Women’s Business Centers of Ohio: SBA-funded initiatives of the Economic & Community Development Institute to guide individuals at any stage of the business process.Small Business Development Centers (SBDC): Provide business counseling and assistance to individuals who are either starting or growing their business.If you need additional assistance when getting your small business up and running within the state of Ohio, these resources may be of help: Additional Resources For Small Business Owners The State of Ohio provides a thorough checklist, along with links to forms per trade, to simplify this process. Lastly, depending on what your trade is, there may be different licenses or permits required to legally run your business. Obtain appropriate business licenses and permits. You will also need a business bank account if you want to apply for a business loan. Most banks don’t allow business transactions through your personal account, such as cashing a check made out to your business entity. It is much easier to keep track of your business expenses for tax purposes if they are kept separate from your personal accounts, and in many cases, a separate account is required. Once equipped with a federal EIN, you’re able to open up business accounts with this number. It’s like securing a social security number for your business, as you will need to list this unique identifying number on all of your tax forms.įortunately, it’s relatively quick and painless to apply for an EIN online. Apply for a Federal EIN.Īny new business entity will need to apply for a federal Employer Identification Number (EIN) for the purpose of tax administration. Here are two SBA templates to get you started creating your own. However a documented plan isn’t just a should have, it is also necessary when applying for funding for your small business. This plan helps you create a clear picture of your company’s mission, goals, and financial projections ultimately how you are going to be successful. Create a business plan.Īlthough not a formal requirement by a government agency, a strong business plan is a foundation for any business’ success. You can either file online or mail in your registration.ĭoing so officially registers your business as a distinct legal entity with the state, including its name and ownership details. Once you know your business name and what type of organization you’d like to open, you’re ready to register your business with the Ohio Secretary of State. Local business centers have experts ready to help explain the differences between these structures, and what the best fit is for your company to balance legal protections and benefits. Small Business Administration (SBA), the business structure you choose influences everything from day-to-day operations to taxes, and how much of your personal assets are at risk. With a name in place, it’s important to decide what type of company structure your small business will be set up under: Sole Proprietorship, Partnership, Limited Liability Company (LLC), Corporation (there are different types), Non-profit or Cooperative.Īccording to the U.S. In Ohio, you should also do a business search on the Ohio Secretary of State’s Business search page. You should check with the United States Patent and Trademark Office to see that your business name isn’t already in use by someone else in your industry. However, you also need to be sure that your clever, catchy business name is actually available for you to use. You want to select a name that attracts attention, communicates what you do and is easy for customers to remember. Name your business.Ĭhoosing your business name is a great place to start. Once you have a clear business idea, follow these seven initial steps to ensure you are set up for success when creating a new company: 1. 7 Steps for Founding a Small Business in Ohio Read on for seven steps from our expert team to help guide you on your way to opening your own small business in Ohio. But if this is your first entrepreneurial venture, the list of to-dos can be overwhelming. You need to have all of your paperwork, legal registrations, trademarks, accounts, and other foundational steps are taken care of.
If that sounds like you, you’re not alone. You’ve figured out what you want to do and you’re ready to set the wheels in motion-but you’re just not sure what steps you need to take to actually start. Perhaps you’ve been thinking about starting your own business for a while. Could you be a part of the next wave of local small businesses contributing to the state’s economy? Small businesses currently make up 99.6 percent of all businesses in Ohio, and that number continues to grow.
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