You’ve probably heard the saying “location, location, location!” before. Where you decide to open your small business will be one of the most important decisions you’ll make.
Florida is one of the most business-friendly states in the U.S., and the city of Miami offers a unique environment for small businesses. Miami’s Chamber of Commerce recognizes that entrepreneurs are critical to the well-being of the city’s economy. The city of Miami has more small businesses than any other county in the U.S, excluding L.A. and Orange County in California.
Here are a few reasons why Miami is a great city for small business owners:
Miami is a top Tourist Destination
Miami is consistently rated as one of the top U.S. destinations for tourists. In fact, Miami posted record numbers for the first quarter of 2018, with 33.2 million visitors. Small business owners are able to build a loyal customer base with locals, while also tapping into the over $80 billion that is spent by tourists each year.
Low Business Taxes
One of Florida’s biggest draws for many is its lenient tax structure. Not only is there no personal income or capital gains tax, but there’s also a wealth of tax benefits available to small business owners. The number of tax benefits available to small business owners make it easy for you to cut your business expenses.
Small business owners in Miami will enjoy low taxes, which frees up more resources to invest in your business and employees. These tax breaks and incentives are often cited as a top reason for Miami’s small business growth.
Superior Infrastructure and Location
Miami’s location between North and South America makes it the cargo gateway of the Americas. This location also sets Miami up for increased trade from Europe, Asia, and Africa. The Port of Miami is Florida’s top cargo container port, doing business with 250 ports in 100 countries. Similarly, Miami International Airport is #1 in the U.S. for international freight and #2 for international passengers.
This easy access to global trade will make it easy for small business owners and entrepreneurs to make global investments or trade with other nations. The state of Florida is also known for its well-maintained and reliable local infrastructure. Easy transport of goods and people both locally and globally makes it easy for small businesses to expand their operations.
Tons of Resources for Entrepreneurs and Small Business Owners
Miami has tried to help small businesses thrive since they are so vital to the local economy. If you’re an entrepreneur in Miami, you’ll find a dearth of resources to help you get started. The Small Business Administration offers programs for funding and there are a number of venture capitalists in the area looking for new investments.
The county of Miami-Dade has a website with a step-by-step guide to starting a business in Miami. Miami Dade college also has an idea center that works with local entrepreneurs to launch their businesses. The Miami Beacon Council serves as an economic development agency, and programs like SCORE and Reserved connect businesses with local volunteers and retirees that are looking for work.
All in all, there are a number of resources in place to ensure that entrepreneurs and small businesses in Miami have the guidance and assistance they need to be successful.
Miami is one of the Friendliest Cities for Small Businesses
Between the low taxes, the influx of tourists, ease of transport, and the number of resources available to small business owners, Miami has established itself as one of the best cities in the U.S. for entrepreneurs and budding business owners. If you’re looking for somewhere to open up shop, Miami might be worth a look.