Home to different businesses, Oklahoma has its majority of revenue coming from aviation, energy, telecommunications, and biotechnology. As per the latest rankings, Oklahoma City is ranked among the top 50 cities in the United States to start a business. The state offers a friendly economic environment for new businesses. Being a major producer of natural gas, oil, and agricultural products, Oklahoma has an economy based majorly on its natural resources.
Aviation, energy, transportation equipment, food processing, electronics, and telecommunications are the primary contributors to the state’s economy. But developing technology and the internet have helped people start their own businesses from home. If you are planning to start a business of your own from home, here’s a complete guide on how you can start a successful business in Oklahoma.
List of Top Business Ideas & Opportunities For Oklahoma
1. Start A Blog
There are several bloggers who earn a full-time income out of writing. You can start a website of your own with a niche. You can earn from AdSense, sponsorships, and affiliates by creating profitable content on different topics on a daily basis.
How about selling goods on sites like eBay and Amazon? You can outsource the products and sell them online. There are several vendors online who resale goods after stocking them up from different wholesale markets.
Do you like to speak? Podcasts are a hit around the globe and you can create a regular audience out of them. A great way to get sponsors, podcasts are often funded to promote goods and services.
4. Online Coaching
If you’re a skilled professional, you can turn this into a profession. You can teach others how to do it properly. Online classes are easy with a wide potential market. You can even go for one-on-one online coaching to teach students online from home for a fixed fee.
Oklahoma has several small and medium-scale companies operating in the state. With the growing business on the internet, businesses now need specialized digital marketing services. You can start to offer such services within the state or online.
Businesses are focused more on growing business via social media. Major brands follow the route for higher conversions. If you know the different channels, you can start helping small businesses with relevant ideas to sell products or services via different social media channels.
7. Create Online Courses
People now go online to learn something opening up a potential market for course providers. You can start to offer your expertise via different platforms and charge for it. Sites like Udemy and Coursera offer you a fixed fee for every successful completion. You can check our detailed guide on how to create online courses and make money to learn more.
With more than 90,000 farms, Oklahoma collectively produces more than $4.5 billion in animal products. You can start a dairy farm and export the products to other states and countries.
Small businesses often look for professional web designing services. You can find thousands of projects on Upwork and Fiverr. If you are a web developer, you can start to offer your services online. You yourself can even learn the skills in a few months in case you are a beginner.
Designs are always in demand. Be it a blog or a social media post or anything, graphic designs are needed everywhere. If you complete a short course to use these tools, you can start your own graphic design services online.
10 Steps to Start a Business in Oklahoma
If you want to legally start a business in Oklahoma, follow the steps mentioned below:
Step 1. Choose a Business Idea
Choose any of the business ideas from some of the top business opportunities you can start mentioned above.
Step 2. Write a Business Plan
Business plans act as a foundation for a new business. Start with a detailed plan on how you want to go and work on your business. The business plan will help you to stay ahead of your competition. Try including your goals, targets, and what you are trying to achieve with your new business.
Step 3. Financing Your Business
Oklahoma offers a healthy platform for new businesses. The state has different investors and venture capital firms. If you have a unique idea, you can even go for crowdfunding. In case you choose to fund your own business, there are several affordable business loans available with long-term payback plans and low-interest rates.
Step 4. Naming Your Business & Domain Registration
You will need an official name to register your business legally. Choose a name and register it with the US trademark department. You can even try a business name generator for some suggestions. Make sure no one else has your name. Also, register a domain immediately with the same name.
Step 5. Choosing A Business Structure in Oklahoma
To register your business in Oklahoma, you need an Unemployment Insurance Account (UIA) from the Oklahoma Department of Licensing and Regulatory Affairs. You can choose between a sole proprietorship, partnership, corporation, and Limited Liability Company(LLC). If you choose to form an LLC, your business will have added legal benefits and extra advantages with tax.
The cost of forming an LLC in Oklahoma at present is $100 and is to be paid to the Oklahoma Secretary of State department. However, if you hire a registered agent to do the job for you, you might have to pay some extra money.
Step 6. Federal EIN & Tax Filing
You have to apply for a Federal EIN to be eligible for double taxation. The Federal Employer Identification Number (FEIN) acts as your business tax ID. Also, register your business with the Oklahoma Department of Taxation and Finance.
Step 7. Business Permits & Licenses in Oklahoma
There are local licenses specific to cities in Oklahoma to be legally operational. In general, you will require a sales tax license to sell products. While some businesses need special permits and licenses in the state, like recycling plastic.
Step 8. Business Bank Account & Accounting Software
With FEIN, you can apply for a business bank account. Having a separate bank account will facilitate all financial transactions and you can also open a credit account for vendors. Next up, get reliable accounting software. Setting up the accounting method that will help you to manage all your transactions in one place, which eventually will make it easy to be taxed.
Step 9. Business Insurance
Oklahoma has no mandatory business insurance. Though to be on the safer side, it’s better to keep professional liability insurance to sell services. Also if you have any employees, you should keep worker’s compensation insurance.
Step 10. Promoting Your Business
Promotions play a major role in the new business. Be it a small business from home or a small-scale industry, taking your business to a potential audience is important. Promoting the business in the right places help you generate revenue. It’s better to hire an agency in the initial period for planned promotions and marketing.
Best Places To Start A Business In Oklahoma
Choosing the right location is going to determine how your business runs. Here are some of the best places in Oklahoma to start your business:
Oklahoma offers a very steady business environment with huge scope for new businesses. Hopefully, this guide will help you to start a successful business in Oklahoma from home with minimal investment.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.