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Best State for Business in 2022 - Florida Tops the Charts Again!

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If you are looking for the best location to start up a small business then Florida is at the top of the list. According to Chief Executive magazine that is. Indeed, Florida along with Texas has once again topped the charts. 

However, apart from which state to open a business in, many other factors will lead to whether your company is successful or not. The good news is you can find out all about them in the article below. 

Know your market 

The first thing you need to do when it comes to opening a business, not just in Florida but in any location is to thoroughly research your market. Indeed, market research is one of the most valuable things you can do to maximize your business’s success. This is because it gives you a real insight into whether there is a genuine and sustainable market for your products and services. Without such, your business will be doomed to fail. 

Part of your market research will be identifying your target demographic and your buyer personas too. These will help you drill down deeper into who your ideal customer truly is, and what they want from your products and your business. 

Create a realistic business plan 

Once you have established who your target market is and that there is a need for your products, it's time to come up with a realistic business plan. Realistic is truly the operative word here, as anyone can compose a work of fiction with profit and revenue predictions that are sky-high. However, writing a business plan with financial predictions that are backed up by research and that can actually be reached is another matter altogether. 

Probably the best approach here is to get some professional help, especially for those who are starting up their first business.  

Source funding 

After creating your business plan, it's time to source the funding for your enterprise. It's always best to attempt to secure outside funding for your business endeavors, then if things don’t go to plan, your personal finances won’t be so severely impacted. 

The good news is there is a range of potential sources of funding to consider from the elusive angel investors to crowdfunding. Many people still have plenty of success with a bank loan too. Although, do remember that the more closely you work with traditional financial institutions, the more rigorous your business plans and projections will need to be.

Pick a name for your business 

Next, if you want to make a go of your business in Florida then you will need to pick a catchy name. It's always best to keep things as simple as possible here. Difficult to spell or say names are a no-no and it's better to keep your own name out of things if you can. 

Get federal and state tax IDs.

Once you have named your business you can begin registering it and getting your federal and state tax IDs. To do this you can use the IRS assistance tool, as it will take you through the process step by step. Just make sure you have your social security number to complete the process. 

Secure a great site 

Even though you know which state you will start your business in you still need to find a great site for your business. Of course, this will differ depending on the type of business you are running. For example, a retail business will be best placed in a location that has good footfall, and that is surrounded by other businesses that your target demographic is likely to use.

However, for other types of business, such as those operating in the manufacturing sector, the needs will be very different. Instead of a busy prime location with lots of foot traffic, an out of town site is usually best. Good transport links are essential to ensure you can both remove the supplies that you need to make your products, and so you can ship them effectively to your customers. 

Additionally, for a manufacturing business, an out of town location will provide more square footage for a lower price so that will help to keep costs low too. 

Find good suppliers 

After you have found the perfect site for your business you will need to begin making links with good suppliers to make sure you have the items you need for your business to be able to run. 

The kinds of suppliers that you will need to forge links with will depend on the business you are looking to run. For example, if you are primarily an office-based enterprise then you will need an office supplies provider, and possibly an IT supplier, as well as a furniture and decor supplier. 

However, if you are working in the manufacturing sector, making consumer electronics for example you will need to track down more specialist suppliers. For example, if your business is to make smartphones you will need services like electronic manufacturing from MIS Electronics as they can create the PCB boards you need. They are also able to complete a rigorous quality control process, so you know by the time components reach you, you will be able to use them right away and meet your own company's manufacturing deadlines. 

Open a business bank account 

Finally, when opening a business in Florida you will need to secure a business bank account. Indeed, there are several benefits to using a business bank account over your own personal one. 

The first of these is that it makes it a great deal easier to keep track of your business's record, and performance. This is because you don't have to first separate all your business spending and income from your own personal payments, and income. 

Secondly, and most important is that having a business account gives off the right impression to your customers and suppliers. They will see you as professional, in it for the long term, and therefore trustworthy, which is very important when it comes to making it over a prolonged period. 

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