Business Opportunities in Ohio
Ohio stands as a state rich in business opportunity. Its diverse economy and supportive business climate create an ideal backdrop for franchising across a multitude of industries. Whether you're venturing into entrepreneurship for the first time or looking to expand your business portfolio, Ohio's market conditions offer promise for franchise growth. Gain insights into Ohio's demographics and economic indicators to understand why it's a prime location for your next franchise endeavor.
|Population per Square Mile||288.8|
|Per Capita Income||$34,526|
|Total Employer Establishments||252,241|
|Total Employment||4.8 million|
|Total Retail Sales per Capita||$14,941|
The franchising landscape in Ohio is an attractive destination for various business opportunities. Ohio's economy, ranking 7th in size among U.S. states, boasts a robust GDP of approximately $656 billion, underlining its strength and potential for business growth.
Ohio’s economic might is supported by a low unemployment rate of 3.3% as of July 2023 and a real GDP growth rate of 1.3% in the first quarter of 2023, indicating a resilient and expanding economy. Additionally, the state's per capita income stands at $34,526, and with a population density of 288.8 people per square mile, Ohio offers a substantial market base for franchises.
Moreover, Ohio's economy is not just reliant on its historical industries but is also adapting to current trends and future needs. The automotive sector, particularly in electric vehicles, is experiencing growth, especially in regions like Toledo. The state's commitment to innovation is further illustrated by investments in areas like energy and advanced manufacturing, with companies expanding their operations and adding jobs.
This blend of traditional strength and modern adaptability makes Ohio a compelling option for franchisees seeking a dynamic and forward-looking business environment. With its varied economy, Ohio offers a fertile ground for franchises across different industries, from food and healthcare to manufacturing and technology.
Cities and Industries
Toledo, OH, with its population density of 2,540 people per square mile, offers a dense consumer base for various franchises. The city's economy, supported by 83,578 households with an average income of $66,205, signals a stable market with spending power. The rise in projected average household income to $74,301 by 2028 suggests growing economic prosperity. This positive trajectory, combined with a significant portion of the population driving to work (76.5%), showcases the potential for automotive service franchises and fast-casual dining that can cater to the commuter crowd. Additionally, with total retail expenditures topping $2.05 billion and housing a diverse workforce — 47.6% white-collar and 52.4% blue-collar — franchises in retail and specialized trade services could find a receptive market in Toledo.
Cleveland boasts a considerable projected growth in average household income to $71,325 by 2028. Notably, 18% of workers in Cleveland work from home, indicating a substantial market for home-based franchises and services that facilitate remote working environments. The city's total annual consumer expenditure of $5.41 billion, including a significant $805.26 million spent on food and beverages, presents vast opportunities for food franchisees. Additionally, a high expenditure on shelter ($1.17 billion) and health care ($455.6 million) opens up niches for health and wellness franchises, as well as those offering home repair and real estate services.
Our analytics data, showing Ohio as one of the top ten regions for user activity on our website, indicates a high level of interest in franchise opportunities. However, the relatively high bounce rate of 77.26% and the short average session duration of 49 seconds suggest that while there's interest, visitors might not be progressing forward in their franchising journey. This scenario presents a prime opportunity for entrepreneurs to step in and fill this gap. By choosing franchises that align well with the needs and interests of Ohio’s consumer base, these entrepreneurs can capitalize on the existing high interest and position themselves advantageously in Ohio’s growing market.
Ohio presents a vibrant array of businesses for sale that align with its thriving economic landscape. Dive into Ohio's promising market to discover the perfect franchise that aligns with your entrepreneurial goals.
Facts About Ohio
|Year of Statehood:||1803|
|Largest Cities:||Columbus, Columbus, Cincinnati|
|Motto:||With God, all things are possible|
Ohio Welcomes Your Entrepreneurial Spirit
- The five-year economic outlook for growth in Ohio is in the top 20 in the nation. (source)
- Ohio is the 14th best state for business in America according to Forbes. (source)
- The cost of doing business in Ohio is 4.4% below the national average. (source)
- Columbus, Ohio, created the nation's first Small Business Concierge, a one-stop-shop and point of contact for all entrepreneurs. (source)
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