One of the most effective ways to assess the strength of a state’s economy is to look at new business filings. That is, how many entrepreneurs have decided to take that leap of creating a business, a move that requires filing forms with the Secretary of State’s office. This is a worthy barometer, considering the due diligence, risk assessment, and financial planning required to start a new business. As many as nine out of ten small businesses fail in the first year, so the level of risk is significant.


The goal of any business is to establish and sustain itself—no matter how small it may be at the outset—and eventually make a profit as it expands and creates new jobs. When a small business succeeds, it is good not only for the business itself, but also for consumers, job-seekers and the state as a whole.


Fortunately, the number of new business filings in Ohio has increased every year since 2010. Additionally, the state has set new records each of the past few years, including more than 117,000 new filings in 2017. During the past eight years, the number of new businesses created has jumped by nearly 50 percent, and I am hopeful that 2018 will set yet another record.


Several different factors can account for why more entrepreneurs are choosing to set up shop in Ohio. One major contributor has been our focus on lightening the tax burden on small business owners in the legislature. During the course of the last two state budget bills, we eliminated taxes on businesses’ first $250,000 of income. As we have seen time and again, allowing families and business owners to keep more of their hard-earned money can lead to salary increases and new job creation.


Another factor would be legislation passed within the past couple years in Ohio that reduced by 21 percent the cost of registering a business with the Secretary of State’s office. I was proud to support that legislation, which made Ohio the least expensive state in the region for starting a new business.


Again, I believe these kinds of common sense policies represent a win-win for employees, business owners, consumers and the overall economy. During the past eight years Ohioans have created nearly 490,000 private-sector jobs. With a national economic tailwind propelling our state forward, we are positioned for significant growth. We must continuously improve, but the trends are very encouraging. With an educated and skilled workforce, wise tax and regulatory policies, and a streamlined application process, Ohio is poised for even greater success.

 
 
 
  
Featured Posts

Rep. Thompson Encourages Constituents To Submit Online Legislative Survey

 
COLUMBUS - 

State Representative Andy Thompson (R-Marietta) has set up an online legislative survey in an effort to gain feedback from the residents of the 95th Ohio House District regarding a variety of state issues. The survey can be accessed at www.tinyurl.com/ThompsonConstituentSurvey.



 
 

Rep. Thompson Encourages Constituents To Submit Online Legislative Surveys

 
COLUMBUS - 

In an effort to obtain feedback from the residents of the 95th Ohio House District, State Representative Andy Thompson (R-Marietta) is encouraging his constituents to fill out and return legislative surveys. Rep. Thompson seeks to gauge the thoughts and views of his constituents on issues ranging from Ohio’s economy to requiring photo IDs when voting on Election Day.



 
 

Andy Thompson Sworn In As State Representative Of The 95th House District

 
COLUMBUS - 

State Representative Andy Thompson (R-Marietta) today was sworn in as a member of the Ohio House of Representatives for the 130th General Assembly. He represents the 95th Ohio House District, which includes Carroll, Harrison and Noble counties, as well as portions of Belmont and Washington counties.