With the 4th-lowest cost of living and the 6th-lowest tax burden in the country, starting a business in Oklahoma is a great choice for entrepreneurs. Start your business today with our simple step-by-step guide and get on the fast track to financial and personal independence.
Creating an Oklahoma business of your own can be challenging. You will need adequate funding, time, personal support, and professional support in order to move forward successfully with your entrepreneurial dreams.
To see if you're prepared to take the leap, check out our Entrepreneurship Quiz. To learn how to form a Business in Spanish, read our Cómo crear una empresa en Oklahoma guide.
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The first step toward business ownership is deciding what kind of business to start. Look for an idea that suits your interests, your personal goals, and your natural abilities. This will help you stay motivated when the going gets tough and will greatly improve your odds of success. We have assembled a comprehensive list of small business ideas to help you get started. Need inspiration? Here were the most popular ideas among our Oklahoma visitors in 2020:
Successful businesses are built through careful planning. Before committing a significant amount of money and other resources toward your business in Oklahoma, critically analyze your idea, and create a game plan. At a minimum, you should complete the following:
What will you name your business? When naming a business, you'll want to choose an available name that follows Oklahoma’s naming rules for an LLC or corporation and resonates with your customers. Use our Business Name Generator to find the perfect brand name and website.
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Once you register a domain name, we recommend choosing a business phone system to enhance your customer service. Phone.com provides a high-quality phone service that integrates with all devices. Try Phone.com. Find a Business Location
Do you know where your business will be located? Whether you’re opening a brick-and-mortar establishment or starting a business from home — your business location informs the type of licensing and permits you’ll need as well as your business’s growth potential. Doing your research on Oklahoma’s popular areas such as Durant or Stillwater can help increase foot traffic and drive customer interest.
Have you gotten to know your market? Before you write your business plan, conducting thorough market research is crucial. This can involve conducting surveys, doing search engine optimization (SEO) research, or holding focus groups. The goal of market research is to better understand your target market and competitors in order to craft an effective business plan.
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Have you written a business plan? Our Business Plan Generator makes writing your business plan easier than ever; just add your business’s information and you’re done!
A well-crafted business plan doesn’t just help you get organized while you start your small business in Oklahoma. Business plans are used to obtain business funding and help you reach important milestones.
Registering your Oklahoma company as a legal business entity — such as an LLC, corporation, or nonprofit — has two major advantages:
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A sole proprietorship is an informal business structure that isn’t incorporated or separated from its owner. This means that 100% of the business’s profits go to the owner; however, 100% of the financial liability should the business accrue debt or get sued falls on the owner as well.
A partnership, like a sole proprietorship, is an informal unincorporated business structure but with multiple owners. Similarly, partnerships do not have liability protection that you find with a formal business structure.
A limited liability company (LLC) combines the personal asset protection of a corporation with the flexibility of a partnership or sole proprietorship. Most small businesses prefer the LLC structure due to its easy maintenance and favorable tax treatment. Find out if you should start an LLC for your small business.
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A corporation is a separate legal entity that is owned by its shareholders. Corporations have more formal regulations than LLCs and tend to be more attractive to investors. Most large companies like Apple fall under the corporate category.
A nonprofit organization is one that is funded by donations instead of investors. Nonprofits are typically created to further a social cause and are exempt from paying taxes. The Red Cross is an example of such an organization.
If you choose not to register your company as a business entity, you will be held personally responsible for the debts and liabilities of your business.
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In addition, partnership and sole proprietorship business owners may need to file a DBA, known in Oklahoma as a trade name. A DBA is not a business structure and does not give you and your personal belongings the protection like an LLC would.
Once you’ve chosen your business structure, the next step is to form your business. No matter what formal business structure you choose, there are a few common steps, including:
LLCs are the simplest formal business structure to form and maintain. With less paperwork than other business structures, you can easily form an LLC in five easy steps.
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To file the Articles of Organization for an LLC in Oklahoma, you must submit formation documents to the Secretary of State online, by mail, or in person, along with the $100 filing fee.
Read our full guide on How to Form an LLC in Oklahoma or have a professional service form an LLC for you. Start a Corporation in Oklahoma
If you think starting a corporation is right for your business, there are five steps to starting your business as a corporation.
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To file a Certificate of Incorporation for a corporation in Oklahoma, you must submit formation documents to the Secretary of State online, by mail, or in person, along with a minimum $50 filing fee.
Read our full guide on How to Start a Corporation in Oklahoma or have a professional service form a corporation for you. Form a Nonprofit in Oklahoma
Choosing to form a nonprofit involves many of the same steps as a corporation or LLC; however, with this business structure, you can apply for tax exemption, otherwise known as 501(c)(3) status, through the IRS.
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To file a Certificate of Incorporation for a nonprofit in Oklahoma, you must submit formation documents to the Secretary of State online, by mail, or in person, along with the $25 filing fee.
Read our full guide on How to Form a Nonprofit in Oklahoma or have a professional service form a nonprofit for you.
When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil.
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An accounting system helps you track the performance of your business and simplifies annual tax filings. Quality accounting software lets you download your bank and credit card transactions, making accounting fast and easy. Learn more about the importance of accounting and how to get started with accounting today. Or, hire a business accountant to help you navigate all your business accounting and tax needs from payroll to sales tax.
Recommended: An accounting service could be saving your business thousands of dollars a year. Try our recommended accounting service today to help simply your taxes.
It’s no secret that you need funding to start a business, but before you can secure the money you need to cover startup costs, there are a few things you need to do first. Calculate your business costs before seeking outside funding. This will help you choose the right funding source for your Oklahoma business’s needs. Next, be smart with your spending and get organized by creating a detailed financial plan.
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Business insurance helps you manage risks and focus on growing your business in Oklahoma. The most common types of business insurance you should consider are:
We recommend that all small businesses, including home-based businesses, purchase a general liability policy. Businesses selling professional advice or services, such as consulting and accounting firms, should also consider a professional liability policy.
The best way to ensure that you're getting the proper protection at the best price is to speak to a business insurance representative or start a quote online.
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To operate your new business legally, you will need to comply with federal, state, and local government regulations. In many cases, this involves obtaining one or more business permits and/or licenses. For example, a restaurant will likely need health permits, building permits, signage permits, etc.
To start a business in Oklahoma, you’ll need different licenses and permits depending on the type of business you’re operating. Find out the licensing your business needs by performing a business license search or by utilizing the following resources:
For any business (unless you plan to be your business’s sole employee), building a strong team is a crucial next step in starting a successful business. But it isn’t just about finding the right people; you need to ensure you stay compliant with requirements for hiring employees legally. This includes ensuring that you are registered with the IRS for employee taxes and reporting new hires to the State of Oklahoma.
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Once you’ve built your team, we strongly recommend utilizing a payroll service to issue paychecks, track time, and make tax season more manageable.
Once you feel confident about your answers to these questions, take the next step with our Free Logo Generator
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