SUNSHINE STATE STARTUPS
President’s Picks
How to start your own business in Miami: a global, emerging city. Expert tips from SFL Hispanic Chamber President Liliam M. Lopez
of great interest for many companies to try to incorporate themselves into this interesting and thriving market. diverse industries and a rich cultural heritage. Miami is a global city; therefore, it is M iami-Dade County, located in the vibrant state of Florida, offers a thriving business market with Whether you're an aspiring entrepreneur or a seasoned business owner looking to expand your horizons, the opportunities in Miami are limitless. As president of the South Florida Hispanic Chamber of Commerce (SFLHCC), I can assure you that starting a business in Miami-Dade County can be an exciting goal, but also a challenge. By following the next steps, you will be able to decide if you want to start your business. Be sure to keep in mind that it is necessary to have a solid foundation and the necessary knowledge to help your business succeed.
Before starting a business, make sure that you have worked in that field or that you are very familiar with it. Approximately 40% of businesses fail in their first three years! Yes, correct, three years. It is important to do some research to determine what type of business you want to establish. In this way, your future business will not become part of that figure. You must evaluate market demand, competition, and potential customers to succeed and be competitive. After studying the details of the business, create a business plan that outlines your goals, strategies, financial projections, and marketing plans. This will serve as a roadmap for your next steps to secure funding. The second step would be to plan your legal structure and register your business. For this part it is essential to hire a lawyer to advise you according to your business needs, such as a sole proprietorship, a partnership, a limited liability company (LLC) or a corporation.
You must register your business name with the Florida Department of State Sunbiz.org and obtain the necessary licenses and permits for your specific industry in both Miami-Dade County and the city where your company will be located. Preferably, check with the Department of Development and Economic Resources of Miami Dade for any additional local permits or certifications you may need. Financing the business will be the next step. Determine the financial requirements of your business and explore various financing options. These may include personal savings, bank loans, venture capital, angel investors, crowdfunding, or government grants. Develop a detailed financial plan, including startup costs, operating expenses, and projected income streams to present to potential investors or lenders.
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