Why Out-of-State Investors & Restaurateurs Are Relocating to Florida

Why Out-of-State Investors & Restaurateurs Are Relocating to Florida

Why Out-of-State Investors & Restaurateurs Are Relocating to Florida 2048 1365 Prakas & Co

The year 2020 proved to be especially difficult for restauranteurs across the country. As weeks of lockdown turned to months, many business owners were forced to close up their businesses permanently. As opposed to shutting down businesses, Florida imposed regulations that allowed restaurants and bars to keep their doors open. This has given business owners across Florida a significant leg up in a long recovery process. In addition, restaurateurs and investors alike have been entering the Florida market at a never seen before pace. Here are 6 reasons Florida is seeing such significant out-of-state growth in the hospitality sector.

1. Business-Friendly Tax Policy – Florida is among the few states without any state income tax. This means – 4% – 9% more in your pocket compared to states like New York. Beyond income tax, Florida is a very business-friendly state with very few cumbersome regulations.

2. Expanded Outdoor Seating Opportunities – Who doesn’t love eating outside, especially after spending so much of 2020 confined to our homes. Outdoor seating allows for additional spacing between Covid cautious guests and provides a cost-effective method of expanding capacity. Plus you can take advantage of outdoor seating year-round.

3. Progressive Covid-19 Recovery Plan – Florida was swift and aggressive when establishing its Covid-19 recovery plan. After only a few short weeks of shut down, Florida was among the first states to ease regulations, returning restaurants to full capacity in just 6 months. As of September 2020, Florida has no statewide regulations applying to restaurants, nightclubs, or bars.

4. Troubles in the North East – In direct contrast to Florida’s policy, many states in the North East spent months imposing strict regulations on restaurateurs trying their best to survive the pandemic. This loss of revenue has put a poor taste in the mouths of business owners as they shift their focus to more lucrative markets.

5. Money Making Market – Take a quick look at the market demographics of Florida, and you will quickly see that Floridians love taking advantage of their local culinary scene. In fact, Florida’s restaurant, bar, and nightclub market is estimated to gross over $50 billion dollars annually (Bureau of Labor Statistics & U.S. Census Bureau, 2018) This makes it the perfect market for your new or growing restaurant concept.

6. Sunny Coastal Living – In addition to the aforementioned financial benefits that Florida expansion comes with, owner-operators often Find themselves with quite a few quality of life improvements upon relocation. Beach and water access, year-round outdoor activities, and that warm Florida sunshine are just a few of the many reasons to relocate to the sunshine state.

If you are interested in buying, selling, or expanding your restaurant concept into the Florida market Prakas & Co is Florida’s premier hospitality broker. Over the last twenty years, we have brokered over 500 restaurant and hospitality deals. Don’t hesitate to reach out to Athan “Tom” Prakas or one of our knowledgeable sales associates for more information on available opportunities.

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