Kentucky Business Startup Guides
Starting a Business in Olive Hill, Kentucky
Thinking about starting a business in Olive Hill, Kentucky? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Olive Hill.
Will You Be a Good Entrepreneur?
Being an entrepreneur is demanding, much harder than working as an employee. Are you sure you have the stamina and skills to succeed on your own?
While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:
- Talk to other entrepreneurs in Olive Hill. They are usually very willing to share their insights on the ups and downs of being an entrepreneur.
- 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. Others sometimes know you better than you know yourself.
Olive Hill, Kentucky Demographic Information
Olive Hill has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Olive Hill demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Olive Hill.
Businesses
As a new Olive Hill entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Olive Hill 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
Is a Franchise Opportunity Right For You?
Visit the business district of Olive Hill and it's apparent that franchising has become a very popular way to start a business. But is franchising the right option for you?
Our recommendation is that you look into purchasing a franchise. We have many articles on franchises, such as Credit and Franchise Purchasing. Get a thorough education on franchising by browsing all of our Articles on Franchising.
To learn about specific franchise opportunities, check out our Franchise Directory.
Sample franchise opportunities include Wetzel's Pretzels and AllOver Media. Alternatively, you can browse franchise categories, such as Health and Beauty Franchises and Leisure and Entertainment Franchises.
Note on Olive Hill Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Olive Hill.
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.
Even if the name doesn't do it by itself, many naming experts believe there should be a story behind the name that ties into your company mission.
Numerous company naming issues are discussed in more detail in this article: Naming a Business.
There's one other important factor when naming a business. Since you are planning on starting a business in Olive Hill, it's critical that you ensure that your company name has not already been claimed by another Kentucky business.
Forming a Company in Olive Hill, Kentucky
It's very important that your business is formed as a legal entity that is separate from its owners. 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. 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 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 Registered Agents. You should also consider getting professional assistance from your business lawyer. On a final note, since you will be starting a business in Olive Hill, Kentucky, our web page covering Incorporating in Kentucky may be a useful resource if you decide to incorporate in Kentucky.
Make Sure You Have a Business Plan
Having a business plan is vital to the health of your new business. Simply put, a business plan describes what you plan to do with the business and how you plan to do it. Failure to write a business plan makes you more prone to becoming a business failure statistic.
Before you start writing a business plan, we suggest you skim Business Plan Mistakes. You should also take advantage of face-to-face free consulting available from your local SCORE chapter in Kentucky.
Bring in Revenues
Do you know how to sell? In order to attract customers to your new Olive Hill business, you need to focus on sales.
Why should customers buy from you instead of buying from competitors? The good news is we can help you to make selling a big competitve advantage for your new firm.
Sales Prospecting is worth reading, as it may give you some good ideas on how to sell your products or services. We have many more good articles on selling that you may enjoy reading.
What's Next?
As an entrepreneur in Olive Hill, you won't be working for the boss anymore. You are the boss.
From this point on, you control your own destiny.
We are here to help Olive Hill businesses to be successful. We want to be there for you to answer your business questions, whether you are a new Olive Hill 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 Olive Hill, Kentucky
Here are more links that we believe will help you be successful in starting a business in Olive Hill.
- Resources for Olive Hill, Kentucky Entrepreneurs - Browse a variety of resources we've collected to assist Olive Hill 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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