Florida is known worldwide for its tourism and hospitality industry, but a recent analysis revealed promising signs for the future of science and tech services in the Sunshine State.
Business valuation experts at Eton Venture Services gathered data from the U.S. Small Business Administration to analyze the best industries for small businesses for every state. Below is their top five most successful industries for small businesses in Florida.
1. Professional, Scientific, and Technical Services
Florida’s most successful industry for small businesses is Professional, Scientific, and Technical Services, where 360,123 businesses thrived in 2023.
Businesses in this industry engage in activities like legal advice and representation; accounting, bookkeeping, and payroll; architectural, engineering, and specialized design; advertising and photographic services; and veterinary services, among others.
2. Administrative, Support, and Waste Management
The second-best industry for small businesses in Florida is the Administrative, Support, and Waste Management industry, with 350,645 small businesses flourishing last year.
In this industry, establishments engage in activities that support the day-to-day operations of other organizations. These establishments specialize in processes that all businesses must do and have traditionally done for themselves, such as general management, personnel administration, clerical, and cleaning activities.
3. Real Estate, Rental and Leasing
This industry ranks third, with 348,321 small businesses succeeding last year.
In Real Estate, Rental and Leasing, businesses rent, lease, or otherwise allow the use of tangible or intangible assets or provide related services. A major portion of this sector comprises establishments that rent, lease, or otherwise allow the use of their own assets by others, as well as managing, selling, renting or buying real estate for others and appraising real estate.
4. Transportation and Warehousing
Fourth place belongs to the Transportation and Warehousing industry, where 338,410 small businesses thrived last year.
The industry provides transportation of passengers and cargo, warehousing and storage for goods, scenic and sightseeing transportation, and support activities related to modes of transportation. These establishments use transportation equipment, including air, rail, water, road, and pipeline, as productive assets.
5. Construction
This industry is among the top five industries for small businesses in Florida, with 325,468 small businesses in 2023, putting it in fifth place.
Having a small business in the Construction industry involves the construction of buildings or engineering projects like highways and utility systems. Establishments engaged in preparing sites for new construction and subdividing land for sale as building sites are also included in this sector.
“Owning and maintaining a small business means navigating challenges with resilience and adaptability, creating not just profit but also community impact and job opportunities,” said President and CEO of Eton Venture Services Chris Walton. “Whether in tech, retail, construction or real estate, these enterprises drive economic diversity and embody the entrepreneurial spirit of Americans.”
Methodology:
Data on the number of small businesses in the US and each state in 2023 was collected from the U.S. Small Business Administration () and ranked from highest to lowest to determine the top 5 best industries for small businesses in every state.
Small businesses are defined as firms with fewer than 500 employees across all establishments.
