If you’re looking to start a business in the US, then the third most populous state in the country wouldn’t be a bad option. In this article, we’ll discuss five great businesses you can start in Florida in 2023.
But before we go into that, let’s look at why Florida is a good place to do business.
Is Florida a Good Place to Do Business?
There’s a reason the US consistently ranks as one of the best countries for doing business in the world. It has many states that would have competed well against other countries if they were countries, and Florida is one of them.
Florida is one of the best places to do business in the United States, and this is so for many reasons. With a population of 22 million people, it ranks as the third most populous state in the US. Furthermore, its gross state product (GSP) of $1.2 trillion makes it the fourth-largest economy in the country. In fact, if Florida were a country, it’d have the 16th largest economy in the world, trailing Mexico ($1.29 trillion) by a few billion dollars.
The state has tourism, industry, and construction, healthcare research, aerospace, and defense, etc. as the major contributors to its economic development. This makes it one of the most economically diverse states in the US.
With such a large population and robust economy, it’s very clear Florida is a viable environment for any well-structured business to thrive. Now that we’ve established that fact, let’s look at five great businesses you can start and run successfully in Florida.
5 Great Businesses You Can Start in Florida
These are the businesses you can start and run in Florida in 2023:
1. Real Estate Business
As a state with tourism, industry, and construction as some of its major economic sectors, Florida is a viable place for the real estate business to thrive. It is one of the major reasons the US real estate sector has continued to grow.
With the flourishing economy of Florida, people are moving into the state in search of jobs and business opportunities. In fact, there’s a projection that Florida will receive 845 new residents daily until April 2025.
Furthermore, Florida received approximately 122.4 million tourists in 2021. Because of this, businesses are rushing to establish their presence in the state. All these lead to an increase in the demand for residential housing, Airbnb, hotels, offices, warehouses, etc.
Therefore, if you’re looking for a business to start in Florida, you’d never go wrong with the real estate business.
2. Automotive Repair Business
The over 22 million residents of Florida, coupled with the huge population of tourists in the state, would need mobility. Statista reported that as of 2016, there were over 14 million registered vehicles in Florida. And in 2020, the state recorded about 7.8 million vehicle registrations, too.
What’s this showing us? There’s a need for quality automotive businesses in the state of Florida. So, if you’re looking to start a business in the state, you should consider the fact that there’s already a hungry market for auto repairs in the Sunshine State.
Of course, you won’t neglect the fact that there are auto repair businesses already thriving in the state. That would require you to do your due diligence and make sure you enter the market well-equipped to compete.
3. Food Truck or Restaurant Business
One thing people would never do without, no matter how bad the economy is, is food. And there’s never a saturated market for a food business. Provided you know the flavor you’re bringing to the market, you’re sure to grab your own set of loyal customers.
With the high population of Florida, including that of tourists who frequent the state, there’s a diverse set of people to serve if you start a food truck or restaurant business. You can decide to serve the local communities or prepare your food specifically for a particular set of tourists.
Depending on the budget you have for the business, you can either go for a food truck business or a restaurant business. A food truck business will cost you less and also offer you the opportunity to travel around the state. On the other hand, a restaurant will cost you more money and require you to occupy one place at a time. However, it would bring you a steady stream of customers who would return to you whenever they were hungry.
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4. Transportation Business
Transportation is another great business that would thrive in Florida. This is a huge industry and, as such, requires a huge investment. However, you can start small and work your way up the economic ladder. And this could mean starting with one vehicle.
There are different transportation businesses you can start and run in Florida. You can choose to specialize in the taxi industry, car or bicycle rental, or even trucking. You can also transport families who are moving places or focus fully on livestock or medical transportation.
Whichever transportation business you decide to do in Florida, there’s a huge market for it.
5. Senior Citizen Care Business
With over 4.6 million senior citizens in the state, Florida has the second-largest number of old people in the US. This is a viable business opportunity if you love taking care of people, especially the elderly.
Most senior citizens require quality healthcare, laundry services, feeding, and other services that they are unable to provide for themselves. They’d also need to take part in activities that would boost their mental and physical health. So, if you’re running a senior care service, be sure to have all these things planned out.
Furthermore, most seniors do not like to reside in care homes. Therefore, you might want to make provisions for nurses or care attendants who would provide home services to this group of people.
Running a senior care services business can be both difficult and rewarding. You can make as much as $5,000 per month from seniors. So, depending on the size of your facility and your expansion plans, you should know that running a senior care business is one of the great businesses you can start in Florida.
Conclusion on Great Businesses You Can Start in Florida
Opportunities abound for businesses to thrive in Florida. And that’s because the system is already set up to accommodate development from all angles. The market is available, the infrastructure is in place, and access to resources is also there. You only need to tailor your services to tackle a specific need and do it in a unique and special way. If you don’t know any other business to start you can make money writing for companies in any of these niches.
Hopefully, you’ve learned from this article all you need to know to start that awesome business in Florida. And when you are thinking of apps where you can sell your stuff online, consider using eBay, Declutrr and many others.
