Thinking of launching a small business in Ohio? You’re in good company! More than 15,000 new businesses were created in July 2021. That’s 32% more than July 2020. Read on if you want to learn more about starting a small business in Ohio.
Every small business starts with an idea—a product or service that the entrepreneur is passionate about. But there’s a lot that happens between having a great idea and launching a great small business. Just the paperwork alone can seem daunting. But breaking down the tasks into three top to-dos can help.
Write your business plan.
Your business plan can be a one-page overview or something more robust. But your business plan needs to tell a clear and compelling story that explains your objectives and how you plan to attain those objectives:
- Define your vision. What will your business accomplish?
- Define your mission. Explain why your company exists.
- Define your objectives. What steps will you take to fulfill your vision and mission?
- What’s your strategy? What will you do to meet your objectives?
- Write an action plan. This is different from a business plan. An action plan lists all the tasks that launching a small business requires.
Looking for more detailed information? The Small Business Administration (SBA) offers a great business plan checklist.
Prepare your paperwork.
With your business plan in place, it’s time to work through the steps required to start a small business in Ohio. For example, if you want to open a business bank account, you first need to register with the Ohio Secretary of State’s office and get an employer identification number from the Internal Revenue Service. And that’s just the start.
Fortunately, the Ohio Secretary of State maintains the Ohio Business Road Map. This great resource lists all the steps for starting a small business in Ohio. The road map also suggests resources you can use if you need more information on a specific requirement.
More than half of all small businesses rely on owners’ personal savings, according to the SBA Office of Advocacy. But prospective Ohio small businesses have other options. For example, the Community Advantage Loan Program provides up to $250,000 to finance expenses such as buying new commercial buildings or equipment.
Resources for starting a small business in Ohio
The Ohio Chamber of Commerce is another resource to consider. While the chamber’s primary service is advocating for Ohio-based businesses, the chamber also offers subject matter expertise and an opportunity to network and connect with other business owners. The state chamber can also connect you to chambers of commerce in your community.
The Cleveland-based Council of Smaller Enterprises (COSE) is another organization dedicated to supporting small businesses with a variety of services such as mentoring and networking opportunities.
Ready to take that first step toward entrepreneurship? The Growth Capital team has years of experience helping small businesses turn dreams into reality.
For assistance with navigating funding options for your Ohio small business, contact one of our loan experts today at (216) 592-2332 or visit us online. Growth Capital is dedicated to our community’s health and growth in Ohio. We’re always available to discuss your options.