As a business owner, your main goal is to earn as much money as possible and grow your company. When that day finally comes, you have to decide where to open another branch of your business. Choosing where to extend your business is challenging, especially in America, where there are many states suitable for new companies. We are here to help you pick where to develop your business. US Pro Warehouse will tell you about the benefits of expanding your business to Ohio.
General facts about Ohio
Before we get into why you should have another business in Ohio, let’s quickly learn about the state.
Ohio has around 11-million citizens making it the seventh most populated state in America. The capital and the largest city is Columbus, with a population of around 900,000 people. Ohio’s nickname is The Buckeye State because there are a lot of Ohio Buckeyes in the state. People have lived in the area of Ohio for at least 13,000 years. But the first non-native to come to the state was Robert de La Salle, a French adventurer who arrived there in 1670. Ohio finally became the 17th state in 1803.
If you were to open a business in Ohio, you would get to eat some delicious food. One of the most popular deserts in Ohio is the Buckeyes. They resemble the nuts from Ohio Buckeyes – a tasty treat eaten from a stick made of chocolate and peanut butter. And for those who do not like sweets that much, you should try an Ohio hot dog topped with Cincinnati-style chili. Now that you know something about Ohio – let’s see why you should extend your company there.
Benefits of expanding your business to Ohio – the cost of living
The first benefit of coming to Ohio with your company is the affordability. You and your employees will be happy to hear that Ohio’s cost of living is 20% lower than the national average. If you were moving your business from California or New York City, you would cut your cost of living by more than double. The most expensive thing in Ohio compared to the national average is groceries. And groceries are 3% less costly than the national average. The most affordable thing in Ohio is the housing market which is almost 40% less expensive – but we will get into that later.
So if you want to give your employees a more comfortable life, come to Ohio. To move to the Buckeye State, you need movers to assist you. One of the best Ohio-based moving companies is Zippy Shell Columbus – you will not go wrong with picking them. But depending on where you are moving to in Ohio, you can evaluate your choice.
The cost of real estate in Ohio
The second reason to come to Ohio is the affordable real estate. If you were to add a new branch in Ohio, you would not have to worry about renting or buying commercial real estate. Let’s first talk about the residential real estate in the Buckeye State.
- Ohio business expansion is an excellent idea because the prices of homes will make your employees happy. The median home price in Ohio is around 180,000-dollars while the national average is around 290,000-dollars,
- If you were to rent a place in the Buckeye State, it would cost you around 600-dollars and 1300- depending on the size.
- Finally, the average age of a home in Ohio is 50-years which is the only downside of Ohio’s real estate market. You can buy colonial homes, modern homes, farms house, and other types of properties in Ohio.
Benefits of expanding your business to Ohio – the commercial real estate
Being able to afford a commercial space is a significant factor in a successful business. Most businesses go under because they can not pay the lease for their commercial property. If you come to Ohio with your already prosperous business, you will not have to worry about it. Let’s see what the commercial real estate market in Ohio can offer us.
First, there are around 2400,000 commercial properties in Ohio which means you will not struggle to find one for your business. And when you finally find one leave your inventory to experts, experienced commercial movers. They will take your relocation seriously and provide you with great attention to detail and professionalism.
Second, the cost of commercial property in Ohio is unmatched. While the average price of sold commercial parcels in America is around 880,000 dollars in Ohio it is only 300,000. But you have to take two things into account before buying a commercial property in Ohio. Commercial property is, on average, smaller than in America, and they are also at least 15-years older.
Benefits of expanding your business to Ohio – the economy
In recent years Ohio’s economy has undergone a revolution. According to the 2021 statistics, Ohio is the seventh state in the country by gross domestic product. Two significant reasons why Ohio has such a large GDP are manufacturing and financial services, which make up about 18% of Ohio’s GDP. The only two states that have a more profitable manufacturing sector are Texas and California.
The unemployment rate in Ohio is lower than the national average at 4.9%. The sectors that employ the most people in Ohio are:
- Manufacturing, about 15%;
- Retail trade at 11%;
- Health care and social assistance employees about 15%.
So if you were to come with your business to Ohio and it’s in one of the above sectors, you should know that you will have competition.
You are ready to do business in Ohio
These are some of the benefits of expanding your business to Ohio. We hope they convince you to come there with your company. When you finally open another branch of your business in Ohio, though, keep your storage unit organized.