Miami is known more for the beaches than business, but the city is among the best places to start a business in America. The city is so high in business based on several metrics, including business survival rates and affordability of office space.
About 10 percent of the workforce includes people who work for themselves. This means there’s always some room for new ideas, services, and products. If you’re wondering why Miami is the perfect city to start a business, here are the factors you should keep in mind.
Low cost of living means you can find affordable labor as the market does not push residents to work extra hard to afford to live in the area. If you’re starting a business, you should consider Miami.
While it’s a city considered expensive, it offers one of the most competitive housing markets, especially when you consider the low-income areas. Also, you can find affordable office space to set up your business and get started.
If you want to own a home in Miami, homes sell on average $500,000, but the opportunities for an entrepreneur are incredible, so you can repay the amount if you have a good mortgage plan.
For a new homeowner, you can use down payment assistance in the form of a VA loan, a Homeownership Voucher Program, or an Energy Efficient Mortgage program. You can find a consultant in Miami on Oasis Consulting Group for assistance on setting up the business and establishing yourself.
A supportive community can accelerate the growth of your business as you can sell your services and products to a wider audience. Miami offers a supportive business community with a blend of a large market for products and organizations that support startups. If you’re looking to get started on this market, these are some of the organizations you can look to draw support from:
- Knight Foundation Enterprise Fund
- Miami Innovation Fund
- Springtech Partners
- Black Tech Week
Quality of Life
Great quality of life impacts the community positively as it contributes to happiness and optimism, which means you can find workers who can collaborate with you in building your vision.
As a founder, you will also enjoy your experience if you also have opportunities to unwind through cultural events and parks. Miami offers a rich culture, and there are many recreational facilities. Here are some of the parks and cultural events to look forward to.
- Simson Park
- Alice Wainwright Park
- World Erotic Art Museum
- Coconut Grove Art Festival
An educated population provides a great mix of talent and skills. Local colleges churn out talent that you can absorb into your business to implement your ideas. Miami offers some of the best colleges in the country and has among the best statistics for education. Among the colleges providing qualified workers in Miami include:
- Barry University
- Florida International University
- University of Miami
Business Quick-Start Checklist
To start a business in Miami, you need to meet a few conditions. The process is simple as you first need to choose a business structure, find a name, then register the business.
If you will have workers, obtain the Federal Employer ID Number, then ensure you have a bank account. Also, set up an accounting system. Obtain the required permits and licenses and get started.
Because of the geographic location of Miami and its influx of immigrants, it has become an international shipping center. This is among the busiest ports in America, so your business can benefit from the large traffic the city handles on a daily basis.
Besides, Miami offers a large concentration of domestic and international banks. This means you can find sources of funding and also support to manage your business finances. The business climate is dynamic and friendly.
If you want the best places to launch your business, Miami offers many opportunities. The city is iconic because of its developed commerce landscape and tourism, which open up opportunities for entrepreneurs. Explore different industries to build a business in one of the most competitive markets.