Sun, sand and parties: Miami deserves its reputation as a tourist hotspot. But it’s also a super-attractive place to start a business. Low taxes, cheap real estate and plenty of assistance and encouragement to foster new initiatives are some very good reasons to consider the Magic City. And MightyCall can help you with a local number to get you off to a good start. Here’s our low-down on starting a small business in Miami.
Miami is not only a famous resort and a synonym for a perfect holiday, but also a city that provides great opportunities for business development. Thanks to the reasonable prices and huge flow of tourists, it is one of the premier places in terms of attractiveness to investors. As a fast-growing economic center, it boasts technology, service and industrial availability.
According to a report by the Kauffman Foundation, the Miami metropolitan area ranked 6th in the nation for small business activity. It is the second-most entrepreneurial city in the US, with the highest startup density in the country. In addition to this, according to the 2016 State of Women-Owned Businesses report, it ranked 3rd in the nation for the number of women-owned firms. Meanwhile, Florida ranked number 1 in terms of states.
Miami’s population is one of the most diverse in the country. This, combined with its geographical location, makes the city the hub of the two Americas, a gateway between Brazil and Spanish-speaking Latin America and the US. Many major companies open their Latin American offices here; giants like Google, Facebook, Twitter, Uber and others move to Miami attracting investors and providing new exciting opportunities for the city.
Important nuances
Opening your business in Miami, you must always remember that it is the center of luxurious life and you will have to match the image of the city. In addition, Miami is one of the largest tourist destinations in America, and the competition here is very strong.
To start your business in Miami you will definitely need a local number with area code 305 and 786. MightyCall can help you with this, offering low-cost entry into the local market.
SBA business information center in Florida is always ready to facilitate for new business investors, with guidance and counseling in new ventures. If you have made up your mind, visit an attorney to confirm the need for any special permits from other states to conduct the type of business that you intend to start. Obtain a local business tax receipt from the tax collector’s office after paying the specified tax for the business type. Get the necessary permits according to the business you plan to venture into. There are also places that offer strategic planning and guidance in setting up businesses in Miami from local groups such as the Beacon Council to the Greater Miami Chamber of Commerce.
Additionally, if you are planning to relocate or expand your existing business in the Miami region, you may qualify to get a lavish treat with incentives and financial programs. The city authorities offer a variety of grants for different segments of the population who want to organize a small business.
Plus to this there special programs that help small businesses grow such as Goldman Sachs 10,000 Small Businesses, a national program available in South Florida. It includes assistance with capital raising, navigating government regulations, and team building.
There’s also a special business education program launched at Miami Dade College in 2013 with $5 million in funding from Goldman Sachs. Applicants should own or co-own a business in operation for at least two years, with at least $150,000 in revenues in the most recent fiscal year. Babson College is also involved locally in launching the Women Innovating Now (WIN) Lab, a new Miami accelerator program that aims to help female entrepreneurs start and grow businesses.
A good opportunity to attract attention to your business and to establish new connections is the trade exhibition Small Business Expo, which takes place every year in Miami. It’s the nation’s largest business-to-business expo, which has made its mission to help small business owners and entrepreneurs achieve their business dreams.
Interesting directions
One good reason for investment is that Florida offers a number of tax advantages for businesses of various sizes, which is very convenient. Income tax for enterprises here is one of the lowest in the country. In addition, the absence of any local or state taxes on the income of individuals reduces the overall cost of labor. By the way, the prices for residential property in Miami are not that high.
Business Finances, IT and Telecommunication field, Films and Media, Logistics, professional services are the favorite business fields in Miami.
The city has taken significant steps to create an IT-cluster, there are quite a lot of startups with interesting ideas. For example, Guide — a special service for converting text to video. Ironhack coding camp is another good example. It was founded in Madrid, Spain, in 2013, and has now expanded to Miami where the company has 9 employees. Nomads, founded in 2011 by a Bosnian immigrant, specializes in building high-scale video platforms.
Miami also has a thriving food and tourism industry. Service industries also remain very attractive. Thanks to the vibrant nightlife of the city, good profits come from a variety of night entertainment and drinking establishments. But restaurants, food delivery services and food trucks are always a good investment. The Wynwood Yard is probably the most famous of Miami’s food startups. Created by Della Heiman, Ohio native and Harvard Business School graduate, it is a “culinary incubator” that provides space and support for food entrepreneurs. It has classes and mentoring programs, organic gardens, food trucks and eco-friendly bar.
You could opt for a different path: buying an existing business. You can purchase without any difficulties small cafes and restaurants, shops, gas stations and auto repair shops, hair salons and massage parlors, and hotels.
For example, you can purchase a gas station with a shop on a busy corner and it can bring a profit of around 30% per year.
A franchise is a particularly interesting option for investors who want to start their own business in Miami. During the first five years after opening on the market there are still three times more franchises than other new business projects.
Additionally, to ensure your success the parent company will take care of the equipment, the space you choose, staff training and implementing customer service processes and management, which will be included in the cost of the franchise.
You can open a franchise of some fast food restaurant, for example, the Miami Grill. Founded by a Greek immigrant, that establishment became Miami Subs in 1988 and is still open and operating today.
Another popular area of business in Miami is the management of real estate. Some investors invest in undervalued or run-down property, including unclaimed property mortgaged to banks, and then renovate it and either resell it or rent it out. Others buy a few apartments near the ocean, rent them and manage the property.
Magic city in the sunshine state
There are plenty of good reasons to consider Miami as the location for your new business. And MightyCall is here to help you get your communications needs under control simply and affordably, so you can start generating business and enjoying the Miami heat.so you can start generating business and enjoying the Miami heat.
