Ohio is a great state for small businesses. In fact, the state has nearly a million small businesses, accounting for more than 99% of all commercial enterprises. The state also has a broad range of industries one can into; however, a would-be business owner may not know where to begin.
Steps for starting a small business
An entrepreneur can follow the steps listed to get his or her small business started in Ohio:
- Create a plan – The very first thing an entrepreneur should do is decide on the industry in which they will operate and what types of goods and services they will offer. A business plan will help identify target consumers and will help one decide on how much capital he or she will need to get the business running.
- Choose a name and entity – An entrepreneur should then decide on the type of business entity they will start, and they should register the business’ name with the state. This will establish the business as a legal entity, and they name cannot be one already in use and registered by another business. A business can be a sole proprietorship, a partnership, an LLC or a corporation.
- Get any required licenses and permits – Depending on the goods and services offered, a business may need special licenses and permits in order to operate legally and within regulations.
- Open a business account – It will be important to keep personal and business finances separate, and an entrepreneur will need to open a business account. They will also need to get an Employer Identification Number from the IRS, particularly if the business plans on having employees.
Starting a business can be a very rewarding experience, and an entrepreneur can become successful by following a well-thought-out marketing and business plan. However, the process of setting up a business can be complex. As such, anyone wanting to start a business in Ohio should consult with an experienced attorney for help throughout the process.