January 26, 2021  
 
  Entrepreneurial Resources - Advice for Ohio Entrepreneurs  
  Lorain, Ohio Resources for Entrepreneurs  
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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.

Business Size# of
Businesses
1-4 Employees 3490
5-9 Employees 1458
10-19 Employees 852
20-49 Employees 550
50-99 Employees 234
100-249 Employees 78
250-499 Employees 36
500-999 Employees 12
1000+ Employees 12
All Lorain Businesses 6722

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.

Business Type # of
Businesses
Aluminum Foundries (except Die-Casting) 1
Ambulance Services 1
Amusement Arcades 1
Apprenticeship Training 2
Architectural Services 1
Automotive Parts and Accessories Stores 4
Beauty Salons 17
Beer and Ale Merchant Wholesalers 2
Beer, Wine, and Liquor Stores 4
Boat Dealers 1
Bowling Centers 1
Business Associations 2
Cable and Other Program Distribution 1
Car Washes 2
Carpet and Upholstery Cleaning Services 1
Caterers 3
Cemeteries and Crematories 2
Child and Youth Services 2
Child Day Care Services 11
Civic and Social Organizations 17
Coin-Operated Laundries and Drycleaners 3
Commercial Lithographic Printing 3
Commercial Screen Printing 1
Community Food Services 2
Computer Systems Design Services 5
Confectionery Merchant Wholesalers 2
Consumer Lending 2
Continuing Care Retirement Communities 1
Convenience Stores 18
Convention and Visitors Bureaus 1
Copper Foundries (except Die-Casting) 1
Copper Rolling, Drawing, and Extruding 1
Cosmetology and Barber Schools 1
Couriers 1
Credit Unions 7
Curtain and Drapery Mills 1
Custom Computer Programming Services 6
Diagnostic Imaging Centers 1
Diet and Weight Reducing Centers 1
Direct Title Insurance Carriers 1
Directory and Mailing List Publishers 2
Document Preparation Services 1
Drafting Services 1
Drinking Places (Alcoholic Beverages) 18
Drywall and Insulation Contractors 6
Electric Power Distribution 3
Electrical Contractors 8
Electronic Shopping 1
Elementary and Secondary Schools 10
Engineering Services 5
Facilities Support Services 1
Family Clothing Stores 3
Finish Carpentry Contractors 4
Fitness and Recreational Sports Centers 4
Floor Covering Stores 2
Flooring Contractors 3
Florists 9
Food Service Contractors 6
Framing Contractors 3
Full-Service Restaurants 22
Funeral Homes and Funeral Services 8
Furniture Stores 1
General Automotive Repair 13
General Freight Trucking, Local 8
General Medical and Surgical Hospitals 1
General Rental Centers 1
General Warehousing and Storage 1
Glass and Glazing Contractors 2
Golf Courses and Country Clubs 3
Grantmaking Foundations 6
Graphic Design Services 1
Gypsum Product Manufacturing 1
Hardware Merchant Wholesalers 1
Hardware Stores 2
Homes for the Elderly 3
Household Appliance Stores 1
Industrial Gas Manufacturing 1
Industrial Launderers 2
Insurance Agencies and Brokerages 23
Interior Design Services 1
Investment Advice 1
Iron and Steel Mills 1
Janitorial Services 12
Jewelry Stores 3
Land Subdivision 2
Landscaping Services 15
Lessors of Other Real Estate Property 3
Limited-Service Restaurants 35
Limousine Service 1
Local Messengers and Local Delivery 1
Locksmiths 1
Logging 1
Machine Shops 2
Marinas 6
Masonry Contractors 3
Men's Clothing Stores 2
Mortgage and Nonmortgage Loan Brokers 6
Motor Vehicle Metal Stamping 1
Musical Instrument and Supplies Stores 1
Nail Salons 1
Natural Gas Distribution 1
New Car Dealers 3
New Housing Operative Builders 1
Newspaper Publishers 2
Nonclay Refractory Manufacturing 1
Nursing Care Facilities 7
Office Administrative Services 4
Office Equipment Merchant Wholesalers 1
Offices of Certified Public Accountants 9
Offices of Chiropractors 2
Offices of Dentists 26
Offices of Lawyers 29
Offices of Optometrists 7
Offices of Other Holding Companies 3
Offices of Podiatrists 5
Offices of Real Estate Appraisers 1
Optical Goods Stores 1
Outdoor Power Equipment Stores 1
Paint and Wallpaper Stores 3
Painting and Wall Covering Contractors 3
Pet and Pet Supplies Stores 2
Petroleum Bulk Stations and Terminals 1
Pharmacies and Drug Stores 6
Photography Studios, Portrait 1
Plate Work Manufacturing 2
Political Organizations 1
Precision Turned Product Manufacturing 1
Prepress Services 1
Quick Printing 2
Ready-Mix Concrete Manufacturing 2
Real Estate Credit 5
Remediation Services 1
Residential Property Managers 4
Residential Remodelers 8
Resilient Floor Covering Manufacturing 1
Retail Bakeries 3
Roofing Contractors 6
Savings Institutions 3
Securities Brokerage 1
Security Guards and Patrol Services 3
Sheet Metal Work Manufacturing 1
Shoe Stores 3
Siding Contractors 1
Sign Manufacturing 1
Site Preparation Contractors 3
Snack and Nonalcoholic Beverage Bars 5
Sporting Goods Stores 5
Sports and Recreation Instruction 2
Steel Foundries (except Investment) 1
Tax Preparation Services 7
Taxi Service 1
Temporary Help Services 4
Temporary Shelters 1
Tire Dealers 4
Title Abstract and Settlement Offices 4
Tobacco Stores 2
Tour Operators 1
Travel Agencies 1
Used Car Dealers 4
Used Household and Office Goods Moving 1
Used Merchandise Stores 2
Vending Machine Operators 1
Veterinary Services 5
Video Tape and Disc Rental 7
Vocational Rehabilitation Services 2
Voluntary Health Organizations 1
Warehouse Clubs and Supercenters 1
Wholesale Trade Agents and Brokers 2
Wired Telecommunications Carriers 1
Women's Clothing Stores 1
Wood Container and Pallet Manufacturing 1

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.

 

 

Additional Resources for Entrepreneurs

Buying a Business

Writing a Business Plan

Raising Money

Incorporate

Small Business Marketing

Advertising Advice

Public Relations -

Customer Service Tips

Entrepreneurial Selling

Workplace Safety