Ohio is an ideal destination for entrepreneurs and small business owners looking to get their start. The state offers a favorable business fiscal climate, a growing gross domestic product (GDP), and abundant natural resources. With its combined state and federal corporate tax rate of just 21%, Ohio is one of only six states that doesn't impose any state income tax on businesses. This gives small businesses the breathing space they need to succeed, without feeling hampered by state regulations.
Business owners in Ohio can also expect resounding support from their local communities when they open a store in the state. Ohio's small business development centers are dedicated to supporting small business development and retention, and they help entrepreneurs do everything from developing business plans to understanding the state's tax codes. If you're an entrepreneur or potential small business owner in Ohio and you're looking for resources to help you move forward, there are plenty of organizations that can help you. Columbus and Cincinnati are among the 10 most promising cities for startups according to Forbes, and software engineers in Ohio cost 40% less than those in California.
If you're trying to decide what type of business to start in Ohio, here are some of the industries in the state that best support small businesses: 5G, machine learning, robotics, data centers, intelligent mobility, cybersecurity or social networks. On the cultural side, Ohio is home to seven major league sports teams and Columbus has recently been labeled the third “fashion capital” of the U. S. U. S.Remember that while an idea is one of the most profitable business ideas in Ohio, you may have a hard time succeeding if the idea doesn't match your interests and goals.
As a new business owner, the best small business in Ohio is one that you'll be able to maintain your passion for in the long term. If you want to start a business in Ohio, considering all of these factors can give your company a solid foundation. With its rich industrial, manufacturing, and agricultural history, Ohio is an ideal place to open a business.
