Kentucky Business Startup Guides
Starting a Business in Nicholasville, Kentucky
Thinking about starting a business in Nicholasville, Kentucky? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Nicholasville.
Nicholasville, Kentucky Demographic Information
Nicholasville has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Nicholasville demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Nicholasville.
Businesses
As a new Nicholasville entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Nicholasville 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
A big decision when starting a company is choosing a company name. Believe it or not, choosing a good company name can be a big contributor to your business success.
Companies like Starbucks, Apple, Target, Microsoft and Intuit all have strong company names that are easy to remember and have become well-loved brands. Wouldn't it be nice if your new company name got on a similar track?
For other considerations regarding naming a company, we recommend this article: Naming a Business.
On a final note, given that you are planning on starting a business in Nicholasville, it's imperative that you check now that your company name has not already been claimed by another Kentucky business.
Forming a Company in Nicholasville, Kentucky
It's very important that your business is formed as a legal entity that is separate from its owners. The principal advantage of forming your new business as a legal entity is that it separates your business liabilities from your personal liabilities.
When forming a company, you will pick from many company types, such as a corporation, LLC, sole proprietorship, partnership or other structure.
Incorporation is a very common way to legally create a business entity. 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, you don't necessarily have to incorporate in Kentucky. In fact, you can incorporate wherever you want. 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 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 Pre-Incorporation Agreements. You should also consider getting professional assistance from your business lawyer. On a final note, since you will be starting a business in Nicholasville, Kentucky, our web page covering Incorporating in Kentucky may be a useful resource if you decide to incorporate in Kentucky.
Do You Need a Business Plan?
Having a business plan is critical to the health of your new business. In effect, a business plan describes what you plan to do with the business and how you plan to do it. Starting a business without a business plan makes you more prone to becoming a business failure statistic.
To learn more about business plans, read Business Plan Mistakes. A great resource for business planning assistance is the free business counselors available to you through your local SCORE chapter in Kentucky.
Raising Money for Your New Venture
Raising money to fund your new Nicholasville business is not an easy task. 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 Attracting Investors.
For Nicholasville entrepreneurs on the hunt for startup funding, you'll want to take a look at our List of Kentucky Angel Investors and our List of Kentucky Venture Capital Firms.
Promoting Your New Company
Whether your goal is to attract Nicholasville customers or you plan on selling elsewhere, you'll need to have a good marketing plan.
There are myriad resources on this site to help you with your marketing plan. Music on Hold discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. There are many more articles on marketing on our site. Visit our Small Business Marketing resource section to see them all.
Improving Your Entrepreneurial Skillset
The best business owners recognize that they don't know everything.
Given that you are starting a business in Nicholasville, Kentucky, you should get information on some of the learning programs at local Kentucky educational institutions. You should also check if there are any Nicholasville networking organizations.
Next Steps
Most new Nicholasville 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 Nicholasville and elsewhere to achieve real success. We believe entrepreneurship is an amazing engine for job creation in Nicholasville, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Nicholasville, Kentucky
Here are more links that we believe will help you be successful in starting a business in Nicholasville.
- Resources for Nicholasville, Kentucky Entrepreneurs - Browse a variety of resources we've collected to assist Nicholasville 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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