Thinking about starting a business in Key West, Florida? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Key West.
Are You Ready for the Challenges of Being an Entrepreneur?
Running your own business is hard work, much harder than working as an employee. Are you certain you have the stamina and skills to succeed on your own?
With so much at stake when you start a business, we strongly recommend you do the following before you proceed:
- Talk to other entrepreneurs in Key West. Listen closely to their experiences and see if you think you too can be successful.
- We recommend reading Why Small Businesses Fail. For aspiring new entrepreneurs, it's a must read article.
- Get feedback from somebody whom you trust. Ask them directly: Do I have what it takes to be an entrepreneur? Listen carefully to their answer, as they presumably know your strengths and weaknesses.
Key West, Florida Demographic Information
Key West has an active business community that includes small businesses,
mid-sized businesses and large businesses.
To give you a better feel for Key West demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Key West.
| Business Size | # of
Businesses |
| 1-4 Employees |
2845 |
| 5-9 Employees |
897 |
| 10-19 Employees |
564 |
| 20-49 Employees |
339 |
| 50-99 Employees |
105 |
| 100-249 Employees |
42 |
| 250-499 Employees |
6 |
| 500-999 Employees |
0 |
| 1000+ Employees |
0 |
| All Key West Businesses |
4798 |
As a new Key West entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Key West for each business category. By looking at this chart, you can get
a general sense for how much competition there is in the business niche that
you are pursuing.
| Business Type |
# of
Businesses |
| Advertising Agencies |
3 |
| Air Traffic Control |
1 |
| Ambulance Services |
1 |
| Amusement and Theme Parks |
1 |
| Appliance Repair and Maintenance |
2 |
| Architectural Services |
10 |
| Armored Car Services |
1 |
| Art Dealers |
16 |
| Automobile Driving Schools |
1 |
| Automotive Parts and Accessories Stores |
3 |
| Baked Goods Stores |
1 |
| Beauty Salons |
11 |
| Bed-and-Breakfast Inns |
31 |
| Beer and Ale Merchant Wholesalers |
1 |
| Beer, Wine, and Liquor Stores |
11 |
| Blood and Organ Banks |
1 |
| Boat Dealers |
9 |
| Book Publishers |
1 |
| Book Stores |
2 |
| Business Associations |
4 |
| Business to Business Electronic Markets |
1 |
| Cable and Other Program Distribution |
1 |
| Cafeterias |
4 |
| Camera and Photographic Supplies Stores |
1 |
| Car Washes |
1 |
| Casino Hotels |
1 |
| Caterers |
2 |
| Charter Bus Industry |
1 |
| Child and Youth Services |
4 |
| Child Day Care Services |
7 |
| Children's and Infants' Clothing Stores |
1 |
| Civic and Social Organizations |
7 |
| Clothing Accessories Stores |
6 |
| Coin-Operated Laundries and Drycleaners |
2 |
| Collection Agencies |
1 |
| Commercial Bakeries |
1 |
| Commercial Lithographic Printing |
3 |
| Commercial Photography |
2 |
| Computer and Software Stores |
1 |
| Computer Systems Design Services |
5 |
| Confectionery and Nut Stores |
2 |
| Consumer Lending |
1 |
| Convenience Stores |
4 |
| Convention and Visitors Bureaus |
2 |
| Couriers |
3 |
| Court Reporting and Stenotype Services |
1 |
| Credit Unions |
5 |
| Custom Computer Programming Services |
4 |
| Deep Sea Freight Transportation |
1 |
| Direct Title Insurance Carriers |
2 |
| Discount Department Stores |
1 |
| Display Advertising |
1 |
| Document Preparation Services |
1 |
| Drinking Places (Alcoholic Beverages) |
21 |
| Drywall and Insulation Contractors |
3 |
| Educational Support Services |
1 |
| Electrical Contractors |
19 |
| Electronic Auctions |
1 |
| Elementary and Secondary Schools |
4 |
| Emergency and Other Relief Services |
1 |
| Employment Placement Agencies |
1 |
| Engineering Services |
5 |
| Environmental Consulting Services |
1 |
| Exam Preparation and Tutoring |
1 |
| Exterminating and Pest Control Services |
7 |
| Facilities Support Services |
2 |
| Family Clothing Stores |
50 |
| Family Planning Centers |
1 |
| Farm Supplies Merchant Wholesalers |
1 |
| Fine Arts Schools |
3 |
| Finfish Fishing |
1 |
| Finish Carpentry Contractors |
3 |
| Fish and Seafood Markets |
2 |
| Fish and Seafood Merchant Wholesalers |
5 |
| Fitness and Recreational Sports Centers |
8 |
| Floor Covering Stores |
3 |
| Florists |
3 |
| Food (Health) Supplement Stores |
2 |
| Food Service Contractors |
2 |
