Oklahoma Business Opportunities

A major oil producing state, Oklahoma is the fifth-largest producer of crude oil in the United States.
A major oil producing state, Oklahoma is the fifth-largest producer of crude oil in the United States.[1]

A Quick Glance at Oklahoma

Oklahoma, whose nickname is The Sooner State, first obtained its statehood in 1907. With a population of 3,850,568 people, Oklahoma is the twenty-eighth most populated state in the United States.

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

Top Industry

The largest industry in the state of Oklahoma is oil and gas extraction.

  • The gross domestic product (GDP), of this industry, is roughly $20.4 billion and accounts for 11.3% of Oklahoma's GDP.
  • Oil and gas extraction also employs 1.3% of Oklahoma's private workforce.

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 709,118 small businesses, in the state, of Oklahoma.
  • Small businesses in Oklahoma, make up 38.7% of the state's private workforce.

State and Local Taxes

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

State Tax Rate Avg. Local Tax Rate Combined Rate Combined Rank* Max Local Tax Rate
4.5% 4.36% 8.86% 6 6.5%
*Combined Rank is rank from highest to lowest tax percentage

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%.

Additional Information

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

References

  1. By Flcelloguy at the English language Wikipedia, CC BY-SA 3.0
  2. Census.gov
  3. Comparison between U.S. states and countries by GDP (nominal) from Wikipedia
  4. Largest Industry in Each State from 24/7 Wall St.
  5. 2017 Small Business Profiles for the States and Territories from the U.S. Small Business Administration
  6. Small Business Trends from the U.S. Small Business Administration
  7. Civilian Labor Force and Unemployment by State from the U.S. Bureau of Labor Statistics
  8. State and Local Sales Tax Rates in 2017 from the Tax Foundation

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