10 Steps On How To Start A Profitable Small Business In Ohio

Known for its diverse economy, Ohio has different businesses spread across multiple sectors. Ohio has been a top state for its world-class business climate and friendly economic environment for business growth and developments. The state has several friendly-policies to help small businesses survive and stay in the business game.

The manufacturing and financial services remain a major contributor to the state’s economy. It is the third largest manufacturer in the United States. But the internet has helped people open up different businesses from home. If you wish to do the same, here’s a complete guide on how you can start a successful business in Ohio from home.

Here is a Stepwise Guide on Starting a Business In Ohio with A List of Top Business Ideas for Starters

If you want to legally start a business in Ohio, follow the given steps:

Step 1. Choose a Business

Here are some of the top businesses you can start in Ohio from your home.

Customized Tour Services

Tourism is a major contributor significantly to Ohio’s overall economy. There are several tourists visiting the state every year. While many need customized packages, you can start a tour service in Ohio to offer special customizable tours with different packages.

Pet-Sitting Business

Animal care services are in huge demand in Ohio. If you love animals, you can start to work from your home offering different pet services like pet sitting, training modules and exercising.

Cake Shop

Cake shops and bakeries are a lucrative business option in Ohio. The state has a potential number of cake lovers offering a huge market. You can start to sell special bakery items from and different cakes directly from your home. You can even start your own storefront if you see more orders coming in.

Plastic & Rubber Export Business

The state is the largest producer of plastics and rubber in the United States. You can start to produce the items and export them to other countries. Do note, that will need a license to start selling plastics and rubber out of Ohio.

Food Truck

Instead of a cafe or restaurant, food truck offers the ease to move your food business around with at a relatively low investment. Starting a food truck business only requires a few licenses with a cook and a few types of equipment.

Career Consultancy

One-third of the working population of Ohio is into a salary based job. There are several individuals who are looking for better career-oriented opinions. You can start to offer career consultancy services in the state to help students choose a good career.

Fabricated Metals Business

Ohio is the largest producer of fabricated metals in the United States. With a huge market outside Ohio, you start to produce and export fabricated metals in the state. The manufacturing costs are low and it’s easier to sell these metals in other markets.

Barber Shop

Do you want to be a hairstylist? Grooming services in Ohio can be a profitable business. All you need to do is take a course and learn the trending haircuts and specialized styles to start a barbershop on your own.

Meditation Services

People in Ohio are looking for options other than gym and yoga. Meditation lately has been a huge hit among working people. Good professional mediation services are in demand where different forms of meditation are practiced.

Online Resume Writing Services

There are many job seekers who need good resumes to make an impact. If you are good at writing, you can help them create an intuitive resume that will help them communicate their skills properly to employers.

Candle Making Business

A great part-time business opportunity, scented candles are always in demand. You can start to make candles and sell them through different channels, both online and offline.

Bed & Breakfast

Ohio has several travelers visiting the state every year. If you are located at any strategic tourist location, you can start a bed and breakfast business from your home. Many tourists look for an alternative to hotels with breakfast.

Step 2. Business Plan

Business plans play a vital role in your overall performance. Pick an idea, work on it and prepare a business plan. With a proper strategy, you can start a business properly by setting up your benchmarks, targets and the goals you wish to achieve.

Step 3. Financing Your Business In Ohio

While business from home may require very nominal investment, if you plan to start it on a large scale, you will need a sizeable capital. There are even different venture capital firms and investors in Ohio ready to invest in unique projects. If you choose to fund your own business, go for a long-term loan.

Step 4. Naming Your Business

You will need an official name to register your business. It’s better to look for something unique. You can use a business name generator for suggestions. Make sure you register your business name with the US Trademark department and buy an online domain of the same name immediately.

Step 5. Registering A Business In Ohio

You need to choose a business structure to be legally operational in Ohio. There are options of a sole proprietorship, corporation, partnership, and LLC. Registering your business as an LLC will offer you added benefits with freedom from legal complications.

Step 5. Business Licences Needed In Ohio

There are separate city-specific and business-oriented licenses applicable. You must check with your local authorities to make sure all your legal formalities are done beforehand. For small businesses, you can apply for a business license as a sole proprietor with the Ohio Secretary of State’s office.

Step 6. EIN Number & Tax Filing

Now you need to apply for an EIN at the IRS. The Federal EIN will allow you to file taxes separately for your business. The Federal EIN acts as a social security number for your business which also allows you to hire an employee legally.

Step 7. Register With Ohio Department Of Taxation

To be legally registered as a business, you have to register your business with the Ohio Department of Taxation. To sell tangible items, you will need a sales tax permit and a consumer use tax permit for services.

Step 8. Setting Up Business Bank Account & Accounting System

A dedicated business bank account will help you simplify all your business transactions. Choose a good accounting software. This will help you to set your business accounting system making annual taxation easy.

Step 9. Business Insurance You Need In Ohio

In Ohio its compulsory for businesses to have workers compensation insurance in case there are more than an employee. There’s no mandatory insurance for selling services, but having professional liability insurance works as an added security.

Step 10. Promoting Your Business

Promote your new business via social media channels initially. It’s free and easy to connect to your people around. If you have competition, it’s important to stand out in the market. Hiring an agency will help you promote your business in the right places.

Best Places To Start A Business In Ohio

Choosing the right location is going to determine how your business runs. Here are some of the best places in Ohio to start your business:

Cleveland
Columbus
Cincinnati
Todelo
Youngstown
Akron
Strongsville

This is a complete hands-on guide on how to start a successful business in Ohio from home with a minimal investment. Follow the steps sequentially, and make sure you are following your own business plan hand in hand.