How to Open a Small Business in the State of Ohio
Starting a small business can be the beginning of a profitable future and rewarding career for an entrepreneurial spirit. A small business in Ohio can benefit not only the owner, but also the state and its residents. For those interested in opening a business, the state offers support and guidance, from planning to opening day and beyond.
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Instructions
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Create a business plan. A business plan serves as a template for the formation, operation and future expansion of your business. Include information pertaining to business organization, market analysis and projected profits and expenses. This information will help direct marketing and financial procurement efforts. The U.S. Small Business Administration website can provide industry-specific help for those developing a business plan.
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Register your business name and any trademarks with the Ohio Secretary of State. For taxation purposes, businesses need to obtain an Employer Identification Number from the Internal Revenue Service. The state uses this number for tax purposes, as well. Register with the Ohio Department of Taxation if your business will be collecting sales tax. Small businesses with at least one employee are also required to register with the Ohio Bureau of Workers Compensation.
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Obtain appropriate licenses and permits. Check with the Ohio Business Gateway website for specific requirements based on business type. In addition, check with city and county agencies for additional permits that may be required, such as vendors license or health department permit for those operating a business that serves food.
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Determine a location. The location you choose will largely depend on the type of business you are starting. For those requiring retail space, ensuring that the location is visible, highly trafficked and large enough for appropriate displays and storage is essential. For service businesses, minimal space may be required, but locating in a high-traffic area surrounded by retail stores and other businesses may help advertise your business and bring in clients.
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Seek financing. The Ohio Small Business Development Center can provide direction to those who are seeking financing. Center staff can help business owners develop a plan for financing that may include traditional bank financing, loans from family and friends and any grants that may be available.
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Seek professional help. In addition to the Ohio Small Business Development Center, consider contacting an attorney and accountant for continuing assistance. Attorneys can help navigate the legal requirements for starting a business in Ohio, and an accountant will be able to keep business finances and taxes in order.
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