Besides the favorable business climate, Fort Lauderdale and Florida have a lot to offer in general. A booming economy, diverse workforce, top-notch healthcare and education systems, a variety of cheap real estate options, plenty of things to do on those days off, etc., are just some of the things you can expect if you decide to move to Fort Lauderdale and start your small business there. However, before you do so, be sure to do your homework and research everything - even those funny and unusual laws and regulations in Florida! We are here to help you out as well with your research. We will share with you some tips and tricks for starting a small business in Fort Lauderdale. Thus, if this is something that may interest you, keep on reading.
- Start By Creating a Business Plan
Whatever business you plan on starting, the most important thing is to have a well-developed business plan. A business plan is a document that should represent your business plans for the next 3 to 5 years. In it, you have to demonstrate your vision of your way of success and how you plan to achieve it. And, besides the business goals, a good business plan should also include a list of potential problems and possible solutions to fix them (if they do occur). Do not take making a business plan for granted; after all, it represents a 'roadmap' of your small business' future!
- Familiarize Yourself With the Laws and Regulations
Before you start packing your household and your office, make sure you know everything there is to know about starting a small business in Florida, and more specifically, in Fort Lauderdale. If you are coming from other parts of the state, or even from a different continent, be aware that most of the laws and regulations differ. Thus, as previously mentioned, do your homework. As we live in the 21st century, this will not be hard. You can find almost any information online, so start digging!
- Determine the Legal Structure of Your Small Business
This step may be the most important one as it will determine the nature of your business. Generally, there are four types of business structures you can choose from: sole proprietorship, partnership (general and limited), corporation, and limited liability company or an LLC. All of them come with their own set of pros and cons. Thus, before doing anything business-related, be sure to determine the legal structure of your small business.
- Obtain a Tax ID and Register for Taxes
A Tax ID, also known as the EIN number, is your Employer Identification Number, and it is unique. The IRS uses that number to identify your small business for your tax obligations. Obtaining a Tax ID is a must before you start your small business in Florida, that is, in Fort Lauderdale. After doing this, you will need to register for taxes. Generally, each state is different when it comes to tax registration, but in Fort Lauderdale, as the system is well-developed, you will be able to obtain your Tax ID and register for all of your taxes in just one day.
- Open a Business Bank Account and Set Up Accounting
Once you have completed all the tasks mentioned above, you can slowly start preparing for your move to Fort Lauderdale. Do not stress over moving-related tasks! Hire a professional moving company like straightshotmoving.com and let them take care of everything while you go ahead and open a business bank account and set up accounting. During the process of opening your bank account, usually, there are no roadblocks. Just be sure to have your Tax ID and all your paperwork prepared. And, when it comes to setting up accounting, we advise you not to wait. If you set up your accounting ahead of time, you will avoid unnecessary struggles with the IRS and additional costs.
- Obtain Business Insurance
In today's world, obtaining business insurance is a must. It is especially true if this is your first time starting a business in Fort Lauderdale, as mistakes are more common. Thus, get informed about different types of insurances. If you have trouble doing this alone, do not hesitate to go to an insurance company and discuss all your doubts. An insurance company representative will be the only one who can explain which type of insurance will be the best for your particular needs.
- Find that Perfect Location
Location, location, location! When it comes to starting a small business in Fort Lauderdale, or anywhere in the world, for that matter, location is the key. It is something that can make or break your business. The address of your business should, of course, depend on your business nature. For instance, if you are selling a product or providing a service of any kind, you will want your location to be accessible, easily reachable, full of foot traffic, etc. Or, if you are manufacturing something and plan on growing your small company in the next couple of years, you will want your area to be somewhere where its noise and 'growth' will not affect other people. Keep in mind that location is something that will make your business thrive, among other things.
- Hire Employees
Once all the other steps are taken care of, you should start looking for employees. Luckily, Fort Lauderdale has a pool of candidates to choose from. This is because schools and universities in Florida are top-notch. Thus, whatever the nature of your business may be, be sure that you will find employees here quickly. Just make sure you hire people who fit the job position and who, most importantly, match you and your company.
These have been our tips for starting a small business in Fort Lauderdale. We hope we have made things a bit clearer and that you know what you need to do. Now figure out what it is you want your business to be about, and best of luck to you!
Latest from City View
- Broward Center Extends New "Backstage at Broward Center" Tours
- Fort Lauderdale Chosen by EPA as WIFIA Loan Applicant
- Holiday Park Testing Site Closes to Make Way for Vaccines
- Broward County Public Schools Spring 2021 Education Plan Approved by Florida Department of Education
- Upcoming Food Distributions at Mills Pond Park in Fort Lauderdale Tuesday, December 22 and Tuesday, December 29, 2020