ORLANDO, Fla. — Every day, small businesses are closing their doors, but it’s not keeping new entrepreneurs from striking out on their own.
“Florida is second to none when it comes to tax benefits,” said Airam Eduardo Diaz, co-founder and president of Freedom Realty Source.
Diaz is a business broker who helps people buy and sell companies. He says many of his clients are choosing Florida to relocate.
“We have a client moving his operation from California to Florida, revenue $2 million,” Diaz said.
That client has a C-Corp, meaning it’s taxed twice, at the corporate level and on personal income.
“So the tax is 5% against 8-point something in California,” Diaz explained. “All together he’s saving close to $100,000 in taxes.”
Belinda Ortiz Kirkegard, president of the National Entrepreneur Center, a nonprofit that offers free resources to small businesses, says taxes aren’t the only draw.
“Florida bakery, Tainos, Zazas, each of those have a growing footprint because of the high demand and the high population that exists of Hispanics,” Kirkegard said.
The owners of Tainos Bakery saw that opportunity 20 years ago when they opened their first location.
“I think that’s the key, the Hispanic follow-up. The consumer is there,” said Liza Padilla, co-founder of Tainos Bakery.
“Orlando area is growing in Hispanics,” added co-founder Nicolas Fuste. “We have all the combination to grow, so we take advantage of that.”
Still, federal data from 2024 shows 20% of businesses fail in their first year. So why do so many keep trying?
“There’s no personal income tax. There’s no franchise tax, and starting October 1st, there’s no sales tax when you rent from a commercial building,” explained CPA Nirali Chokshi of Chokshi Accounting & Tax Services Inc.
And for Hispanic entrepreneurs, Orlando brings another advantage. A recent survey found it is the number one best city for Hispanic entrepreneurs.
“Orlando and Central Florida is truly a melting pot,” Kirkegard said. “And with that comes all kinds of cultural interest and cultural niche opportunities.”
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