Florida’s Thriving Industries: Opportunities for Entrepreneurs and Buyers
The COVID-19 pandemic seemed to bring much of the business world to a tense and uncertain halt. Business owners and would-be buyers alike watched as the emergency dragged on, uncertain of whether the microcosm of Florida business would bounce back.
Fortunately, it did, and there’s never been a better time to be involved in Florida’s small business world. If selling your business or purchasing an existing one has crossed your mind, opportunity awaits across Florida’s thriving business landscape.
What’s Hot in the World of Florida Business
Some types of businesses are far more profitable than others. And when you know what types of businesses are churning out record profits, your sale or purchase stands a greater chance of rocketing you to success.
Restaurants
At least for a little while, COVID turned Florida’s restaurant scene into a ghost town. Business owners watched and anxiously waited, hoping things would return to normal.
Fortunately, as COVID has faded into the rearview mirror, restaurants have rebounded. Several factors have helped Florida restaurants become more successful than they have been in years:
- Population growth
- Increased tourism
- Relatively lax restrictions for food-service franchises
- A business-friendly economy
That doesn’t mean that just any restaurant will be a smashing success from its grand opening onward. So take care — whether you’re selling your business or buying one, a good business broker is vital.
Business Services
As business booms, company owners want to take every step they can to make sure their ventures are profitable. That sentiment has helped create a growing niche for “business services” companies. These firms offer help for businesses without providing an actual product.
There is quite a range of “business services” companies:
- Shipping/logistics
- Marketing firms
- Legal services for businesses
- Business consulting firms
- Staffing companies
- Security enterprises
Business services companies can prove to be very profitable. After all, nearly every business will need some sort of help at one time or another.
Storm-Related Contractors
Florida is a beautiful place to live, but storms are an ever-present risk.
After every severe storm, homeowners keep contractors busy with requests for roofing, flooring, and drywall repairs. That doesn’t mean contractors are idle in between major tropical storms, however. With population growth and the increase in new businesses, there’s always something for a contracting business to do.
New in 2023: Selling Part of Your Business Is an Option
Prior to May 11, 2023, the Small Business Administration (SBA) required that any sale involved a complete change of ownership. Now, that requirement has been removed completely.
This change is a good thing — it gives you options. You no longer need to make the choice between staying on as a full-time owner-operator or completely exiting your company.
Before jumping into a full or partial sale, make sure you take steps to maximize your company’s potential sale price. Using this valuation calculator from Sunbelt Business Brokers will help you understand your company’s worth before you put it on the market. A great deal starts with the right valuation.
Selling Your Business? Looking to Buy?
Sunbelt Business Brokers is here to help you reach your goals in life and business. Consider our team your guide to the Florida business world!
We can help you optimize your business for sale, connect you with the right buyer, and even build you a favorable deal structure. If you’re ready to sell or are just considering the idea, don’t hesitate to reach out.