20 Sep, 2017

How to Start a Business In Ohio

The 7th most populous, and the 10th most densely populated of the 50 United States, Ohio is a Midwestern state in the Great Lakes region. The state takes its name from the Ohio River which means “great river" or "large creek". 

The state's geographic location is a real asset for its economic growth and expansion. Due to the fact that it links the Northeast to the Midwest, a lot of cargo and business traffic passes through its borders along its well-developed highways. Ohio has the nation's 10th largest highway network, and is within a one-day drive of 50% of North America's population and 70% of North America's manufacturing capacity.

Now before we get into more details regarding the process of starting a business in Ohio, let’s take a closer look at the state’s economic past, present and future. In 2010, Ohio was ranked No. 2 in the country for best business climate by Site Selection magazine, based on a business-activity database. Ohio also won three consecutive Governor's Cup awards from the magazine, based on business growth and developments.

Moreover, with a GDP that reaches $478 billion, Ohio's economy is ranked as the seventh-largest of all fifty states and the District of Columbia.

We’ve made a thorough guide for entrepreneurs interested in starting a business in this state. Leave your doubts behind and follow our basic steps if you’re interested in how easy it can be to start a company nowadays.

 

1. Get your business idea planed thoroughly

Allow yourself to see your entire startup in a very concise and concrete plan. Make sure you don’t fly blind while putting everything together. Initially, it’s all about structure. You can check out business planning guides online and you’ll definitely find some great free ones.

2. Choose a name and check its availability

Choose a suitable and original name for your company then check its availability in your state. Additionally, make sure you also check for domains and purchase one as soon as you find something you want.

3. Pick a business structure for your future company

Before becoming a proud owner you must also choose a business structure that you think fits your company best.

Here are the 6 option you can choose from:

·         Corporation – A corporation is a legal entity that exists separate from the owners and often has stockholders. To create a corporation in Ohio, you must file  Articles of Incorporation  with the Ohio SOS. You will also need to appoint a  statutory agent  in Ohio for service of process.

·         Limited Liability Corporation (LLC) – An LLC provides limited liability for owners and is very popular for small businesses. To create an LLC in Ohio, you must file Articles of Organization with the Ohio SOS. You will also need to appoint a statutory agent in Ohio for service of process.

·         Limited Partnership – A limited partnership has a majority owner and a limited partner, with the general partner having all the liability.

·         General Partnership – A general partnership is one in which the owners are separately liable for the business.

·         Limited Liability Partnership (LLP) – An LLP has specific businesses that fall under this structure.

·         Sole Proprietorship – A sole proprietorship has one owner with all responsibilities for liabilities of the company.

4. Ohio Tax Code

This is one of the most important steps and most feared. When it comes to taxes all of us want to run and hide, but it doesn’t have to be that way, not if you do your homework and research everything you need to know. You can contact experts if you need professional help.

The Ohio Department of Taxation can assist businesses in determining state and local tax obligations.

5. Report Hired and Re-Hired Employees to the Ohio New Hire Reporting Center

You should report any info regarding your employees here -> www.OH-NewHire.com

If you have extra questions you can contact the Ohio New Hire Reporting Center at (888) 872-1490.

Also, employers may be required to establish an Unemployment Compensation Tax Account with the Ohio Department of Job & Family Services.

6. Get Permits and Licenses

These cover areas such as:

·         health and safety

·         the environment

·         building and construction; and

·         specific industries or services

If you choose to do it yourself you should consider accessing Ohio.gov and use their Licenses & Permits section. To determine if there are any special requirements for your business, contact your county and local government.

However, if you need help with this step the best choice is a Business License Research Service. They will get you the forms and also offer step-by-step filing instructions.

7. Make a business bank account

Your company definitely needs a unique and separate bank account that isn’t mixed with any other business or personal accounts. Research what local and national banks offer the best option for your business. There are some attractive ones that can provide you with ‘no fees’ or ‘no minimum balance’ policies, so make sure you carefully choose.

8. Choose a great Ohio location

Before getting started with this essential step for the future of your business development do a ton of research. You can even find free online guides on how to choose the ideal location.

A few of the vital things you should consider are: demographics, foot traffic, accessibility and parking, competition, proximity to other businesses and services, image and history of the site, infrastructure, ordinances, utilities and other costs.

9. Build an awesome website for your company

·         Get a domain name

·         Get a personalized business email address

·         Choose a business website builder right for you -> this is one of the most important part, make sure you don’t choose a website builder that is too complex and offers all sorts of features that you don’t need.

·         Choose a website template design right for the type of business you have

·         Populate your website with your content and information

10. Properly market your business & always stay informed

·         Leverage your community

·         Network

·         Build relationships

Be prepared to over-deliver in the beginning when it comes to building your clientele. It will pay off!

Remember to always stay informed about the industry to which your business belongs to and of course make sure you add something extra than your competitors.