Florida is a great place to live, and an even better place to run a small business, not least of all because the state’s unique ecosystem and thriving entertainment scene make it a haven for vacationers, whether they’re from a few states over, or half the world away. With so many people passing through each year, it’s no surprise so many entrepreneurs find success here.
But Florida also poses some challenges that new business owners frequently underestimate. Here’s what you need to know.
- Equipment and Systems Breakdown
This is one of those disasters that can strike any business at any time, from the HVAC unit round the back to refrigerators, production machines, or construction equipment. The trouble is, Florida’s unique climate poses some pretty unique challenges to machinery and equipment, since heat and humidity mean that they have to operate under a lot more strain than equivalent machinery in ‘ideal conditions’ elsewhere.
HVACs frequently break down during peak season, leaving staff and customers in very uncomfortable – and, at times, unsafe – conditions, which in extreme cases may cause the business to temporarily shut down until the problem is rectified. The same goes for refrigeration units, which may mean catastrophic stock losses.
Storms can frequently cause electrical surges that damage computers and security systems, while the slow, often-unnoticed growth of mould and spread of moisture as a result of humidity can gradually undermine your business’s most expensive and valuable assets without you realizing it.
- Downtime After Disaster
Florida storms pose enough of a threat to local businesses, shutting down entire roads and bringing blackouts that force the doors to shut early for the day. The trouble is, that’s only half the story – if that.
Unexpected business downtime is a major drain on capital, but it can end up being long drawn out if your building sustains damage that makes it unsafe for staff and customers, or if the power takes time to be fixed. In this time, inventory can perish (if it’s not been damaged already) or time-sensitive contracts can fall through, leading to further major losses.
This doesn’t mean you have to live in fear of the next storm making your business inoperable. You can take out BOP insurance in minutes and cover yourself against losses due to inventory damage, theft, and equipment failure – along with other worst-case-scenarios.
- Theft is Still a Problem for Florida SMEs
Jacksonville Sheriff’s Office recently reported via Facebook that more than a third of small businesses had reported being victims of shoplifting or theft within the last 12 months, demonstrating quite how profound this issue still is for local businesses.
When the problem feels endemic, businesses have very few options available to them – and most represent an added cost that they can’t really afford, such as heightened security or reduced opening hours. Alternatively raising prices to cover the hit can drive once loyal customers away, and make operating feel far less feasible than it once did.
The best deterrents against shoplifters and thieves are attentive customer service, 24/7 site monitoring, and benefit denial technology.
