Ohio Business Startup Guides
Start a Business in Lorain, Ohio
Are you starting a business in Lorain, Ohio? This article discusses the most important things to consider when opening a business in Lorain.
Are You Sure You Want to Do This?
Most new companies fail, in part because the entrepreneur did not have the entrepreneurial skills and traits needed to succeed. So, before you open a business, consider all of the implications of being an entrepreneur.
While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:
- Speak with other entrepreneurs in Lorain. Ask them candidly what it's like to run a business.
- You should read Starting a Company. It's a good read for those who are thinking about becoming an entrepreneur.
- Talk it over with a close friend or partner. The people who know you best are often in the best position to tell you bluntly whether you will be a good entrepreneur.
Lorain, Ohio Demographic Information
Lorain has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Lorain demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Lorain.
Businesses
As a new Lorain entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Lorain for each business category. By looking at this chart, you can get a general sense for how much competition there is in the business niche that you are pursuing.
Businesses
Have You Considered Franchising?
As you drive around Lorain, you may be surprised to see how many franchises there are in the area. Should you be giving franchising serious consideration?
Most business experts recommend that you consider franchising as an option. This site has dozens of articles on franchising, such as How to Find Financing for Franchises. Gain a solid understanding of franchising by scanning all of our Articles on Franchising.
To learn about specific franchise opportunities, check out our Franchise Directory.
Representative franchise opportunities include Savoia T'Go Franchise and Lee Myles Transmissions and Autocare. Alternatively, you can browse franchise categories, such as Retail Franchises and Frozen Yogurt Franchises.
Note on Lorain Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Lorain.
Have You Considered Buying an Existing Lorain Business?
We've created a useful website page for those who want to Buy a Business in Ohio. Follow that link and you can assess several good businesses for sale in Lorain.
If you are serious about buying a business, you may want to read this article: How to Buy a Business.
Naming the Business
A big decision when starting a company is choosing a company name. Believe it or not, choosing a good company name can be a big contributor to your business success.
Pick a company name that isn't too generic. If you do a search engine search for your proposed name and a billion results come up, you may want to reconsider the name. It's much easier to come up in the search engines when your name is fairly unique.
For other considerations regarding naming a company, we recommend this article: Naming a Business.
There's one other important factor when naming a business. Since you are starting a business in Lorain, it's imperative that you check now that your company name has not already been claimed by another Ohio business.
Forming a Company in Lorain, Ohio
It's essential that your business is formed as a legal entity that is separate from its owners. Doing so will insulate you from personal liability for business debts and obligations.
When forming a company, you will select one of many company types, such as a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
Incorporation is a very popular way to form a business. Of course, you have to decide which type of corporation to form and where to incorporate. If you are starting a business in Ohio, you don't necessarily have to incorporate in Ohio. In fact, you can incorporate in any state you would like to. However, if you do incorporate in another state, you'll have to register as a foreign corporation in your home state.
There are many nuances to forming a company. To learn the basics of company formation, browse articles on our site, such as Getting an EIN. You may also want to seek the advice of an attorney. On a final note, since you will be starting a business in Lorain, Ohio, our web page covering Incorporating in Ohio may be a useful resource if you decide to incorporate in Ohio.
Ramping Up Sales
Mastering the art of selling is priority one if you want your new Lorain business to do well.
Clever sales techniques can transform any business from good to great. The good news is we can help you to make selling a big competitve advantage for your new firm.
Compensating Sales People is a good article to read, one of dozens in the Selling for Entrepreneurs section of our site.
Next Steps
Most new Lorain businesses underestimate the number of challenges they will face.
If you choose the right business and love what you do, you will greatly increase your odds of success.
This site is all about helping entrepreneurs in Lorain and elsewhere to achieve real success. We believe entrepreneurship is an amazing engine for job creation in Lorain, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Lorain, Ohio
Here are more links that we believe will help you be successful in starting a business in Lorain.
- Resources for Lorain, Ohio Entrepreneurs - Browse a variety of resources we've collected to assist Lorain entrepreneurs.
- Ohio Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Ohio.
- Ohio Small Business Development Center - Whether you're starting your business, expanding your business, or just looking to stay in business, the Small Business Development Centers of Ohio (SBDCs of Ohio) can help with professional guidance by connecting you with research, financing sources, and training opportunities.
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