community, understanding the local market, and attending events geared toward local business owners can be the difference between those who make it, and those who don’t.
The more you know and understand about your industry and location, the more equipped you’ll be to survive in that environment.
Conclusion:
Of course, the best way to start a business anywhere, is to start.
So, what are you waiting for? If you’re not already there, head to Orlando. Get inspired by all the opportunities that await, and all the people who are excited for you to begin.
