Ohio business filings rebound from slow September, increase in October
Ohio business owners showed up in October, submitting 14,448 new filings for the month. This is an increase of more than 400 businesses compared to filings from October 2022.
The October 2023 filings demonstrate the resilience of Ohio's growing economy and its business owners. The NFIB continues to report that national small business optimism is low due to inflation, consistent poor business conditions and the lowest reading of nominal sales since July 2020. These concerns culminate to an Optimism Index score of 90.7 for October 2023, marking the 22nd month below the 50-year average.
For perspective business owners seeking to open their doors by the new year, keep a look out for these resources and rest assured that Ohio Secretary of State Frank LaRose continues working to maintain positive business conditions in Ohio with these strategies:
• Working with the state legislature to streamline certifications for minority, women, and veteran-owned businesses and modernize the process for limited liability companies (LLCs) to register in Ohio.
• Fighting to keep business fees low. In Ohio, a new business can be registered for $99.
• Expanding the Ohio Business Resource Connection, a compilation of private and public resources available to assist businesses.
• Hosting dozens of roundtables throughout the state with community, legislative and business leaders to spread the word about the resources available for entrepreneurs looking to start or grow their businesses.
• Advocating for legislation to protect Ohio businesses from business identity theft and other business-related fraud. Follow Senate Bill 98 in the Ohio Senate sponsored by Sen. Michael Rulli (R-Salem).
Quick Facts:
• 14,448 new businesses were created in October 2023.
• 156,874 new businesses have been created so far in 2023.
• Ohio is 22,762 new business filings away from another record-breaking year.
NOTE: New business filings are classified as forms filed with the Ohio Secretary of State that declare the formation of a business entity, including for-profit, non-profit and professional corporations, limited liability companies, partnerships, limited partnerships and limited liability partnerships. Filing as a business in Ohio does not guarantee the company will begin operations, be profitable or create jobs.