Boca Raton businessman Lee S. Rosen has been a Miami entrepreneur for decades, so when it comes to the right person to ask about advice on starting a new business in the area, he is often tapped for resources. So many people are looking to take root and set up shop in Boca Raton mainly because of the wide range of opportunities to grow in various industries. Boca Raton has a beautiful beach, a rich culture, a bustling entertainment scene, and a busy business environment that there’s always something for the startup entrepreneur to anchor on.
We caught up with Lee Rosen in Miami to talk about what it takes to set up a new business in Boca Raton. Here are his five golden nuggets of wisdom for newbies.
1. Decide on your field of business and who your target market is.
There’s no business to speak of if you can’t decide on your niche. There are so many things you can do in Boca Raton and the possibilities are endless.
“Of course, you start with what you know,” says Lee Rosen. “You set up a business based on something that you have significant background on and use that as your root.”
But, first, check the existing market and see if there is a demand for what you do. Also, try to find out if your preferred niche is already saturated, and then you decide if you still want to go head-on with the existing businesses or adjust your sails to offer something others aren’t. You can also shelve the original idea and try out for a new niche that has a big demand but low supply. For example, there are hundreds of beauty salons in Boca Raton but less than a dozen barbershops.
2. Identify your location.
“Location is everything,” notes Lee Rosen. “Even if you have a solid marketing strategy in place, you still won’t have organic and impulse sales because customers have to go out of their usual way to see you.”
Boca Raton also has specific rules when it comes to setting up your business. Before leasing a space, you should first get in touch with the City Zoning Office to find out if your site is classified under the right district.
3. Get your local permits and certifications in order.
In addition to the business tax and certificate of use, you will need to secure specific licenses for certain types of ventures. For instance, if you’re setting up a cafe, you will need a certification from the Florida State Division of Hotels and Restaurants. If you’re offering a service, you have to secure a professional license from the Florida professional regulatory board.
“Without the right licenses, your business will not survive in Boca Raton. Just make sure that you have ironed out all the paperwork before even starting so there are headaches in the future,” says Rosen.
4. Be open to revise and evolve.
The market is constantly evolving and consumer appetites are changing by the day. While you should be loyal to your brand, you should also be open to throwing a few curve balls to cater to your market. Remember that with the advancements in technology, information is now available to people with just one click. Your business should welcome new ways to present your product and adopt fresh strategies to get your customers’ attentions.
5. Join local business groups and be friends with your neighbors.
Business is a constantly evolving realm and entrepreneurs should constantly update their knowledge to stay afloat. “There are plenty of learning programs in Boca Raton and Miami that can you enrol in or join,” notes Lee Rosen. “This not only expands your knowledge of new business insights and the changing market, it also widens your network and links you up with other local entrepreneurs who might become your growth partners in the future.”
Boca Raton businessman Lee S. Rosen believes that the city still has so much room to expand, so the markets are still very open for new players. The Miami businessman is currently the CEO of Healthy Bees LLC but has investments in many other enterprises around South Florida and other US cities.
“Every day, there’s something new to love about this beautiful city. Budding entrepreneurs will find that as long as they have the right strategy, growing and thriving in Boca Raton is very possible,” concludes Lee Rosen.