Doing Business in Cincinnati

Owning a small business in Cincinnati is a great decision! We enjoy a consistent growing economy while maintaining a relatively low cost of living. This stable business environment enables startups to focus on their mission, customers, and workers. 

Cincinnati Night Sky

Did you know that in the U.S. nearly 1 in 5 business startups fail within the first year, and about 50% after five years? But Cincinnati’s rate of success for startups after 5 years is a remarkable 74%. Some of that success comes from the meteoric rise of tech and medical startups in the Queen City, as well as the Cincinnati business culture coupled with a commitment to venture development firms like CincyTech

In 2022, Ohio’s minimum wage rose $.50/hour to $9.30 (the federal minimum wage is $7.25). The District of Columbia tops the list at $15.20 while Wyoming takes the bottom slot at $5.15.

Only 18 states have a lower rate than Ohio. See the chart »

Local colleges and universities contribute by turning out well-educated potential employees who choose to stay in Cincinnati because of its family-friendly neighborhoods, outstanding schools, parks and cultural amenities, food and dining, major sports teams, and down-home midwestern values.

Small businesses contribute by supporting other small businesses with similar dreams, values, and goals.

If you are a loyal customer of DLMoney Matters, thank you! If you are still on the fence about whether to offload the anxiety, fears, and burdens of the time you spend on financial, tax, and accounting matters, get to know us. And please, refer us to your friends.

How to Avoid the After-Tax Blues

Tax season is always a stressful time for small business owners. Seriously, who wants to hand over to the U.S. Treasury what you worked so hard to earn!

Tax preparation takes time away from running the business, marketing products or services, or putting out those fires that always seem to plague small business owners at the worst possible times.

Fortunately, if you have received this email, you’re likely a DLMM customer for whom we’ve been shouldering the responsibility of properly filing your business taxes accurately and on time (thank you!). But, if you’ve received this email because you are a small business owner and a client of ours forwarded it to you, we invite you to subscribe to future issues. Just complete the Need Help? subscription form on our website. 

Investopedia published an article “5 Ways for Small Business Owners to Reduce Their Taxable Income.” They listed several obvious ways:

  • Start a SEP, IRA, Roth IRA or 403(b) retirement plan,
  • Open a Health Savings Account (HSA),
  • Make sure you have the right business structure.

Our favorite advice from this article? Hire a Pro! Dedicate your time to doing what you do best; leave the money matters to us—it’s what we do best, for you. If you receive our newsletter, you are already a small business owner who wants to keep more of your own money or make your money work harder for you. If you received this because it was forwarded by one of our valued clients, your inquiry as to how we might help you and your small business could make a difference at tax time in 2023. 

At DL MoneyMatters, we look out for small business so they don’t need to suffer from the After-Tax Blues.

Russia vs. American Small Business

The world economy depends on global energy supplies. We were exposed to supply-chain snags during the Covid pandemic, but with the outbreak of war in Ukraine, sanction and export controls against Russia could make things even worse in terms of inflation.

Our reality check is that today a gallon of gas averages $4.10— a whopping 49% more than the $2.75 in March 2021. If your small business has a fleet of cars or trucks, inflation at the pump can tear into profits.

With commodity prices rising, the cost of services will also rise. Businesses often have no choice but to pass along their increased cost of products and services to their customers. A rising tide raises all boats!

So how can a small business protect itself?

According to the Bureau of Labor, the Consumer Price Index (CPI), which measures changes in the prices paid by consumer for goods and services, had it largest 12-month increase since 1982. If you can, it may be wise to stock up on inventory, invest in property and update equipment before the CPI rises higher.

Now that the Federal Reserve Board has decided to increase the federal funds rate, those who anticipated higher rates and place their cash into interest-bearing CDs, money markets, bonds and savings accounts may benefit. The Fed today signaled multiple incremental increases during the coming year.

If you have access to capital, it may be a good time to purchase inventory and the core materials needed for your business. Examine your technology needs. You may be able to do more with fewer people using state-of-the-art automation that requires less human interaction. 

If eligible, look into a fixed-rate loan from the SBA (Small Business Administration) for working capital and to refinance any existing debt on your business.

Talk to your suppliers about long-term agreements and if you rent business space, consider negotiating a longer-term lease. 

Finally, talk to us as well as your financial advisor. Whatever the nature of your small business, the worldwide pandemic followed by Russia’s invasion of Ukraine are reasons to prepare. 


As the crisis in Ukraine continues, people here in the Tri-State offer help to those who need to leave their homes. Read about the Matthew 25: Ministry program and consider a generous donation for drop off at their location at 11083 Kenwood Road, 45242.