So you want to move your Small Business to Miami and live there?

Business Opportunities in Florida, more people, lots of entertainment and a strong economy. In Florida there is no personal income tax and the general consensus is that Florida is quite small business friendly. Perhaps this is why so many people have flocked to Florida in the past decade and during/post Covid. 

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With the good comes the bad. If you're like me, running a business in New York City is extremely expensive….not to mention living in NYC as well. Yes, it is true that the cost of living in Florida as a whole is notably cheaper than NYC, but Miami has become almost as expensive to live in than the Big Apple.

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Due to the Pandemic, Florida has seen a wave of people flocking to the state, including Miami. This, coupled with the low inventory of housing, has driven up housing prices exponentially. According to bankrate.com, the city of Miami has just surpassed LA as the most expensive city to live in, second only to NYC. 

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Yes, the expenses to live and run a business differ from State to State, but odds are you won't see NYC businesses opening up shop and living in Miami…at least for financial reasons. Just like around NYC, suburbs are much less expensive.

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Your small business and general quality of life depends heavily on the financials of your business. If your business is not as profitable as you think it could be, this will also affect your personal quality of life relating to access to cash and spending, and investing and saving. A line of credit can help you personally, in part because a line of credit is a fantastic tool to use, so your business can make more money. 

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