Kentucky Business Startup Guides
Starting a Business in Morganfield, Kentucky
Thinking about starting a business in Morganfield, Kentucky? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Morganfield.
Are You Sure You Want to Do This?
Before you get too far along in the process, consider your entrepreneurial instincts and capabilities.
While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:
- Talk to other entrepreneurs in Morganfield. Ask them candidly what it's like to run a business.
- 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. The people who know you best are often in the best position to tell you bluntly whether you will be a good entrepreneur.
What Business Are You Starting?
Choosing a business that is right for you is very important. You might get some good ideas about what kind of business to start by reading How to Evaluate a Business Idea.
For in-depth how-to guides on how to start specific businesses, browse our Good Businesses to Start section of our site. For example, you might be interested in our Starting a Buildings Commercial & Industrial Moving & Raising Business guide or our Opening a Coffee Retail Business guide.
Remember that Morganfield is the place where you are starting a business. The business you want to start may already be well-represented in Morganfield. Study Morganfield demographics and do a competitive analysis as part of your startup planning process.
Morganfield, Kentucky Demographic Information
Morganfield has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Morganfield demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Morganfield.
Businesses
As a new Morganfield entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Morganfield 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
Naming the Company
Making the right decision when choosing a company name is very important. There are many decisions you'll make now that you can change later, but changing a company name years down the road is not very easy. So, choose a good company name at the outset.
We strongly advocate that you make sure the ".com" domain name is available for your company name. Every business needs a strong Web presence these days, and having a non ".com" domain means somebody else may outrank you in the search results for your own company name.
Numerous company naming issues are discussed in more detail in this article: Branding Advice.
On a final note, given that you are opening a business in Morganfield, it's very important that you make sure no other Kentucky company is using the business name you want to use.
Forming a Company in Morganfield, 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.
The entity you form can be a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
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. If you are starting a business in Kentucky, it doesn't mean you are required 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 Where to Incorporate. You should also consider getting professional assistance from your business lawyer. Finally, if you are starting a business in Morganfield, Kentucky, our information on Incorporating in Kentucky may be a useful resource if you decide to incorporate in Kentucky.
Startup Financing Basics
Getting your Morganfield business the capital it needs to succeed is very difficult due to the ongoing business credit crunch. To obtain business financing, you will need to hear a lot of rejections before you finally find a funding solution that works for you.
Fortunately, this site contains dozens of articles on raising money, including one we recommend entitled Borrowing Money from Friends and Family.
For Morganfield entrepreneurs who want to raise money for a new venture, check out our List of Kentucky Angel Investors and our List of Kentucky Venture Capital Firms.
Improving Your Entrepreneurial Skillset
The best business owners recognize that what they know now may not be enough to ensure their future success.
With your business being located in Morganfield, Kentucky, you will want to take advantage of the learning programs at local Kentucky educational institutions. It's also worthwhile to see if there are any networking groups or organizations in which Morganfield entrepreneurs get together to network and trade their business experiences.
Next Steps
You have a dream -- starting a business in Morganfield. To achieve your dream, you have to persevere, even when the odds are against you.
From this point on, you control your own destiny.
We are here to help Morganfield businesses to be successful. We believe entrepreneurship is an amazing engine for job creation in Morganfield, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Morganfield, Kentucky
Here are more links that we believe will help you be successful in starting a business in Morganfield.
- Resources for Morganfield, Kentucky Entrepreneurs - Browse a variety of resources we've collected to assist Morganfield 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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