A Quick Glance at Ohio

Ohio, whose nickname is The Buckeye State, first obtained its statehood in 1803. With a population of 11,570,808 people, Ohio is the seventh most populated state in the United States.

If you are considering starting your new business in Ohio, you might want to look into one of Ohio's top three most populous cities - Columbus (which is also the state's capital), Cleveland or Cincinnati.

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Top Industry

The largest industry in the state of Ohio is hospitals and nursing and residential care facilities.

• The gross domestic product (GDP), of this industry, is roughly $22.4 billion and accounts for 3.8% of Ohio's GDP.
• Hospitals and nursing and residential care facilities also employs 7.2% of Ohio's private workforce.

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Small Businesses

In the United States, the more than 600,000 plus franchised small busineeses account for 40% of all retail sales and provide jobs for some 8 million people. According to the Small Business Administration (SBA), their standard definition of what constitutes as a small business includes a maximum of 500 employees or operations with and/or up to $7 million in revenue, depending on the industry.

• There are 2.1 million small businesses, in the state, of Ohio.
• Small businesses in Ohio, make up 36.3% of the state's private workforce.

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State and Local Taxes

Listed below are the state and local taxes, for the state of Ohio, and how they rank against other states in the U.S.

California has the highest state tax rate in the United States at 7.25%, but Lousinana has the highest combined tax rate, overall, at 9.98%. Delaware, Montana, New Hampshire and Oregon share the spot for lowest combined tax rates at 0%.

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Additional Information

If you need additional information about how to start a business in Ohio, their official state page might be a good place to start. If you are looking to own your own established franchise in Ohio, we have collected a comprehensive list of companies that are actively looking to expand in Ohio, for you to explore.