5 HOT FLORIDA BUSINESS OPPORTUNITIES

Seeking a place to do business? With over 2.4 million small companies worth nearly a trillion dollars and a Gross Domestic Profit (GDP) that dwarfs that of Saudi Arabia, Switzerland, and Argentina, Florida offers a business entrepreneur or investor a richness of opportunities.

The Sunshine State’s economy is robust and business-friendly. Florida’s streamlined regulatory environment, lack of a state income tax, generous tax credits and exemptions, banking and investment capital resources, transportation infrastructure (rail, highway, waterway), $100 million-plus tourist industry, and large labor force and customer base (20+ million) make the Sunshine State a fertile place for new businesses and developing industries.

The following are five great opportunities to consider:

Restaurants

Florida’s diversity in cultures and nationalities and its continued food industry growth forecast (an increase of 14% by 2029) make it an idyllic hotspot for the food service industry, particularly those restaurants that cater to millennials.

Millennials have often been referred to as “restaurant adventurers.” They enjoy authentic and inventive food with bold, exciting flavor-forward combinations. They are multi-cultural food explorers with an appetite for a variety of fare--from grilled chicken, barbecue tacos, burgers, fajitas, and sandwiches to tofu, sushi, and less processed, low-calorie organic foods.

The average startup cost for a Florida restaurant is between $175,000 and $750,000. Depending upon the site, one can expect to pay between $100 and $800 per square foot.

Real Estate

With over 900 people moving to Florida daily, the Sunshine State is a sizzling real estate market for homes and business locations.

The real estate business, with an estimated yearly transaction value of approximately $12 billion, can be started for less than $1,000.

Craft Beer Industry

Twenty-seven billion of the overall $114 billion U.S. beer market is made up of craft beers.

Due to recent changes in Florida’s prohibition era laws (lessening the sales and distribution constraints), the craft beer industry in Florida is booming.

Florida’s craft beer industry, since 1976, has experienced a 700% growth rate. Since 2009 roughly 7000 new craft beer breweries have opened.

Whether one begins a microbrewery, brewpub, or taproom brewery, a great thirst awaits a Florida craft beer investor.

Nail Salons

Over $8 billion a year is invested in nail salons in the United States. It is estimated that the demand for nail salons will grow by 10% by 2028.

Women put a premium on hand and foot health. Besides providing a reprieve from their daily work schedules, manicures and pedicures provide the kind of care women desire for their skin, cuticles, nails, and nail beds.

Hotel or Motels

The Florida accommodations industry is a $20 billion industry.

As the nation recovers from Covid, the hospitality and accommodation industries are poised for a resurgence. It is estimated that the hospitality and accommodation industries are likely to recover fully by 2023.

The perfect time to buy a hotel or motel may be now! Whether one builds from scratch, buys into a franchise, or buys a pre-existing independent property, buying during a downtime may set one up for significant uptime profits.

The Florida Keys, Orlando, Jacksonville, Tampa Bay, Naples, and South Florida are considered critical markets for the hotel and motel business.

A Post-Covid Future

As the economy opens up post-Covid, the accommodation, hospitality, and food service industries are preparing for a vigorous rebirth. Those who take advantage of this renaissance period will likely see considerable profits.


Sources: “The Best Businesses to Start in Florida.” Zen Business. 2022. https://www.zenbusiness.com/best-businesses-florida/; Mavrikis, Peter. “15 High Demand Businesses You Can Start Today.” Incfile. September 10, 2021. https://www.incfile.com/blog/best-small-business-ideas-in-florida/.