Many people may know that Oklahoma is the 47th largest state in the country. With a population of around 5.9 million, it is not necessarily a large state. However, the sheer number of people that can be found there means that there is a significant market of potential customers for a range of products and services. If you are planning on venturing into the world of online marketing, the best place to do it is in Oklahoma.
While it is certainly possible to be successful in marketing products online without having a physical store or headquarters there, it is preferable to have a physical presence in order to take full advantage of the digital landscape. The growth of internet shopping has made it much easier for people to seek products and information online. With many well-known brands and stores offering products and information online, it is much easier for consumers to find what they want and go through with a purchase without having to go from online store to online store.
This, in turn, can help businesses establish direct ties with consumers and build long-lasting bonds. Many businesses operate without a tangible presence in Oklahoma, but they certainly have one online. In fact, many companies and brands have multiple offices across the country, but they retain a significant presence in Oklahoma. This is likely because of the state’s favorable business-friendly environment and educated population. If you are looking for a place to settle down and build a successful business, Oklahoma is certainly a place to consider.
Why Should You Try To Establish A Business In Oklahoma?
Oklahoma, as mentioned above, is a large state. In fact, it is the 11th largest state in the country. In addition, while the state’s population is only around 5.9 million, there is a significant amount of room for growth. With more people moving to the city looking for employment, there is a large opportunity for your products and services to be marketed there. In particular, given the state’s high concentration of internet users, there is a great deal of potential for e-commerce businesses.
The United States Postal Service reports that there were 4.8 million home delivery transactions in the country in 2018. This represents a decrease of around 20% compared to 2017 when it came to home delivery. However, given the shift to online shopping, businesses that provide home delivery may actually see an increase in business. It is likely that more people are going to want to have products delivered to their homes instead of going out to buy them. When this happens, home delivery businesses will profit.
An Educated Population
One of the significant factors that make Oklahoma a desirable place to do business is its highly educated population. In fact, the state educates more students than any other in the country. It is ranked 2nd in the country (tied with Massachusetts) in terms of percentage of adults holding at least a bachelor’s degree (26.7%). Only 12.8% of the population of the state has a high school diploma. This is compared to the national average of 21.9%.
There is a significant gap between the state’s overall employment rate and the number of people holding a bachelor’s degree or higher. The statewide employment rate was 64.8% in 2018, which was lower than the national average of 73.9%. However, among the state’s educated population, the employment rate was 88.2%, which was significantly higher.
Among those holding a bachelor’s degree or higher, 37.2% were employed in management positions or leadership roles. Another 22.7% were employed in scientific, technical, or computer roles. This represents a significant concentration of businesses and jobs in the state. It also demonstrates the great demand for products and services offered by those businesses.
Attractive Tax Rates And Low Corporate Income Tax
One of the significant factors that make Oklahoma such a desirable place to do business is its tax policies. One of the main reasons behind this is simple; the state doesn’t charge any tax on businesses. This is in contrast to many other states, which impose a significant income tax on businesses and individuals. For example, Pennsylvania’s overall income tax rate is 1.45%, which is significantly higher than the national average of 3.36%.
This may not seem like a big deal, but it can be when you’re talking about a large corporation with offices in multiple states. The tax burden can be significantly higher when you factor in the cost of paying tax lawyers and accountants. Many large corporations choose to avoid paying income tax in states where they have offices by registering as a subsidiary in a state with no income tax. However, even then, they may still be required to pay payroll taxes in the state where they have their headquarters.
In general, the fewer taxes you have to pay, the easier it is to operate a business there. This doesn’t mean that all taxes are waived. There are still expenses such as utilities and internet service that have to be paid. However, the overall cost of doing business in Oklahoma is attractive relative to other states. This is largely due to the lack of corporate income tax and the relatively low property tax.
Favorable Business-friendly Environment
Many people may know that Oklahoma is home to the University of Oklahoma. However, this is just one of the many educational institutions that the state is home to. In fact, it is one of the 25 largest universities in the country. It also happens to be the largest in the state.
This, in turn, provides further evidence of the state’s extraordinary level of academic achievement. In 2018, around 61,000 students were enrolled at the university, which is located in Norman. This represents a 10% increase compared to 2017 when there were 55,600 students there. The university also reports that there were 17,600 continuing education students studying for a degree in 2019.
Enrolling in a four-year university in Oklahoma doesn’t cost that much. In fact, according to GoodFinancialCents.com, the cost of attendance for 2019 is only around $9,700. In contrast, the cost of tuition and fees at the University of Pennsylvania is $53,600. Similar data for the Massachusetts Institute of Technology shows that it costs $52,600 to attend the school.
The quality of the education and research opportunities at the University of Oklahoma are undoubtedly among the best in the country. This provides further evidence of why so many businesses have set up shop there. If you are looking for a place to settle down and start a family, the business-friendly environment in Oklahoma is certainly inviting. There is plenty of room for you to thrive.
The State’s E-commerce Scene
One of the significant factors that make Oklahoma a desirable place to do business is its e-commerce scene. In fact, the state has the 16th largest online consumer base in the country. It is also one of the most active online shopping markets. According to the United States Census Bureau, in 2018 there were 4.8 million home delivery transactions in the state.
This was an increase of around 20% compared to 2017 and demonstrates how internet shopping has taken off in the state. Many retailers and brands operate online stores that serve the entire state. This means that there is a great deal of competition in the state, but it also ensures that there is plenty of choice for consumers. In addition, many businesses have multigenerational households, which means that there is a greater demand for products that can cater to all age groups. This, in turn, can make the state a destination for people who want to buy products that they can use themselves or give as gifts. This can also make the state a desirable place for tourists who want to visit the many museums and cultural hubs located there.