We will cover why selecting a business location is important for your business in this blog.
Business Location can be driven by factors like expectancy of foot traffic, service or product based of your business, a requirement of storage, visibility, etc. As a budding entrepreneur, you may have covered all this ground when you approach us for your business.
When we discuss business location, we look at the local taxes involved in doing business as well. This is an important factor that many businesses ignore. In Ohio, depending upon where you are located, you are subject to local business taxes and property taxes. These business taxes range from 0.75% to 2.5%, sometimes higher. In the initial stages, it may not be a deciding factor, but as the time passes and you start making loads of profit (which we wish you do), tax bill can go up, and you may think about changing the location to save on taxes.
Apart from taxes, the utilities, incentives from the local government for generating employment, visibility and accessibility can be determining factors for business location.
We will continue the talk of Employee identification number in the next blog.
In the meantime, Contact us today to take advantage of our “Claim Financial Sanity This Summer” offer of One Hour Complimentary Session for Insurance, Taxes, Financial Planning for your family.
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