Doing Business In Oklahoma

Oklahoma Business Facts

Oklahoma has removed the barriers and streamlined the process to make it easier for companies to develop and grow. The region’s cost of doing business to be one of the lowest of the 361 metro areas surveyed. The index measured the relative cost of labor, energy, taxes and office space.

Oklahoma’s economy is not as balanced as those of many other U.S. states. There has in the past been overdependence on agriculture and petroleum, but the efforts of state and local officials to attract new forms of industry as well as tourism have shown some success.

Small business and Startup environment

Oklahoma has 303,135 small businesses, according to the most current federal data available.

Of those 303,135 small businesses in Oklahoma, 75,058 have employees. The remaining 228,077 are Oklahoma small businesses that have no employees.

Oklahoma was recently ranked No. 5 in WalletHub’s Best States to Start a Business. Building an innovation economy is arduous

Major companies:

Oklahoma is home to large companies such as: Express Employment Professionals, Hobby Lobby,

State of Oklahoma, QuikTrip, Accord Human Resources, Love’s Travel Stops & Country Stores, Sonic Drive-In, MidFirst Bank, Saint Francis Health System, University of Oklahoma

Looking For Small Business Funding?

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STEPS TO STARTING A BUSINESS IN Oklahoma

Business Structure

Business Name

Business Registration

EIN Tax Number

Bank Account

Licenses & Permits

Branding & Marketing

Resources

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Step 1: Choose A Business Structure

The most common business structures are sole proprietorship, partnership, limited liability company (LLC), and a few different types of corporations—the standard corporation (often called a C corporation or “C corp”), the small business corporation (often called an S corporation or “S corp”), and the benefit corporation (often called a B corporation or “B corp”).

The most common business structures are:

► Sole Proprietorship in Oklahoma:

► Oklahoma Partnership:

► Oklahoma Corporation:

► Oklahoma LLC:

Step 2: Choose The Right Business Name

Choosing a business name is important, you want to make it easier for your customers to remember it, here are some tips:

Avoid hard-to-spell names.
Don’t pick a name that could be limiting as your business grows.
Conduct a thorough Internet search.
Search and purchase a domain name.
Use a name that conveys some meaning.
Conduct a trademark search.

Step 3: Register Your Business

Depending on the business structure you chose you will need to register your business.

Resale license

https://www.online-tax-id-number.org/oklahoma-department-of-revenue.html

Department of corporations

https://www.sos.ok.gov/corp/corpInquiryFind.aspx

SBA Office

https://www.sba.gov/offices/district/ok/oklahoma-city

Step 4: Obtain an EIN Tax Number

With limited exceptions, most businesses require an Employer Identification Number (EIN), also known as a Tax ID Number. An EIN is used to identify a business in its federal tax filings. Without an EIN, you can’t hire employees or open a business bank account.

Click Here to Apply for EIN number online

Get Inspired by these Oklahoma Startups

Step 5: Open A Bank Account

– Open a business bank account:

Separates your personal assets from your company’s assets, which is necessary for personal asset protection.
Makes accounting and tax filing easier.

– Get a business credit card:

Helps you separate personal and business expenses.
Builds your company’s credit history, which can be useful to raise capital later on.

Step 6: Licenses & Permits

Now that you’ve registered your business name you need to obtain a business license for your company – this authorizes your company to do business in your city or county. Typically this also involves registering for state taxes and permits (the city may require them as part of the business licensing process).

Here are some links for Oklahoma Businesses:

Selling products? Check Oklahoma Resale Permit

Business Licensing for the State of Oklahoma

Step 7: Branding & Marketing

Your brand is the image customers have of your business, so it’s important to determine who is your audience and what is the message that you want to project. That way, your company’s image will be what you intend it to be. It should be strategic and intentional.

Step 8: Establish a Web Presence

Creating an optimized website helps you to gain important visibility for the right terms. A website is a powerful sales tool and one that allows you to address your customers’ concerns, give them the information they need to make a decision and create compelling calls to action.

In addition to a website, you should also consider other avenues for promoting your business online: