Home Business Ideas 15 Lucrative Business Ideas to Start in Ohio

15 Lucrative Business Ideas to Start in Ohio

Ohio’s economy is becoming even more engaging as more immigrants and locals are taking recognition of its favorable business conditions to build sustainable business ventures in the state.

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Small business ideas to start in Ohio
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Are you looking for the best business ideas you can start in Ohio as a local or an immigrant? We’ve got you covered.

Doing business in Ohio has many benefits, especially as it is a technological hub with ample resources for large, medium, and small-scale businesses. If you are considering starting a business in Ohio, read this blog post to the end.

We will explore 15 lucrative business ideas in Ohio you can start from scratch or add as an extension. It doesn’t matter whether you are a technocrat, health practitioner, agriculturist, or entrepreneur, you will find these timeless ideas significant to starting a lucrative business in the state

Ohio Business Climate

It is one thing to start a business, it is another thing to sustain it. This important attribute is a viable factor investors can consider when expanding their business in Buckeye State. This is a result of the robust platform, Ohio offers small and medium-scale enterprises, to thrive competitively with other businesses in the U.S. states.

In a recent study by Forbes Advisor, Ohio became the sixth-best state in the country to start a business. According to the study, the state has increased its number of small businesses by 13% and improved its business survival rate by a whopping 76%.  Over the years, the state has increased its GDP and consistently ranks amongst the top 10 for different business metrics.

Ohio’s economy is becoming even more engaging as more immigrants and locals are taking recognition of its favorable business conditions to build sustainable business ventures in the state.

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Why Ohio is a Good Place to Start a Business

It is a fact that Buckeye State is a good place to grow and expand your business. Below are key points why Ohio is considered a good location to start a business:

1. Affordable Cost of Living

SmartAsset 2024 study, reveals that an American on average, is expected to live comfortably, pay off debt, and invest for the future while earning $96,500 annually. This figure is even more tenable for individuals living in Ohio.

Research confirms that the living costs in Ohio are lower than the national average for almost everything. This includes housing, utilities, clothing, and groceries compared to the cost in other states.  Yet, you can live life at its peak, residing in Ohio. It wouldn’t matter if you are an expat or a local citizen.

2. Simple Tax Structure

Making money in business is very important. However, it will be unfortunate to spend a significant portion of your income on unnecessary tax payment structures. Gladly, this is not the case for businesses in the President’s state.

Ohio’s tax structure is designed with simplicity to ease businesses and minimize undue costs. The state implemented the Commercial Activity Tax to replace the corporate franchise tax and personal property tax. It also allows deductions of business income from taxes.

Businesses should be aware that certain high taxes and levies can eliminate a significant percentage of their business income. This results in undue financial burden alongside other necessary business expenses.

3. Central Location

Ohio’s location in the Midwest is a strategic advantage for businesses. This centrality enhances logistics and distribution efficiency for commuters within the U.S. and Canadian communities. Approximately 60% of the population outside its environs can drive into the state within 24 hours.

Consequently, companies look to Ohio as an ideal hub to optimize their supply chains. You also find major highways, airports, waterways, and railways that provide seamless movement of goods and services.

4. Diversified Population

Another important factor in choosing Ohio to start a business is its diverse population. Different business categories can appeal to multiple audiences compared to a strict traditional population. You will find a mix of rural, suburban, and urban dwellers in the state. This is a significant asset for businesses as diversity can enhance sales   

The workforce is also influenced by individuals from various backgrounds with a range of skills, education, and experiences. Such a population offers great talent to work with, for business innovation and efficiency. Overall, the businesses in Ohio thrive due to its diverse customer base and a workforce equipped to meet the demands of a dynamic market.

5. Advanced Industry and Technological Hub

Ohio is recognized as a major business hub. It features vibrant metropolitan areas like Columbus, Cleveland, and Cincinnati. These cities host several top companies and are key centers for innovation and commerce. The business ecosystem in Ohio is robust with top-tier universities, research institutions, and trade associations that work together to fuel economic growth. The state is also a leader in industries such as manufacturing, healthcare, and technology.

