Florida Business Startup Guides
Opening a Business in Key West, Florida
Contemplating starting a business in Key West, Florida? We walk you through the process of opening a 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.
Businesses
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.
Businesses
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.
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