Ecwid for Small Business

How to Start a Small Business in Oklahoma (OK)

We all know Oklahoma is where the wind comes sweeping down the plane. But what may be a slightly less known fact is that Oklahoma has the fourth-lowest cost of living, the sixth-lowest tax burden, and ranks eighth lowest for corporate tax. All good news for potential entrepreneurs!

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Best Business Ideas for Oklahoma

There are plenty of great business ideas that could flourish in Oklahoma. However, if you’re unsure of where to start, here are some fantastic jumping off points:

  • Clothing boutique
  • Bait and tackle shop
  • Drive-in movie theater
  • Drive-in movie theater
  • Anime caricatures

Whichever you choose, you’re going to need to draft a solid business plan.

Planning Processes

Drafting a business plan can be daunting, we know. That’s why we have a step-by-step instruction guide to drafting your business plan.

1. Playing the name game

Choose a name for your business that is straightforward and doesn’t leave your customers wondering what you do. While there are some rules and regulations for naming your business, don’t let that discourage you. For example, Final Fan to See is an excellent name for your anime caricature business.

2.  Conducting market research

You need to get to know your market. Do search engine optimization research. Hold focus groups. Conduct surveys. What you find out might surprise you! Final Fan Too See found out it may not have the market it originally thought it would in Oklahoma alone.

3.  Structuring your business

LLC, corporation, nonprofit, partnership, sole proprietorship: which is best? It depends on what your goal is. Registering as an LLC has favorable tax treatment, while a nonprofit is funded by donations, as opposed to investors. Final Fan to See would likely work best as a corporation, LLC, partnership, or sole proprietorship.

Registering in Oklahoma

Get all the info you need about your business: your business’ name, employer identification number (EIN), and the name of your registered agent. Next, file those formation documents. Depending on the structure you choose, you may need different documents.

Congrats, Final Fan to See, LLC is now an officially recognized business in the state of Oklahoma!

Best Location for Your Business in Oklahoma

Before you set up shop, it’s best to identify what your long-term goals are for your business. Do you want to be solely online? Do you anticipate growth? Will your business rely heavily on foot traffic? Whichever you choose, you’ll need to get the proper documentation. If you anticipate that your business will rely on foot traffic, we recommend setting up an office in a highly-populated area such as Durant or Stillwater.

Final Fan to See, LLC determined they would do best solely online.

Banking and Accounting

We highly recommend setting up a separate account for your business. It’s important to have one because it not only protects your personal assets if you get sued but also helps to monitor your business expenditures more easily. We suggest opening a credit line under your business, as establishing good credit will make your business look more attractive to potential lenders. We also recommend hiring a business accountant, as their expertise could help your business save thousands!

Ensure Your Business Is Insured

Business insurance is crucial to growing your small business in Oklahoma. It’s a way to ensure your business avoids any unknown risks, like an employee stubbing their toe on the property or a bison deciding it desires to be drawn in the style of Dragon Ball. In Oklahoma, any company with one or more employees is required to have worker’s comp insurance. However, this does not include the owner.

Permits and Licensing

It’s important to get the proper permits and licenses to operate your business legally. The best way to determine what you need is by searching on a federal, state, and local level. The best way to determine which local permits are needed is to call your local clerk and ask them directly. We strongly recommend hiring a professional to help you during this step.

Hiring Employees

The hiring process can be a very exciting moment in a business’ life. It’s how many entrepreneurs realize their dreams are now a reality. However, before you start curating that perfect team, you need to make sure you’re operating legally.

This includes making sure you’re registered with the IRS for employee taxes, reporting new hires to the state of Oklahoma, and registering with the State of Oklahoma for withholding tax and unemployment tax. We recommend creating a payroll service, as it will ensure your employees get paid on time. As an added benefit, it will help you save time.

Branding

Branding is fun for some, miserable for others. First, let’s start with the logo. Make sure your logo is representative of the brand, what you offer, and make sure it’s visually pleasing to your customer. Final Fan to See thinks aquatic colors with a fluid font work best to express what they do. You may decide muted, calming colors work best for your brand. There is plenty of software online that can help you if you’re stumped, too.

Branding also requires you to think about what your values are as a company. Do you believe there aren’t enough people willing to draw your loved ones next to their favorite anime characters? Do you think there is absolutely no need for that, and if you like anime that much just take a class and learn how to draw yourself? This might seem like an odd example, but it’s necessary to make it clear to yourself as much as to your customer the values your company holds itself to and what it can offer to your customers.

Do some personal reflection and truly embrace what your company believes in. Making sure these points strike home will ensure that your customers are in it for the long run.

Online Presence

In the day and age of social media, having an online presence for your brand is very important. While this can look like having a website and online store (if applicable), this also means needing Facebook, Instagram, YouTube, and TikTok accounts. One of the best things you can do for your business is to follow trends on social media. It makes you look hip, in touch, and it will help your business flourish. Get creative!

Marketing

Having an online presence is great, but what about marketing on those platforms? All legitimate businesses have a website. And if we’re being honest, the less legitimate ones do, too. Unfortunately, social media profiles are not a replacement for a website. Having a professional website makes your brand seem trustworthy and reliable, and it offers all-around better branding.

If this seems to be way too much, don’t worry! Companies like Ecwid help your store grow and succeed. They can help you create a beautiful, easy-to-navigate website while allowing you to market your products on other online platforms mentioned above. Ecwid even allows you to track your digital sales on a dashboard, where you can see your inventory. They’ll help make sure your business is the strongest it can be.

Start Your Business Online

Starting a business online is faster and cheaper.
Transform it into an offline business later.

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Start Selling Products & Services Online

You don’t have to worry about the office or warehouse if you choose to sell online. Save your time and money.

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Learn the basics

Starting an Online Store Business is Easy.
We’ll Show You.

So you’re ready to start selling online. Now the million-dollar question… where do you start?

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Read real stories

Get Yourself Ready
For Surprises

Check out our blog series all about starting an online store without prior experience. It‘s sort of like our own ecommerce reality show—starring Nicole.

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Find a product

Looking For Things
To Sell Online?

Discover best-selling products and how you can start selling them online and make money.

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Select sales channels

Catch Your Customers Where They Are

We’ll help you navigate through the market and find the most profitable channels.

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Start Your Business Online

Starting a business online is faster and cheaper.
Transform it into an offline business later.

Start Selling Online

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