What the 2024 Election Will Mean for Small Businesses in Ohio

As election day draws near, small business owners across Ohio are closely watching the candidates and their platforms. With critical issues at stake, the election could have significant implications for local businesses. Here’s a look at key areas that could affect small businesses in the Buckeye State. 

1. Regulatory Changes 

One of the most immediate concerns for small businesses is how regulatory policies might shift depending on the election results. Candidates often have differing views on regulations affecting labor, environmental standards, and business practices. A change in administration could lead to either more lenient regulations or stricter compliance requirements, which would directly influence operational costs and decision-making for small businesses. 

2. Tax Policy 

Taxation is always a hot topic during every election season.  Tax policies could either favor small businesses through deductions and credits or impose additional burdens. It’s crucial for business owners to stay informed about proposed tax reforms that could impact their bottom line, including changes to income tax rates, corporate taxes, or sales taxes. 

3. Access to Funding 

Access to funding is vital for the growth of small businesses. With candidates’ varying positions on federal and state support for small business loans, grants, and funding programs, Ohio entrepreneurs must pay attention to proposed changes. 

4. Healthcare Costs 

Healthcare is a significant expense for many small businesses. Candidates’ stances on healthcare reform can greatly influence costs associated with employee health insurance. A change in policy could lead to increased costs or, conversely, new opportunities for more affordable options. Small business owners should closely monitor these developments to ensure they can make informed decisions regarding employee benefits. 

5. Workforce Development 

With labor shortages affecting many industries, workforce development is another crucial area impacted by the election. Candidates often have different approaches to training programs, apprenticeships, and education funding. Depending on the outcome, small businesses might benefit from increased support in finding and training skilled workers, which can lead to greater productivity and success. 

6. Economic Policies 

The broader economic policies proposed by candidates can set the tone for small business growth in Ohio. Policies promoting entrepreneurship, innovation, and economic development can foster a thriving business environment. Business owners should  consider how these policies align with their long-term strategies and how they might influence consumer spending and overall economic health in Ohio. 

As a small business owner in Ohio, it’s essential to stay informed about the political landscape and its potential effects on your business. While the election outcomes are uncertain, being proactive and prepared can help you navigate whatever changes come your way. Engaging with local business organizations, staying updated on candidates’ platforms, and seeking advice from legal and financial professionals can equip you to make informed decisions for your business’s future.