Ohio unemployment rate is at 7%

The economy is doing much better in Ohio as compared to the rest of the nation, as unemployment is substantially lower at 7%. This is the result of many factors, but the success of the auto bailout is definitely one of the reasons, and that is helping President Obama’s campaign in this important state. But another important factor has to do with fracking, as natural gas drilling is booming in Ohio, and that’s driving a ton of economic activity in industries like steel.

This economic activity and the resurgence of manufacturing is also creating opportunities for entrepreneurs, as more jobs lead to a great need for more services. So all sorts of small businesses can thrive if the manufacturing and fracking boom continues. Bars, restaurants, suppliers, drycleaners – the possibilities are endless. There are many factors, however, to consider. Think about location, as not every part of the state is thriving. There are opportunities in older areas of course, but the approach is much different in those areas. In thriving areas you’ll pay more for rent, but in a growing community this is worth it if you have the startup capital. Also, make sure you have an intelligent marketing strategy. Should you be using social media? Should you be printing your marketing materials, and should you be browsing options like brochure printing to save money? Are TV and radio an option? Many entrepreneurs don’t think through their marketing budgets in advance, so don’t make that mistake.

The key is that these are exciting times in Ohio. Hopefully the trends continue.

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