Starting a Business in the Fl Keys part 1

Real Estate Agent with Coldwell Banker Schmitt Real Estate Company

Starting a Business in the Keys

The Keys and the adjoining areas welcome new business. With increased tourism and residents the region offers constant expansion, incredible opportunities and a great lifestyle. Whether you’re considering relocating a company or starting a business from scratch, The Keys wants your business.
Since we are a destination point for tourists from all over the world, meaning substantial money flows through the area, there are opportunities for expansion of existing and/or startup of niche businesses. The Tourists wants and needs plus the lifestyle of the locals make for unique opportunities..
The good news is that from a marketing standpoint it hasn't all been said and done here--it's not like launching a business in New York City--there's still plenty of room here.
There are opportunities for buying an existing business or starting up your own version. Utilizing a better idea or service, better marketing or any other angle that really makes sense to a customer is always welcome. I'd recommend you look at a business that is not just tourist related, one that will draw customers year round. If you currently have a business and/or have an entrepenurial spirit-you'll quickly see where the holes or opportunities exist here. Existing business's generally return at most about 10% that is from strictly an investment standpoint- if you're going to be working the business-then there's management fees etc that you will keep.NICHE BUSINESS possibilities
The Companies that have anything to do with remodeling, are always in need of help for all phases of the jobs, drywall, painters, tilers, installers etc. If you have skills in these areas, there is opportunity to start your own business and lock in with the builders. The main thing is to be licensed, reliable and do good work. One thing you need to know is that help in these areas is hard to find---since rents are high most workers cannot live on even up to $15.00 per hour---so if you're thinking about a business other than retail that requires lot's of help, tyou may have a problem.There are also many other areas of opportunity. Remember most people that buy homes here need services--For instance the rental houses all need pest control, yard maintenance, cleaning people and a handy man. Generally what happens is an individual or couple start a lawn business. They then go to all the Real Estate offices etc and promote it plus run ads offering their service. After they get to about 50-75 homes or so they are filled up. At this point they don't accept any more work--what I'm saying is that this is constantly evolving and that small niche business can work very well in the Keys. I can tell you from my own experience if you're reliable, return phone calls and do show up you can do well down here.
SUMMARY: The best way to get a feel for what's happening is for you to come down here.
Some of the more significant advantages to living and establishing businesses in Florida, with respect to taxes are:
• No state income tax
• No corporate income tax on sub-chapter S corporations
• First $5000 of taxable income apportioned to Florida is exempt
• No state property tax on inventory or equipment
• No business inventory tax
• No corporate franchise tax on capital stock
• No corporate tax on limited partnerships, individuals, Estates and private trusts
• No collected or assessed state property tax
• No sales tax on "boiler fuels" used at a fixed Florida location in an industrial manufacturing, processing or compounding process
• No sales and use tax on goods manufactured or produced in Florida for resale or export outside Florida
• Corporation accounts receivable (one third) exempt from intangible property tax
• Exemption of employee stock options from employer
• No property tax on goods-in-transit for up to 180 days


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Kip Hoover

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