Business Loans in Miami, Florida: What You Should Know

Sunshine, white-sand beaches, and a wide variety of cultural cuisine are three things tourists love about Miami, Florida. Before COVID-19, many international tourists flocked to Florida year-round to experience Florida’s warm climate and relaxed ambiance.

Now that the United States has reopened its borders for many international travelers, South Florida’s tourism industry is expected to feel a boost during this holiday season. This will provide small business owners with the consumers they need to generate revenue and stay afloat in this new post-COVID-19 economy.

Industries That Will Feel the Boom

Like the entire state of Florida, the tourism industry has a large effect on the Miami-Fort Lauderdale metro area. With that being said, many areas within Miami are expected to feel the impact of new travelers. All areas within Miami provide their cultural and unique twist to their community and together create a lively and collectively bold Miami that tourists flock to year-round.

Many areas within Miami, Florida are home to small and growing businesses that have created a lasting impact on their community and hundreds of travelers. With the given influx of travelers heading to Miami International Airport, businesses within these following industries are expected to notice an increase in consumers.

Accommodation & Food Service

Luxury beach-side hotels, five-star restaurants, and world-class nightlife are the three main allures of Miami. These all fall under the umbrella that is considered the tourism industry while being able to stand their ground within this economy. Businesses within these industries are expected to have tables, rooms, and service personnel to accommodate an influx of travelers looking to experience Florida’s well-known Latin-American cultural influence and world-class treatment.

Businesses within these industries will have to onboard new hires, enhance their marketing tactics, and upgrade their buildings and equipment to keep up with coming tourists.

Retail

There are numerous retail shops located conveniently along the Miami Beach coastline and within the City of Miami. Tourists generally frequent these shops looking for light, stylish bohemian-inspired clothing to fair against the warm sub-tropical climate. Retailers who sell swimsuits, suntan products, towels, and accessories will see more out-of-state travelers looking for souvenirs and high-fashion items within their businesses.

Businesses within these industries will have to onboard new hires, upgrade their building or equipment, and order new inventory if needed to accommodate coming tourists.

Transportation

There’s a lot more to Miami than the beach. Travelers with families will often want to explore all that South Florida has to offer. That includes exploring the Wynwood, Downtown Miami, Hollywood, and Fort-Lauderdale areas for restaurants, retail locations, and other tourist destinations within South Florida. Car rentals, shuttle drivers, and chauffeured transportation businesses will expect more calls and reservations for this upcoming holiday season.

Businesses within these industries will have to onboard drivers and maintenance personnel, purchase inventory to maintain vehicle upkeep, and may have to enhance their marketing strategies to attract new clients coming to Miami.

Commercial Real Estate & Construction

Miami is already considered the 2nd most popular financial hub in the country, following New York City. Companies are flocking to Florida for the warm weather, lowered tax burdens, and the environment the state has to offer. With that being said, many businesses within the real estate and construction industry may see an influx of new residents and out-of-state businesses looking to expand their company within the City of Miami, Miami Beach, or Bayside area.

Just recently, the Israeli web giant, Wix, recently announced its expansion of their Miami Beach location by 50% over the next three years. Rumor has it, many other large-scale companies may be looking to expand their business within the state of Florida.

This can benefit businesses that are connected to or located near these newly developed commercial facilities. This means they may need to onboard more personnel to accommodate new clients looking to relocate their business to South Florida after a luxurious vacation. Following the holiday season, the communities within Miami may see new businesses, expansions, and new Florida residents as well.

How Can Growing Businesses Prepare for Tourism & New Residents?

Small and growing businesses within these listed industries can do many things to prepare for the “Miami movement.” To accommodate the influx of tourists or new residents, businesses may have to review their business plan and strategy to find their weak points to target and enhance.

As a small business in Miami, Florida, here are some things you can do to enhance your business.

Hire New Employees

According to CBS Miami, Florida’s first-time unemployment claims are reaching near the pre-COVID-19 pandemic levels. This is being viewed as a rebound for the labor market within sunny South Florida; People are ready to work. Businesses closely connected to the retail and tourism industries are going to be onboarding more employees ahead of the holiday and tourism season.

As a small business, hiring more employees is essential to maintain its business structure and keep consumers satisfied.

Upgrade Equipment

Outdated equipment may create a setback for growing businesses, especially during peak season. Upgrading assets can improve your company’s efficiency, performance, and capabilities to generate more revenue in the long run. Financing new equipment may bring in a larger return on investment for you and your company.

Fix Up & Repair Your Business Location

Slapping a fresh coat of paint on your walls may just be one of the many upgrades your business needs. In preparation for the busy season, many businesses plan a building “facelift” to attract new and returning customers. Investing in minor construction basics such as paint, repairs, and replacements can help keep your business from becoming outdated compared to the many new and stylish art-deco commercial buildings within Miami.

Host an Event

Miami is known for its world-class nightlife, large-scale events, and non-stop partying. One way to attract new customers is to host a special event at your business location, given you have the space available to do so. Hosting private parties aligned with major events such as Art Basel, Ultra Music Festival, Miami Beach Pride, and Calle Ocho Music Festival is a great way to market your business.

This type of engagement with the local community can promote new exposure to your business and a large return on investment if successful.

First Union Can Help

If you’re looking to expand operations, upgrade your equipment, or gain funds to prepare for the coming tourist, First Union can help.

We’ve worked with numerous Miami and Florida-based companies to provide the funds they need to enhance their business. We offer small business loans, retail business loans, equipment loans and financing, lines of credit, and other products to help your business get the resources it needs.

Let us help you! Call today to learn more!

Published in Business Finance, Small Business

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