According to personal finance company NerdWallet, Ohio was once the industrial heart of America. Since the turn of the second half of the 20th century, a lot has changed. Even so, the Buckeye State remains one of the best places to build a business. Whether an entrepreneur wants to build an empire that spreads across the nation or a humble mom and pop shop that supports a small community, Ohio is a suitable candidate.
One of the reasons Ohio is a great place to start a business is the strong labor market and a resilient manufacturing economy. The unemployment rate is lower than the national average. If Ohio was its own country, it would have the 27th largest economy in the world, mostly on account of its manufacturing industry. Not surprisingly, 25 of the world’s Fortune 500 companies call Ohio home.
To ensure success, however, simply starting a business in Ohio is not enough. Forbes also recommends ensuring the business solves a real problem faced by consumers. The best companies not only satisfy these needs but continue to do so by adapting well when its customers’ needs change. When creating solutions, it is important to also safeguard the ideas behind them by relying on NDAs and intellectual property protection.
Leadership and teamwork are also of utmost importance. Especially when it comes to a small business, leaders set the pace for the rest of the workers, so having a strong work ethic is key. It is also important not to attempt to shoulder the responsibilities of leadership alone. Put the right team in place and rely on mentors for additional guidance.
Starting a business in any state can be a difficult, but rewarding experience. The key is not to only create a product in high-demand that creates a revolutionary solution to an old problem. Entrepreneurs should also rely on human intellect of not just themselves but others to make the best decisions for their business and the people they lead.