Kentucky Business Startup Guides
Starting a Business in Lawrenceburg, Kentucky
Thinking about starting a business in Lawrenceburg, Kentucky? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Lawrenceburg.
Is Becoming an Entrepreneur Right for You?
Most new businesses do not succeed, in part because the entrepreneur did not have the entrepreneurial skills and traits needed to succeed. So, before you start your business, consider all of the implications of being an entrepreneur.
Before you move forward with starting a business, be sure to do these three things:
- Speak with other entrepreneurs in Lawrenceburg. Get their take on what it's really like to be an entrepreneur.
- You should read Starting a Company. It's a good read for those who are thinking about becoming an entrepreneur.
- Talk it over with a close friend or partner. That's the best way to get a truly objective assessment as to whether others think you have what it takes.
Lawrenceburg, Kentucky Demographic Information
Lawrenceburg has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Lawrenceburg demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Lawrenceburg.
Businesses
As a new Lawrenceburg entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Lawrenceburg 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
Have You Considered Buying an Existing Lawrenceburg Business?
We've created a handy website page for those who want to Buy a Business in Kentucky. Follow that link and you might discover several good businesses for sale in Lawrenceburg.
Before buying a business, be sure to read this article: How to Buy a Business.
Company Formation in Lawrenceburg, Kentucky
It's essential that your business is formed as a legal entity that is separate from its owners. Doing so will shield you from personal liability for business debts and obligations.
The entity you form can be a corporation, LLC, sole proprietorship, partnership or other structure.
Incorporating is a very popular way to form a business. A key decision is whether to form and S-Corp or a C-Corp, and you also must decide in which state you will incorporate. Just because you are starting a business in Kentucky, you don't necessarily have to incorporate in Kentucky. In fact, you are allowed to incorporate in any state you would like to. For example, it's very popular to incorporate in Delaware, and incorporating in Nevada has become very trendy as well. Don't forget, though, that you will have to register as a foreign entity in all states that you do business in.
There's a lot to know about forming a company. To learn the fundamentals of company formation, browse articles on our site, such as Pre-Incorporation Agreements. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Lawrenceburg, Kentucky, our information on Incorporating in Kentucky may be a useful resource if you decide to incorporate in Kentucky.
Don't Forget to Create a Business Plan
A business plan is critical to the health of your new business. Simply put, your business plan is your game plan for how you hope to grow your business. Starting a business without a business plan is a recipe for disaster.
If writing a business plan is on your to-do list, be sure to read Find Sample Business Plans Online. A great resource for business planning assistance is the face-to-face free consulting available from your local SCORE chapter in Kentucky.
Getting the Word Out About Your New Business
Whether your goal is to attract Lawrenceburg customers or you plan on selling elsewhere, you'll need to have a good marketing plan.
We have some helpful resources on this site for entrepreneurs who are working on marketing plans. Elevator Advertising discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. That's just a taste of the many useful articles we have on Marketing a Small Business.
Moving Forward
Most new Lawrenceburg businesses underestimate the number of challenges they will face.
Owning your own business will be a daunting task, but you can do it.
This site is all about helping entrepreneurs in Lawrenceburg and elsewhere to achieve real success. We want to be there for you to answer your business questions, whether you are a new Lawrenceburg entrepreneur who is just getting started or you are already up and running with your new venture.
More Entrepreneurial Resources for Starting a Business in Lawrenceburg, Kentucky
Here are more links that we believe will help you be successful in starting a business in Lawrenceburg.
- Resources for Lawrenceburg, Kentucky Entrepreneurs - Browse a variety of resources we've collected to assist Lawrenceburg 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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