Going Into the Business in Florida: Benefits and Trends

Why is the Franchising industry in Florida a good one to get into?

That's pretty easily answered. In fact, you can answer with just two words, sunny and money. Florida has a vibrant and growing economy, rapidly developing cities, and a prime location along the popular Eastern & Gulf Coasts of the United States. This location generates lots of tourism, which, in-turn, creates business opportunities not available in many other states.

Data supports these claims too. According to the Bureau of Economic Analysis, the state’s Total Gross Domestic Product (GDP) grew from $898.4 billion in 2018 to an estimated $1.07 trillion in 2020 and is projected to be even higher in 2023. As a result, businesses in a variety of sectors are in great demand in Florida, creating a perfect environment for franchises to expand their presence and take advantage of the numerous opportunities.

Owning a franchise in Florida will allow you to benefit financially, but it will also allow you to create jobs. Statistics show that between 2023-2030, the total employment in the franchising industry in Florida is expected to grow to nearly 1 million, with a projected 106,400 new jobs added between 2022-2030. This is not just an example of the potential for growth, but also the direct impact you could have on the community.

Do the demographics and policies in Florida indicate Florida's economy will sustain growth as well?

Florida’s population is growing and diverse. Hispanics comprised 21% of the state’s population as of 2020. This offers franchisors a great opportunity to develop businesses that target particular markets and niche industries. A growing and diverse population increases the potential for you to realize success.

A variety of franchises have found success in Florida, from well-known national names to smaller, local businesses. In addition, legislators in the state are taking steps to bolster the franchising industry, including recently passed legislation to streamline the permitting process for franchise locations. This legislation has made it easier for businesses of all sizes to operate in Florida.

In the words of Florida State Representative Joseph Geller, “The franchise industry in Florida is booming, and the state is taking steps to make it easier to do business, creating the perfect environment for individuals and businesses looking to start or expand their franchise. The push for business growth and diversification in our state is strong and committed.”

To sum it up, the franchising industry in Florida is a great one to get into for entrepreneurs looking to start or expand their business. With its strong and growing economy, favorable regulations, and access to a diverse population, Florida is an excellent place to start or own a franchise. You can use the resources below to help you hone in what type of business would be best to start. Then you can view all of the available opportunities in Florida and be on your way to incredible success in business.