Kentucky Business Startup Guides
Start a Business in Bardstown, Kentucky
Are you starting a business in Bardstown, Kentucky? This article discusses the most important things to consider when opening a business in Bardstown.
Are You Ready for the Challenges of Being an Entrepreneur?
Most startup ventures don't make it, in part because the entrepreneur did not have the tenacity and/or the skills to succeed. So, before you start your business, consider all of the implications of being an entrepreneur.
With so much at stake when you start a business, we strongly recommend you do the following before you proceed:
- Talk to other entrepreneurs in Bardstown. 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.
Bardstown, Kentucky Demographic Information
Bardstown has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Bardstown demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Bardstown.
Businesses
As a new Bardstown entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Bardstown 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
Forming a Company in Bardstown, Kentucky
It's very important that your business is formed as a legal entity that is separate from its owners. Doing so will insulate 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. 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. 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 Why Incorporate in Delaware. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Bardstown, Kentucky, our information on Incorporating in Kentucky may be a useful resource if you decide to incorporate in Kentucky.
Don't Skip the Business Plan
Writing a business plan is critical to the health of your new business. Indeed, a business plan describes what you plan to do with the business and how you plan to do it. Not having a business plan will greatly reduce your chances of business success.
To learn more about business plans, read Business Plan Contests. A great resource for business planning assistance is the free counseling sessions provided by your local SCORE chapter in Kentucky.
Raising Money for Your New Venture
Getting your Bardstown business the capital it needs to succeed requires strong organization skills and perseverance. If you don't have a rich uncle to fund you, you'll need to be creative in how you approach your fundraising efforts.
To learn about raising money, we recommend you read the fundraising articles on our site, such as Choosing VC Firms.
For Bardstown 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.
The Art of Selling
Mastering the art of selling is priority one if you want your new Bardstown business to do well.
So what does it take to bring in more prospects and close more business? Fortunately, we've got plenty of good advice to help you improve your selling skills.
Good Sales Strategies 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.
Never Give Up
Most new Bardstown businesses underestimate the number of challenges they will face.
From this point on, you control your own destiny.
We are here to help Bardstown businesses to be successful. We want to be there for you to answer your business questions, whether you are a new Bardstown 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 Bardstown, Kentucky
Here are more links that we believe will help you be successful in starting a business in Bardstown.
- Resources for Bardstown, Kentucky Entrepreneurs - Browse a variety of resources we've collected to assist Bardstown 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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