 6. Government Aids and Grants

The State of Ohio provides aid and grants to support business development and expansion. These financial incentives are aimed at encouraging investment, job creation, and innovation. Small businesses can benefit from grants and low-interest loans through initiatives such as the Ohio Small Business Development Centers (SBDCs).

There are other grant programs like the Ohio Job Creation Tax Credit and Ohio Third Frontier program. These programs offer substantial tax relief for companies that create jobs in the state and provide funding to technology-based companies and research institutions respectively.

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 15 Lucrative Business Ideas to Start in Ohio

1. Manufacturing 

The manufacturing sector is Ohio’s number 1 industry based on GDP. The sector is currently at its peak with cutting-edge technology and a well-represented skilled force. If you are interested in production, from household facilities to high-tech production such as automotive or industrial machinery, then Ohio is an ideal location for your business.

Note that the state has a long history of advanced technology, offering a competitive ground for manufacturing companies to thrive. New businesses can find companies like Intel, LG, Procter & Gamble, Cleveland-Cliffs Inc., and Honda that can provide some sort of leveraging to settle in Ohio. This rich network plus research institutions, is an advantage for new companies to leverage, in the state. 

2. Aerospace and Aviation Services

Since the Wright brothers got their foothold in Ohio, the aviation business has continued to thrive in the state. Little wonder it is called the aviation state. Major aviation companies like Lockheed Martin and GE Aviation sets the tone for new entrants in the sector. If you are an aerospace or aeronautical engineer, you can enjoy a 6 –7 figures salary, maximizing focus in the field.

As a commercial pilot based in Ohio, you earn nothing less than $20 an hour (for entry positions). The average range is between $17.60 to $24.90. Ohio has a large number of publicly owned airports in major cities like Cleveland, Columbus, Cincinnati, Dayton, Akron-Canton, and Toledo. Though some sources claim 84 of Ohio’s 88 counties run a publicly owned airport, the exact number can be confirmed with the Ohio Department of Transportation’s Office of Aviation or FAA records. With viable aviation infrastructures in place, the state economy can boast of GDP returns annually.

3. Financial Services

The financial service sector is another booming industry in Ohio. Smart entrepreneurs can grasp the opportunity to launch their financial startups to provide insurance, banking, and investment services to a decentralized population.

Due to Ohio’s central location, lots of financial activities take place, especially with travelers, suppliers, and investors who come to do business in the state. Some of the big names pivoting the financial frontiers include First Financial Bank, Huntington, Fifth Third Bank, etc.

4. Food and Agribusiness

Agriculture is a significant part of Ohio’s economy. It’s one of the most profitable business ideas foreigners can start in Ohio. Entrepreneurs can find opportunities in the state’s traditional farming systems to its more recent agritech innovations. There is ample support for a diverse range of crops and livestock.

The sector is booming due to the growing interest in sustainable farming practices. Individuals who would rather grow a farm can start their lucrative agricultural business in Ohio.

Some of the basic production Ohio is known for include soybean, pumpkins, and tomatoes, Swiss cheese production, and second best in egg production. It is important to note that most farms in the state are run by families.

5. Healthcare Services

Ohio’s healthcare sector is projected to increase in job openings. According to official reports, the healthcare and social assistance services will add the most jobs in Ohio’s economy. A significant portion of Ohio’s economic growth will come from healthcare occupations. This reinstates the profitability of the state’s healthcare industry as Ohio consistently records growth in its healthcare sector.

Profitability in the healthcare business is influenced by certain factors like market demand, location, and competition. Nevertheless, health businesses that cut across pharmaceuticals, medical technology, specialized clinics (e.g., cosmetic surgery), and telemedicine, have better chances of earning more in the state due to their high demand and unique offerings.

6. Logistics and Distribution

Smart entrepreneurs can maximize Ohio’s significant location to build a lucrative logistics business. Having access to good road networks, railways, waterways, and air travel, is an opportunity, to launch your own logistics business in Ohio.

