Reduced Business Taxes Appeals to Technology Startups
By touting its business-friendly environment, Florida has become a magnet for technology startups and other small businesses. The best example is Space Exploration Technologies, better known as SpaceX, which recently launched the first private delivery capsule to the International Space Station.
As the U.S. phases out its national space shuttle program, Florida’s done some quick thinking to keep the space coast alive by inviting private companies to utilize its existing infrastructure and skilled talent.
And the push goes beyond the space coast. Medical device manufacturers are springing up in Fort Lauderdale. Robotic device makers catering to aerospace and defense companies are expanding around the state.
Small businesses now make up 75% of the state’s gross domestic product. One of every five domestic exporters is based in Florida.
To boost its competitiveness, Florida has reduced regulations and business taxes. There’s also no personal income tax. Coming soon is a one-stop shop state online portal where entrepreneurs can access all the information they need to start a business.
One drag is high unemployment in the state. Then again, that means a bigger labor pool for small employers.
Economic Optimism is Growing in Florida
Despite economic uncertainty and concerns about government regulation impacting small business growth, economic optimism is growing among Florida’s small businesses, according to the latest Florida Chamber of Commerce Small Business Index Survey. Economic uncertainty is once again the top issue facing small businesses in Florida, though the majority of economic uncertainty and concerns about government regulation respondents ““ 61%”“ expect the economy to improve during the next three years”¦
According to the survey, 36% of small businesses believe they are better off today than six months ago ““ up from 32% in December 2012. Regarding hiring, 32% of employers plan to hire employees during the next six months ““ up from 29% in December 2012.
Regarding sales, 42% are reporting higher sales compared to the same period last year, and 55% believe the economy will improve over the next year, while 61% believe it will improve over the next three years. For more information, see: http://tinyurl.com/bp58n9e
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