Starting a Lucrative Business in Columbus Ohio

March 15th, 2022 by admin Leave a reply »

Many entrepreneurs are seeking a hot market to build a new business in. Often, these up-starts wind up in business-dense cities like New York, Los Angeles or Chicago. A wise businessman should seek a market that is not saturated. Columbus Ohio has been regaled as a safe, healthy and prosperous city to live in. Better still, there are plenty of open holes in the business market.

Unlike the massively dense cities of New York and Los Angeles, a city like Columbus still retains a wealth of untapped markets. Upstarts who move to business-saturated cities will have to deal with fierce competition on a daily basis. There are lots of perks for the aspiring business owner in Columbus.

Life in Columbus

As the 15th largest metropolitan area in the country, it is a balanced city. It is not nearly as competitive as the largest cities yet it has a strong enough economy and enough devoted patronage to make a smart business thrive.

The economy is based around government, insurance, banking enterprises, aviation, culinary arts, clothing and fashion, steel, health and medical research, retail, technology and more. Virtually any lucrative sector can be tapped in the Columbus market with the right business strategy. The technology sector, in particular, is fast on the rise in Columbus and it is itching for new upstarts to join the ranks.

In 2008 the city was named the number one up and coming tech-city in the nation. This means that Columbus is especially primed for technology enterprises. The market is currently wide open and new upstarts are finding incredible success every day.

How to Start a Business in Columbus

According to the Secretary of state, the gateway to starting a lucrative enterprise begins with a simple set of steps.

1- First, the business is registered. This can be accomplished easily online or by telephone for a small nominal fee.

2- Contact the IRS and attain an Employee Identification Number (EIN). This can be done easily and fairly quickly online or by calling the IRS.

3- Using the EIN, open a bank account within city limits that is dedicated to the business organization you are starting.

4- The Ohio Department of Taxation should be contacted promptly. They will provide a detailed analysis of all necessary taxation related to the business based on its earnings, overhead and earned credits.

5- Next, it is important to sift through the potential candidates for hire. After selecting the best representatives for the business, they must be reported to the Ohio New Hire Reporting Center, which can easily be reached by phone.

6- The Ohio Bureau of Worker’s Compensation must be contacted to make arrangements for all of the business employees.

7- Get in touch with the Ohio Business Gateway. They will furnish a list of any and all necessary permits and licenses to do legal business in the state of Ohio. Most fees are reasonable. The process is a fairly simple one, too.

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