Now this is a big question, Nancy. Overhead is the biggest one. Do you have a source of inexpensive lodging in Florida? Sugarloaf booth fees are pretty high but they do bring a good number of shoppers. Jewelry is competitve but it does get bought. There probably wouldn’t be any art fairs if there weren’t jewelers there.
Once I did an informal poll of people who had told me they were going to attend the Ann Arbor Art Fairs. When I asked them what they might buy, every single one of them (7) said, “jewelry.”
That said, you really have to position yourself to be the one they want to buy from. If you live in Michigan, and you are relatively new to the art fair business, I would go for the option that has the lowest overhead until you know your market and have found your niche.
I think you have a better chance of good Spring weather in FL than in the NorthEast or MidWest. (Less chance of a really cold snap or of a miserable cold wet day.) With that said, there may be more money up there as most of the snowbirds have returned to their roosts.
The lodging question can be addressed by camping. I have a Lance truck camper, 3/4 ton Chevy pick-up, and a small cargo trailer in tow. The money I save on hotels almost always pays for the gas and then some. FL has several nice state parks and RV camping near most cities. Also, several shows allow you to stay on location if you are “self-contained” and I am. The advantages of sleeping in my own bed every night – priceless. OH! and no more port-a-lettes.