Starting a business is an exciting venture. With the right knowledge, planning, focus and legal support, it can produce lucrative results.
Where a business is located can make all the difference in its long-term success. In 2019, Forbes named Miami the best U.S. city for growing a small business. The data added up favorably thanks to the city’s diverse economy, strong import and export ties with Latin America and booming growth both as a residential city and a tourist destination.
South Florida as a whole has been considered a strong region for businesses for several years for similar reasons. Here are some of the top industries that can flourish in that sunny southern enclave:
- IT sector: whether it’s repairing devices, consulting for tech companies or offering a platform for advertising online, there are ample opportunities to grow a business as demand for IT services grows.
- Travel and tourism: Florida is a hotbed for year-round travel. Hotels and hospitality services are a major part of the economy. With new approaches to how people travel, a regionally-focused rideshare or home sharing business could be profitable.
- Finance: with hubs like Ft. Lauderdale and Miami, there are ample opportunities within the finance sector to start a high-earning business. Consulting, educating and risk assessment services could have a big impact with the prevalence of multinational banks and lending institutions in larger regional cities. Accounting services are also an evergreen opportunity.
- Food and beverage: brick and mortar restaurants are a difficult business to grow and retain, but success is more likely in high-density tourist destinations. Food trucks are a potentially lucrative business to consider, particularly in a climate like Florida where they can operate year-round. They also have a lower rate of failure than traditional brick and mortar restaurants.
- Construction and landscaping: Florida’s weather and climate also provides good opportunities in outdoor-focused businesses. Construction projects don’t have to stop during the winter, and landscaping services are in demand year-round as well.
It’s important to establish a strong business plan and determine a course of action to pay any business loans back over time. An attorney can help you draw up solid plans so you’re not left filling in missing pieces later.