With everyone getting stimulus checks and tax returns, now is the perfect time to use the extra money to get your side business going.
Here are seven helpful steps to start a business in Ohio:
Do market research.
Is there a need for your service or product? Ask for insight from your social media platforms. Join groups that are your target market and see what they’re looking for. Are there other companies who are doing something similar? How much are they charging? How will you sell your items/service? Research the laws surrounding your item or service.
Brainstorm some possible names and then search for them to make sure that it doesn’t already exist.
Also, check the Ohio Secretary of State Page to avoid duplicate naming.
Will you have a website and will you make it or let someone else?
Go to sites like GoDaddy.com to check if your desired domain name is available. There are a number of website builder sites available. I’ve found wix.com to be very user-friendly. If you’d prefer someone else to make your site, use freelancer sites such as upwork.com.
Next, you will need to register your business with the state.
You should have already decided what type of business you’ll have (LLC, LTD, Partnership, etc – check out this site for a breakdown of each type). The forms to file with the state and prices can be found here and can be done online. To register a standard, for-profit LLC, the fee is $99.
You will also need to get a FEIN.
Also known as a Federal Employer Identification Number or an EIN. This can also be done online.
To open a bank account for the business, you will need an authorized signer, your letter from the state saying that the business is registered, your EIN, and an opening deposit.
Most financial institutions have some version of a free online checking account that allows you to switch to a different checking account once you start making more money.
In Ohio, you have to file with the Ohio Department of Taxation.
You will also need to see what are the requirements for your business at the Ohio Bureau of Workers’ Compensation as well as the Ohio Department of Job and Family Services for the Unemployment Compensation Tax Account. You’ll also want to view the Licenses and Permits page on the Secretary of State page to get your necessary license. You may also need to file an Unclaimed Fund Annual Report.
That’s pretty much it! There is a Resource Page on the state’s website that has lots of other information and tips and even a helpline. What business are you thinking about starting?