| Formal Wear and Costume Rental |
1 |
| Framing Contractors |
1 |
| Freight Transportation Arrangement |
1 |
| Fruit and Vegetable Canning |
1 |
| Fruit and Vegetable Markets |
2 |
| Full-Service Restaurants |
102 |
| Funeral Homes and Funeral Services |
1 |
| Furniture Merchant Wholesalers |
1 |
| Furniture Stores |
5 |
| General Automotive Repair |
10 |
| General Freight Trucking, Local |
1 |
| General Medical and Surgical Hospitals |
1 |
| General Rental Centers |
1 |
| General Warehousing and Storage |
1 |
| Gift, Novelty, and Souvenir Stores |
36 |
| Glass and Glazing Contractors |
1 |
| Golf Courses and Country Clubs |
1 |
| Grantmaking Foundations |
2 |
| Graphic Design Services |
3 |
| Hardware Merchant Wholesalers |
1 |
| Hardware Stores |
1 |
| Historical Sites |
2 |
| HMO Medical Centers |
1 |
| Hobby, Toy, and Game Stores |
3 |
| Home Furnishing Merchant Wholesalers |
1 |
| Home Health Care Services |
3 |
| Household Appliance Stores |
2 |
| Industrial Design Services |
1 |
| Inland Water Passenger Transportation |
1 |
| Insurance Agencies and Brokerages |
7 |
| Interior Design Services |
4 |
| Internet Service Providers |
1 |
| Investigation Services |
1 |
| Investment Advice |
4 |
| Janitorial Services |
12 |
| Jewelry Stores |
33 |
| Land Subdivision |
4 |
| Landscape Architectural Services |
3 |
| Landscaping Services |
16 |
| Lessors of Other Real Estate Property |
4 |
| Limited-Service Restaurants |
28 |
| Locksmiths |
1 |
| Machine Shops |
1 |
| Mail-Order Houses |
1 |
| Marinas |
7 |
| Marketing Consulting Services |
5 |
| Masonry Contractors |
2 |
| Medical Laboratories |
1 |
| Men's Clothing Stores |
3 |
| Metal Window and Door Manufacturing |
1 |
| Mortgage and Nonmortgage Loan Brokers |
7 |
| Motion Picture and Video Distribution |
1 |
| Motion Picture and Video Production |
1 |
| Motor Vehicle Body Manufacturing |
1 |
| Motor Vehicle Towing |
1 |
| Motorcycle Dealers |
5 |
| Museums |
8 |
| Musical Groups and Artists |
5 |
| Musical Instrument and Supplies Stores |
1 |
| Navigational Services to Shipping |
5 |
| New Car Dealers |
3 |
| New Housing Operative Builders |
2 |
| News Dealers and Newsstands |
1 |
| Newspaper Publishers |
2 |
| Nonresidential Property Managers |
3 |
| Nursing Care Facilities |
1 |
| Office Administrative Services |
5 |
| Office Supplies and Stationery Stores |
2 |
| Offices of Certified Public Accountants |
4 |
| Offices of Chiropractors |
5 |
| Offices of Dentists |
15 |
| Offices of Lawyers |
48 |
| Offices of Optometrists |
2 |
| Offices of Other Holding Companies |
1 |
| Offices of Podiatrists |
1 |
| Offices of Real Estate Appraisers |
8 |
| Ophthalmic Goods Manufacturing |
1 |
| Ophthalmic Goods Merchant Wholesalers |
1 |
| Optical Goods Stores |
5 |
| Paint and Wallpaper Stores |
3 |
| Painting and Wall Covering Contractors |
9 |
| Parking Lots and Garages |
5 |
| Passenger Car Rental |
12 |
| Payroll Services |
1 |
| Pet and Pet Supplies Stores |
4 |
| Pet Care (except Veterinary) Services |
1 |
| Pharmacies and Drug Stores |
4 |
| Photography Studios, Portrait |
3 |
| Portfolio Management |
2 |
| Private Mail Centers |
2 |
| Professional Employer Organizations |
2 |
| Professional Organizations |
1 |
| Public Relations Agencies |
1 |
| Quick Printing |
2 |
| Radio Stations |
4 |
| Ready-Mix Concrete Manufacturing |
2 |
| Real Estate Credit |
5 |
| Real Estate Investment Trusts |
2 |
| Recreational Goods Rental |
21 |
| Residential Property Managers |
9 |
| Residential Remodelers |
13 |
| Retail Bakeries |
2 |
| Reupholstery and Furniture Repair |
1 |
| Roofing Contractors |
3 |
| Rooming and Boarding Houses |
2 |
| Savings Institutions |
1 |
| Scheduled Passenger Air Transportation |
5 |
| Securities Brokerage |
4 |
| Security Guards and Patrol Services |
1 |
| Shellfish Fishing |
1 |
| Ship Building and Repairing |
1 |
| Shoe Stores |
7 |
| Site Preparation Contractors |
3 |
| Skiing Facilities |
1 |
| Snack and Nonalcoholic Beverage Bars |
15 |
| Solid Waste Collection |
1 |
| Sporting Goods Stores |
13 |
| Sports and Recreation Instruction |
3 |
| Sports Teams and Clubs |
1 |
| Tax Preparation Services |
3 |
| Taxi Service |
3 |
| Temporary Help Services |
1 |
| Temporary Shelters |
2 |
| Testing Laboratories |
1 |
| Tile and Terrazzo Contractors |
1 |
| Tire Dealers |
3 |
| Title Abstract and Settlement Offices |
3 |
| Tobacco Stores |
2 |
| Tour Operators |
6 |
| Travel Agencies |
2 |
