The covid19 pandemic put businesses across the globe into a corner. Companies across the country struggled to keep themselves afloat, and several states in the U.S. had difficulties opening up and resuming business operations. However, Florida was not one of those states. The state of Florida was able to charge through the pandemic and give businesses the confidence that things would get better soon enough. Although the pandemic erased around 15% of small businesses in Florida, business openings rose by about 52% in the second quarter of 2021.
What makes Florida so unique?
Several attributes contribute to the uniqueness of the state, Florida. Some of these outstanding attributes include;
Great business environment: Florida has put policies in place that help to support businesses. Also, the costs in Florida are very competitive, and the regulations are straightforward. Even better, the state of Florida has a little under 800 thousand students who attend 40 public colleges across the state. With the new generation of skilled workers available, businesses will have less to worry about relocating to Florida.
Weather and Beaches: Florida has great weather and amazing beaches. This provides an environment for relaxation just as good as its business environment.
Outstanding higher education: Another thing to note about Florida is that its higher education has been ranked 1st for four consecutive years by the U.S. News. Granted that there are prestigious schools across the country, but the fact that higher education overall is better in Florida is a clear indicator that something is being done right in the state.
Affordability of land: Land in the state can be considered affordable compared to other states where owning a building for your company headquarters can be ridiculous.
Why are business openings on the rise in Florida?
There are several reasons why there has been a rise in the number of businesses opening in Florida. Some have to do with handling the pandemic, while other reasons are more centered around the business-friendly policies that have been in place for years now.
The state largely remained open throughout the pandemic compared to New York or California.
Companies choose to expand into Florida or start from scratch because of what Florida offers. Great beaches, pleasant weather all year round, and a place where people can see themselves living with their families are all compelling enough reasons to set up a business and see it grow.
Also, Florida is heavily investing in building itself as a state. Therefore, more funding is being diverted to schools, better infrastructure like high-speed internet is being put into place, and workforce development programs are being expanded.
With all these improvements taking place, businesses who set up their shops in Florida know that many risks have been eased, and there is a high probability for continued growth.
Salaries are increasing on average in the Sunshine state.
While some might think that rising salaries put businesses at a disadvantage, they highlight many other things.
When businesses can generate more revenue, they do not hesitate to hire the best resources available. And since there has been a significant influx of skilled people to the state of Florida, businesses can hire better talent at a competitive cost.
Statewide measures are being taken to ensure that companies create new jobs for locals of the state while facilitating the relocation of their existing teams.
By 2026, Florida is sure to raise its minimum wage to $15 an hour. To make everybody, not just the people in tech or I.T., reap the benefits, the state ensures that people from all walks of life are protected.
Florida is a pro-business state.
Unlike several states in the U.S. that have forged a poor environment for business over recent years, Florida is an entirely different story.
In the true sense of the term, Florida is a pro-business state, and Florida was already a state people chose to migrate to before the covid hit. Now that the dust of the pandemic is settling down, it is easy to understand why people and businesses are moving here.
Florida is an excellent choice for people trying to escape high state taxes elsewhere because it doesn't have a personal income tax. And this is in sharp contrast to places with plans to increase the income tax rate for the more wealthy people.
When these people decide to move out of state to seek a more beneficial environment, they take their business knowledge, networks, and resources with them. Florida has captured the hearts of these people and provided an opportunity for them to set up their businesses again.
Conclusion
Business only flourishes when there is a pro-business environment, solid infrastructure, and a vision to empower business owners and the people working for the company. Florida, over the years, has proven that it is open for business.
Florida was already a powerhouse in the making before the pandemic hit, but at this point, business openings in Florida are now back to pre-pandemic levels. This development is astounding, and a testament to the policies put in place and the trust the business community has in the Sunshine state.
With a renewed focus on investing in better infrastructure, providing more funding to schools, and new workforce development programs to prepare locals for the opportunities of the future, Florida has become an ideal place to work, live and grow.