Ohio business review

Considering Launching a Small Business? Ohio Offers Ideal Opportunities

Got a Business Idea? Ohio’s the Perfect Place to Kickstart Your Dream.

If you’re already a resident of Ohio, you’re excatly at the right place—because it’s been rated the top spot in the United States to launch a small business, according to the “small business index” crafted by financial institution Finfare.

The index considers seven key factors, including the costs of doing business, the availability of commercial space, and the success rate of small businesses within the state. Ohio shines in these areas, boasting the highest small business index score of 596.8.

Starting a business in Ohio is also cost-effective. With a corporate tax rate of 0% and flexible minimum wage rates, the state offers an enticing environment for entrepreneurs. Small businesses earning less than $385,000 annually can pay employees the federal minimum wage of $7.25 per hour, while those exceeding this threshold adhere to a minimum wage of $10.45 per hour.

Furthermore, Ohio’s business survival rates are impressive. Within the first year, 78.5% of small businesses thrive, with a 5-year survival rate of 53.1%. These statistics, coupled with low commercial electric bills and LLC fees, make Ohio a prime destination for aspiring business owners.

When it comes to business-friendly states, Ohio consistently ranks at the top. With favorable tax policies, affordable operating costs, and a high survival rate for businesses, it’s no wonder entrepreneurs are flocking to the Buckeye State to turn their dreams into reality.

More Articles