Did you know that the city of Miami is considered one of the Top 25 cities in the US to start a business?
Some say that the Miami of today is the America of tomorrow. So, when it comes time to start a business in Miami, it may reflect where the rest of the country is heading if you are in the right industry.
What types of industries are best for business in Miami? These are five that you should keep an eye on.
1. Tourism
It is no secret that Miami is considered a destination for tourists, with some saying it is the closest thing to Latin America in the United States.
International tourist numbers reflect this as well, considering that of all major cities in the United States, Miami gets the second most international tourists per year. That is only behind New York City, which is one of the most famous cities in the world.
So, why do people want to visit Miami? The party culture is one reason, with some of the world’s best bars and nightclubs for people to have a good time.
Another reason is the location, considering that it is in the Sunshine State of Florida that rarely gets cold weather throughout the year. Plus, the city is located on the coast of the Atlantic Ocean. This means it has desirable beaches and landscapes for people to enjoy.
Finally, since the city is so far south in the country’s most southern state, it is considered one of the most easily accessible for people coming from the Caribbean and Latin America. It is so close to international waters that it takes just 90 miles by sea to get to Cuba.
Businesses can capitalize on this by being able to operate year-round and cater to the guests. One example is our hotel properties such as the Bentley Hotel South Beach located in the heart of the action for tourists.
2. International Trade
As mentioned above, it is no secret that Miami is in an advantageous position for international logistics, considering it is the southernmost major city in the United States.
Because of this, it opens up opportunities for businesses to trade and ship from the city of Miami. It is one of the most convenient in the country to get goods to and from areas like the Caribbean and South America.
These graphs give you a good idea of what countries Miami does the most trade with for both imports and exports in past years. The Customs District is the 12th largest in the United States.
You can see that 80% of US imports from the Caribbean came through Miami and that Brazil has double the value of any other country as a trade partner for Miami.
3. Media and Telecommunications
Because of Miami’s unique location and setting in the United States, the media of course has its place here and the city is often depicted as one that is desirable for a big event.
One of the best examples of this is the biggest sporting event in America: the Super Bowl. It is a game that has not just a domestic but a global audience with all eyes set on the host city, and the place that sometimes hosts is Miami.
It has hosted the Super Bowl 11 times out of 55, which is the most in the history of the game and just ahead of New Orleans (10).
The point of bringing that up is that Miami has become known as a dependable place to have big media events like that. So, when it comes to being in a city that can give you media opportunities to be a part of big events in the local area, Miami will always be in the running.
4. Finance
Miami has a big presence in the finance industry and is even considered the Financial Center for Latin America. As of 2018, there were over 3,000 companies in the industry that had business in this city with over 40,000 employees earning an average annual income of over $130,000 per year.
The biggest subsector of this industry in Miami is by far commercial banking, which has 564 companies and over 12,000 jobs. Other notable subsectors include portfolio management, securities brokerage, investment banking, and more.
Considering the logistics opportunities to do business with a whole other continent and the annual income and industry size in this city, this can be an ideal location for someone looking to take a bigger step in this industry.
5. Real Estate
Finally, you have real estate in Miami, and it is even better now because the entire country has seen a significant rise in real estate value. In Miami, you have the extra perks of being in a city where people make a good living to spend money on property, attractive weather for people and businesses to move there, plus the scenic views of the ocean from their property.
Even before the pandemic, median prices have been surging in this city, increasing in value for nearly 10 years straight. As of September 2021, the value of a home in the area was $449,000, which is up 12.5% from the year before.
In other words, those who want to become real estate agents would have a consistently hot real estate market to work with in Miami.
Start Your Business in Miami
These are five industries that would be best for business in Miami. If your business vision fits into any one of these industries, perhaps it would be best to move to this city and grow your idea from there.But, what if you need a place to stay when you first get down? Consider one of our properties such as Kaskades Hotel South Beach. Take your time to think about it and in case you’re having trouble figuring out how to start, try venturing into the franchising space and see if you find franchise opportunities in Miami that fits you.