| Used Car Dealers |
3 |
| Used Merchandise Stores |
7 |
| Vending Machine Operators |
1 |
| Veterinary Services |
2 |
| Video Tape and Disc Rental |
2 |
| Vocational Rehabilitation Services |
1 |
| Voluntary Health Organizations |
1 |
| Wholesale Trade Agents and Brokers |
3 |
| Wired Telecommunications Carriers |
4 |
| Women's Clothing Stores |
19 |
Have You Considered Franchising?
As you drive around Key West, you'll see that franchises make up a large percentage of local businesses. But is franchising the right option for you?
We advise the entrepreneurs we work with to consider franchising as an option. We have many articles on franchises, such as Before Buying a Franchise. Get a thorough education on franchising by browsing all of our Articles on Franchising.
You can find franchise opportunities by browsing our Franchise Opportunities Directory.
Sample franchise opportunities include Theater Xtreme and iSold It eBay Store. Alternatively, you can browse franchise categories, such as Environmental Testing Franchises and IT Franchises.
Note on Key West Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Key West.
Selecting a Name For Your Company
Making the right decision when choosing a company name is very important. There are many decisions you'll make now that you can change later, but changing a company name years down the road is not very easy. So, choose a good company name at the outset.
Pick a company name that isn't too generic. If you do a search engine search for your proposed name and a billion results come up, you may want to reconsider the name. It's much easier to come up in the search engines when your name is fairly unique.
Numerous company naming issues are discussed in more detail in this article: Branding Advice.
There's one other important factor when naming a business. Since you are planning on starting a business in Key West, it's critical that you ensure that no other Florida company is using the business name you want to use.
Don't Forget to Create a Business Plan
A business plan is essential in maximizing the prospects of your new company. Simply put, a business plan is a written description of the future you envision for your business. Not having a business plan is a recipe for disaster.
To learn more about business plans, read Business Plan Contests. You should also take advantage of face-to-face free consulting available from your local SCORE chapter in Florida.
Learning More About Entrepreneurship
Successful entrepreneurs know that they don't know everything.
As an entrepreneur who lives in Key West, Florida, you will want to take advantage of the many programs available at nearby Florida universities, colleges and community colleges. It's also worthwhile to see if there are any Key West networking organizations.
Never Give Up
As an entrepreneur in Key West, you won't be working for the boss anymore. You are the boss.
If you choose the right business and love what you do, you will greatly increase your odds of success.
We are here to help Key West businesses to be successful. We want to be there for you to answer your business questions, whether you are a new Key West entrepreneur who is just getting started or you are already up and running with your new venture.
More Entrepreneurial Resources for Starting a Business in Key West, Florida
Here are more links that we believe will help you be successful in starting a business in Key West.
- Resources for Key West, Florida Entrepreneurs - Browse a variety of resources we've collected to assist Key West entrepreneurs.
- Florida Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Florida.
- Florida Small Business Development Center - The Florida Small Business Development Center Network (FSBDCN) is a statewide economic development partnership between higher education and other stakeholder organizations dedicated to providing entrepreneurs and established businesses with the assistance needed to start, grow and succeed, contributing to the Florida economy.
- Key West, Florida Newspaper Ad Rates - This is a nearly comprehensive list of advertising rates for Key West, Florida newspapers, including ad costs for newspapers serving the Key West area.
- Key West, Florida Radio Advertising Prices - To help you in your marketing efforts, we've gathered radio advertising rates for Key West, Florida area radio stations.
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