If you are interested, you can opt for providing services such as supply chain management, warehousing, and transportation services. You can grow a small-scale logistics business and celebrate many wins within a space of time. You can start today to benefit from the state’s strategic advantages in logistics.

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7. Recycling Business

Aside from recycling being an environmentally responsible business, it is also a highly lucrative business idea to start in Ohio. The industry is well structured in Ohio and you can become an industry leader if you put in the work. Fortunately, the state supports recycling initiatives for plastics, electronics, metals, and many more.

If you are environmentally inclined, you can start your own recycling business and get the relevant certifications to authorize your business. An example of Ohio’s top recycling company is Rumpke. The company is known for processing a substantial volume of recyclable materials.

8. Event Planning

The demand for event planning services, including corporate events, weddings, and festivals, is high in Ohio. If you can offer unique experiences and excellent delivery services, rest assured, your event business will blossom. Urban cities like Cleveland and Cincinnati can readily provide a robust clientele if you want to start a business in Ohio.

9. Wholesale Distribution

A business such as wholesale distribution can be highly lucrative in the Buckeye State. You can dedicate your time to assisting in the distribution of industrial products, consumer goods, or specialized items. Doing this means buying the preferred types of goods in large quantities from manufacturers or suppliers and then selling them in smaller quantities to retailers, other businesses, or sometimes directly to consumers. To be a successful wholesale distributor, you need to know how to navigate the market and negotiate prices with your clients.

10. Lawn and Landscaping Services

You can choose to provide eco-friendly lawn care and landscaping services in Ohio’s suburban and urban areas. This can be a lucrative business, especially if you offer comprehensive services like design, maintenance, snow removal, and year-round and contract-based services. This business is lucrative as you can secure a good customer base and maintain an efficient landscaping business.

11. Graphic Design and Branding

A graphic design and branding business caters to a wide range of Ohio businesses. Being a technical hub with diverse companies, you can combine branding packages that include logo design, marketing materials, and website development. Once you are good and deliver on your promise, you will make badass money on the job. This is because businesses need branding services from time to time. 

12. Microbrewery

The craft beer industry is thriving, and Ohio is an ideal environment for microbreweries. Though it takes significant capital to set up, you can decide to start small, and then expand the business with time.  If you crave this business idea, you have the support of the locals as Ohioans have a growing appetite for craft beer. Owning a microbrewery can also attract tourists to your spot as well as other beer lovers especially if situated in the heart of the state like Columbus, Cincinnati, and Cleveland.  

13. Real Estate

The U.S. real estate sector is becoming more strategic in terms of its promising features of wealth and long-term investment. Business investors who know their onions are leaving no room to neglect such an industry.

In Ohio, real estate marketers offer numerous opportunities for both residential and commercial investments. The market also involves leasing, as well as revamping and renovating old structures for resale. Why investors should look to invest in Ohio’s property market due to the state’s diverse market, stable economy, and increasing population growth.

14.  3D Printing

The 3D printing industry is one of the most profitable business ideas to start and grow in Ohio. It is becoming popular in the state with several applications in education, manufacturing, and healthcare. Ohio’s strong industrial base and innovative ecosystem provide an ideal location for a 3D printing business.

15. Internet Service Provider (ISP)

The Internet is an indispensable commodity like food. It sells fast like wildfire. While it’s profitable everywhere, setting up the business in Ohio presents a significant avenue to earn smart without stress. Once you can cater to the needs of an underserved community and provide reliable internet service, you are in for a great enterprise. An example of Ohio’s successful ISP is the Buckeye Broadband.

Conclusion

Ohio State offers great opportunities for success in several fields. These 15 lucrative business ideas in Ohio that we explored can be very successful and outbeat the individuals’ expectations if only you can commit to the work.

Additionally, interested investors and entrepreneurs should endeavor to leverage local demand, innovation, and community support. All of these, alongside the business idea, are what will help to build a lucrative and sustainable business in Ohio.

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Tega Daniel is an SEO content writer for EntrepreneurBusinessBlog.com

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