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According to the Bureau of Economic Analysis, the Sunshine State hosts the fourth-largest economy in the US. Even during the pandemic crisis in 2020, the state economy has shrunk only 2.8% against a nationwide decrease of 3.4%.
Despite seasonality due to substantial reliance on the tourist industry, the state economy shows consistent growth and permanently welcomes new business filings. Notably, small ventures are at the core of Florida’s economic environment.
If you consider launching an enterprise in this state, you have great chances to succeed. And the recent small business stats from Florida will help you work out an efficient entrepreneurial strategy.
This US state is home to 2.8 million small firms making up to 99.8% of all businesses in the state;
Small business sector generates nearly 44% of Florida’s $1.3 trillion GDP;
To set off the pandemic effect on micro-companies, the state provided loans under the Paycheck Protection program totaling $41 billion;
Florida exports above $57 billion worth of goods annually;
Nearly 95% of state export activity is supported by small and mid-size enterprises;
Privately owned micro companies employ 41.1% of workers in the area. It’s around 3.8 million people;
88% of companies using hired workforce employ fewer than 20 workers;
Small businesses create ¾ of new jobs in Florida annually;
50% of micro-entities in this state boast a 5-year survival rate while 33% of private companies will outlast a 10-year period;
Since 2014, Florida has held the US leadership in the number of new business formations;
With nearly 100 startup projects per 1000 entity registrations, the territory is a runner-up in the US startup density ranking;
The US Bureau of Labor Statistics reported the state unemployment rate at 4.4% in 2021, which is only slightly higher than the US average rate of 3.9%;
In 2021, Florida’s minimum wage is $10 per hour (against the national minimum of $7.25 per hour), with a projected increase to $15 per hour in 2026;
The biggest small business share (over 360.000 companies) in the area belongs to the professional, scientific, and technical services industry;
The least popular sphere for smaller ventures, with less than 1500 enterprises in it, is mining, quarrying, and oil and gas extraction;
The industry with the highest employment rate (15%) is accommodation and food services. It employs 532.000 workers.
Most Popular Industries for Small Businesses in Florida
Professional, scientific, and technical services
Other services (excluding public administration)
Administrative, support, and waste management
Real estate, rental, and leasing
Transportation and warehousing
Healthcare and social services
Entertainment and recreation
Insurance and financial services
Flordia Small Business Demographics
An average Floridian family income is around $60.000;
Women own 45% of small businesses and make 47.8% of workers;
Around 4% of small companies have both male and female owners;
Veterans hold 6.3% of micro-enterprises and make up to 5.8% of employees;
When it comes to ownership by ethnicity, Hispanics own 30% of small businesses, and racial minorities’ (including Black/African Americans, Asians, American Indians, and Islanders) share is 18.7%.
Business Formation Stats
In the WalletHub ranking, Florida holds the 6th position among the best US states to start a venture;
Florida LLCs made up 2 million entities in 2022, with over 500.000 filings applied in 2021;
To start and maintain a new Florida LLC, the state law requires appointing a Florida registered agent with a street address in the jurisdiction and capable of being present in the office during regular work hours;
The average business license cost in the jurisdiction is $125. Depending on the type of activity your run and the number of permits you need, the final cost could be higher;
LLC filing fee is $100 while incorporation costs only $35;
LLCs and S-Corps in Florida are exempt from paying a 5.5% corporate income tax;
The state sales tax hits the mid-ground at 6%. Most transactions, though, are exposed to a local tax of 1.05% on average. So, the total sales tax rate is around 7.05%;
Florida's unemployment insurance tax is quite low at 2.3%;
With over 150 banks, venture capitalists, and angel investors, Florida businesses have enough access to added capital and great investment opportunities to maintain business growth.