Kentucky Business Startup Guides
Open a Business in Cumberland, Kentucky
Need help starting a business in Cumberland, Kentucky? We've got the information you need to open a business in Cumberland.
Are You Ready for Entrepreneurship?
Most startup companies do not succeed, in part because the entrepreneur did not have the tenacity and/or the skills to succeed. So, before you open a business, consider all of the implications of being an entrepreneur.
Here are three things we recommend you do before you fully commit to starting a new business of your own.
- Talk to other entrepreneurs in Cumberland. Listen closely to their experiences and see if you think you too can be successful.
- We recommend reading Should You Become an Entrepreneur?. For aspiring new entrepreneurs, it's a must read article.
- Have a candid conversation with friends and family. Ask them directly: Do I have what it takes to be an entrepreneur? Listen carefully to their answer, as they presumably know your strengths and weaknesses.
What Business to Start
There are many businesses that you can start. How do you know which type of business is right for you? If you are struggling with what type of business to start, read How to Evaluate a Business Idea.
For step-by-step instructions on starting a variety of business types, visit the Good Businesses to Start section of our site. For example, you might be interested in our Opening a Medical Personnel Employment Agencies Business guide or our How to Start a Motels Business guide.
Always keep in mind that you are opening your new business in Cumberland. The business you want to start may already be well-represented in Cumberland. Only by spending some time analyzing Cumberland demographics can you decide if there will be strong demand for your business idea.
Cumberland, Kentucky Demographic Information
Cumberland has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Cumberland demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Cumberland.
Businesses
As a new Cumberland entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Cumberland for each business category. By looking at this chart, you can get a general sense for how much competition there is in the business niche that you are pursuing.
Businesses
What About Franchising Opportunities?
Examine a list of Cumberland businesses and it becomes clear that purchasing a franchise is a common way to get started as an entrepreneur. But is franchising the right option for you?
Most business experts recommend that you look into purchasing a franchise. This site has dozens of articles on franchising, such as Franchise Due Diligence. Become a franchising expert of sorts by reading more of our Articles on Franchising.
You can review hundreds of franchise opportunities by browing our Franchise Directory.
Representative franchise opportunities include Passport Health and Arizona Pizza Company. Alternatively, you can browse franchise categories, such as Frozen Yogurt Franchises and Kid Friendly Franchises.
Note on Cumberland Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Cumberland.
Forming a Company in Cumberland, Kentucky
It's very important that you form your business as a legal structure. Among other things, forming a legal entity for the business limits your liabilities.
When forming a company, you will pick from many company types, such as a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
Incorporating is a very common way to legally create a business entity. Of course, you have to decide which type of corporation to form and where to incorporate. If you are starting a business in Kentucky, you don't necessarily have to incorporate in Kentucky. As it turns out, you can incorporate in any state you would like to. However, if you do incorporate in another state, you'll have to register as a foreign corporation in your home state.
There are many nuances to forming a company. We recommend you read some of the educational articles about company formation that are availabe on our site, such as LLC Advantages. You should also consider getting professional assistance from your business lawyer. On a final note, since you will be starting a business in Cumberland, Kentucky, our web page covering Incorporating in Kentucky may be a useful resource if you decide to incorporate in Kentucky.
The Art of Selling
Mastering the art of selling is a must if you want your new Cumberland business to do well.
Why should customers buy from you instead of buying from competitors? Fortunately, we've got plenty of good advice to help you improve your selling skills.
Why Salespeople Fail offers some helpful tips on how to sell. It's one of several good articles on our site regarding Entrepreneurial Selling.
Never Give Up
Most new Cumberland businesses underestimate the number of challenges they will face.
From this point on, you control your own destiny.
This site is all about helping entrepreneurs in Cumberland and elsewhere to achieve real success. We have a wealth of experience in business start-ups, financing, marketing, sales and more...and we've made all of our knowledge available to you.
More Entrepreneurial Resources for Starting a Business in Cumberland, Kentucky
Here are more links that we believe will help you be successful in starting a business in Cumberland.
- Resources for Cumberland, Kentucky Entrepreneurs - Browse a variety of resources we've collected to assist Cumberland entrepreneurs.
- Kentucky Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Kentucky.
- Kentucky Small Business Development Center - The Kentucky Small Business Development Center (KSBDC) has been assisting Kentucky small business community for more than 25 years. KSBDC is co-sponsored by the U.S. Small Business Administration and is administered by the University of Kentucky in partnership with regional universities, community and private colleges, and the private sector.
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