Unfortunately, there are generally no grants available for small, for profit businesses. There are a wide variety of loan programs available through the Small Business Administration, local public entities and your local lending institution. Your local Small Business Development Council can assist you with what programs your business may be eligible for. {Financial Resources}

While specific documentation requirements vary by lending institution, the common requirements include a written business plan including the purpose of the loan, market data, history of the business (if applicable), 3 year historic financials for existing businesses, three year cash flow projections, owner's personal cash injection into the business, personal financial statement, employment history and personal resumes of all principle officers. The bank will take all of your information as well as your credit history and current credit score under consideration and reply to your request with its determination. {Financial Resources}

The amount and type of collateral will vary for each loan application. However, it has been the experience of SBDC clients to expect to contribute 10-20% cash and/or equity injection for each business loan. {Financial Resources}

Your local Small Business Development Center (SBDC) office can provide you with complete information on the necessary steps to become an entrepreneur. They provide free, one-on-one counseling to those interested in starting and growing a small business. The U.S. Small Business Administration (SBA) provides a wealth of information on starting a business at the SBA home page under "Small Business Planner."

There are several different options for setting up your organization type. The way you choose to organize depends in part on how your business will operate. Your local SBDC office can advise you on the differences between organizing as a sole proprietor, a partnership or a corporation. The 1st Stop Business Connection outlines the differences between the types of organizational structures.

Some states require all businesses to have a generic business license. However, the State of Ohio does not have this requirement. The 1st Stop Business Connection information kit will explain the licenses and permits required for the specific business you want to start.

Visit the Ohio Secretary of State site at to check the availability of your business name and to register the name you chose. At the 1st Stop Business Connection you can download a business start up kit. It contains state level licensing and registration information as well as the necessary forms.

You will need to file a Form SS4 with the Internal Revenue Service if you are required to have a tax identification number. This form is available through the 1st Stop Business Connection or at the Internal Revenue Services' site.

Most businesses do need to collect state and local sales tax. There are some exceptions for a few service businesses, however. Check the 1st Stop Business Connection and your selected business kit will tell you if you meet the requirements. The site will also provide the necessary form to file with your county auditor if you need to do so.

There is no guarantee that any business idea is going to become a thriving business. However, research and a study of your talents and interests are a good place to start. Contact your local SBDC office to schedule an appointment to discuss your business idea. Visit the Allen Economic Development Group site for demographic and market area information. Perhaps franchising is an opportunity for you. Check out the International Franchise Association's web site at for more information.