What the $70 Billion Tourism Industry Means for Orlando’s Small Businesses

What the $70 Billion Tourism Industry Means for Orlando’s Small Businesses

3 Reasons Why Tourism is Good for Orlando Small Businesses

Orlando is one of the largest tourism markets in the world, drawing in 75 million visitors alone just last year.[1] With theme parks such as Universal Studios, Disney World and SeaWorld expected to expand their attractions, this number will only continue to grow.

But what does this mean for business owners in Orlando? Keep reading as we explore the benefits of tourism on Orlando small businesses.

Why is Tourism Important?

Tourism boosts the city’s economy, creates jobs for thousands of people, provides tax revenue to support the arts and pays for important public services, such as education and law enforcement.

Most importantly, tourism supports local and small businesses in a range of industries, not just the ones directly related to tourism.

Increased Spending

Tourism generates a significant amount of spending—and not just on tourism related things like accommodation, transportation and souvenirs. Many tourists also spend money on food, clothing, beauty services, medical services and more.

For many local and small businesses, tourism also increases commerce and helps build profitable partnerships with other local businesses to better serve tourists.    

Diversification Opportunities

Tourism brings people from all over the world to Orlando, creating opportunities for small business owners to cater to and capitalize on the diversity of tourists here.

Tourism opens up opportunities for new services and products that wouldn’t be sustainable based on the needs of local residents alone. For example, tourism encourages more diverse food, beverage and retail options, which gives small business owners the opportunity to provide a product or service new to the American market.

Infrastructure Improvements

You don’t have to have a business in the tourism industry to directly benefit from it. Tourism creates additional revenue and tax dollars for the city, which allows it to launch public projects that improve the city’s infrastructure.

These improvements can include new airports, schools and hospitals, which serve as potential partnership opportunities for local small businesses looking to grow and expand their business. One current example of Orlando’s effort to improve its infrastructure can be observed through its airport expansion project. To better accommodate its nearly 48 million visitors, the Orlando International Airport has plans to add a new terminal and numerous new gates by 2021, which will significantly boost airport capacity for both domestic and international passengers. [2]

The city of Orlando has many investment opportunities to offer. At Florida Connexion Business Brokers, our job is to help investors identify the right business opportunities. Our business brokers are experts in the American market and will work tirelessly to provide you with the tools, resources and counsel you need to run a successful business in the highly competitive U.S. market.

Get started today and contact us!  

[1] Visit Orlando

[2] Orlando Sentinel