When launching a small business, it is recommended you contact the Small Busin. Division of the Ohio Department of Development will inform you on how to start a small, business in Ohio. They will assist you in, the planning, research, and work needed to open the business.
The Small Business Division of the Ohio Department of, Development will provide a start-up kit that gives all the relevant information to start a new business including licensing requirements and procedures. Meet with a Counselor from the small business division after completing the kit, as he/she will assist you in getting the necessary licenses, creating a business plan, and providing training free of cost.
For how to start a small business in Ohio, you need to arrange the necessary financing. Most small businesses are financed out of a combination of the owner’s investment and a commercial loan. If applying for a commercial loan, it is expected that the owner will provide at least 20% of the cost of starting the business. Please keep in mind that your credit score is of critical importance for the approval of a commercial loan. Except for certain exceptions, most lenders require a credit score of at least 650.
THE SBA offers a financing worksheet for small businesses which will help in evaluating your financing needs and guide you to the best place for obtaining finances. Obtain the required licenses in Ohio range from $50/- to $100/- A recent bankruptcy (within the last 7 years) are almost always a stumbling block.
Depending on the type of business that you are going to establish, you need to rent or lease suitable premises that are easily accessible to your customers. Make sure that there is adequate parking space and other amenities. Depending upon the type of business you plan, you might need adequate storage space or processing space.
You should have the required experience for how to start a small business in Ohio, preferably in the type of business you plan to start. Most lenders are reluctant to give loans to first-timers because the failure of new businesses is quite high. Your odds of success are greater if you have had any previous experiences.
Entrepreneurs who are knowledgeable and are good planners are usually among successful business people. Be ready and willing to work long hours to make a success of your business by good planning.