Are you starting a business in Florence, Kentucky? This article discusses the most important things to consider when opening a business in Florence.
Will You Be a Successful Entrepreneur?
Most startup companies fail, in part because the business owner did not have the perseverance and abilities that are necessary to succeed. So, before jumping into the world of entrepreneurship, 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 Florence. They are usually very willing to share their insights on the ups and downs of being an entrepreneur.
- We recommend reading Why Small Businesses Fail. For aspiring new entrepreneurs, it's a must read article.
- Get feedback from somebody whom you trust. Others sometimes know you better than you know yourself.
Florence, Kentucky Demographic Information
Florence has an active business community that includes small businesses,
mid-sized businesses and large businesses.
To give you a better feel for Florence demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Florence.
| Business Size | # of
Businesses |
| 1-4 Employees |
27040 |
| 5-9 Employees |
13611 |
| 10-19 Employees |
9672 |
| 20-49 Employees |
7449 |
| 50-99 Employees |
2808 |
| 100-249 Employees |
2301 |
| 250-499 Employees |
546 |
| 500-999 Employees |
156 |
| 1000+ Employees |
117 |
| All Florence Businesses |
63700 |
As a new Florence entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Florence 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.
| Business Type |
# of
Businesses |
|
Advertising Agencies |
2 |
| Amusement Arcades |
2 |
| Appliance Repair and Maintenance |
1 |
| Art Dealers |
1 |
| Automobile Driving Schools |
1 |
| Automotive Exhaust System Repair |
3 |
| Automotive Glass Replacement Shops |
2 |
| Automotive Parts and Accessories Stores |
6 |
|
Automotive Transmission Repair |
1 |
| Baked Goods Stores |
2 |
| Ball and Roller Bearing Manufacturing |
1 |
| Barber Shops |
1 |
| Beauty Salons |
26 |
| Beer, Wine, and Liquor Stores |
6 |
| Boat Dealers |
1 |
| Book Publishers |
2 |
|
Book Stores |
5 |
| Bowling Centers |
1 |
| Building Inspection Services |
1 |
| Business and Secretarial Schools |
3 |
| Business Associations |
1 |
| Cable and Other Program Distribution |
2 |
| Cafeterias |
3 |
| Camera and Photographic Supplies Stores |
2 |
|
Car Washes |
6 |
| Carpet and Upholstery Cleaning Services |
4 |
| Caterers |
1 |
| Child and Youth Services |
1 |
| Child Day Care Services |
15 |
| Children's and Infants' Clothing Stores |
4 |
| Civic and Social Organizations |
2 |
| Claims Adjusting |
1 |
|
Clothing Accessories Stores |
4 |
| Coin-Operated Laundries and Drycleaners |
2 |
| Collection Agencies |
1 |
| Commercial Lithographic Printing |
5 |
| Commercial Screen Printing |
1 |
| Computer and Software Stores |
6 |
| Computer Systems Design Services |
4 |
| Construction Machinery Manufacturing |
1 |
|
Consumer Lending |
7 |
| Convenience Stores |
3 |
| Cookie and Cracker Manufacturing |
1 |
| Cosmetology and Barber Schools |
2 |
| Couriers |
2 |
| Credit Unions |
1 |
| Custom Computer Programming Services |
10 |
| Dental Laboratories |
5 |
|
Diet and Weight Reducing Centers |
1 |
| Direct Life Insurance Carriers |
1 |
| Direct Mail Advertising |
3 |
| Direct Title Insurance Carriers |
1 |
| Directory and Mailing List Publishers |
1 |
| Discount Department Stores |
4 |
| Display Advertising |
1 |
| Drafting Services |
2 |
|
Drinking Places (Alcoholic Beverages) |
5 |
| Drywall and Insulation Contractors |
5 |
| Electric Power Distribution |
4 |
| Electrical Contractors |
10 |
| Electronic Resistor Manufacturing |
1 |
| Employment Placement Agencies |
1 |
| Engineering Services |
11 |
| Environmental Consulting Services |
1 |
|
Exam Preparation and Tutoring |
1 |
| Exterminating and Pest Control Services |
6 |
| Family Clothing Stores |
11 |
| Family Planning Centers |
1 |
| Farm Management Services |
1 |
| Farm Supplies Merchant Wholesalers |
2 |
| Fine Arts Schools |
2 |
| Finish Carpentry Contractors |
2 |
|
Fitness and Recreational Sports Centers |
7 |
| Floor Covering Stores |
3 |
| Flooring Contractors |
3 |
| Florists |
3 |
| Food (Health) Supplement Stores |
2 |
| Food Service Contractors |
2 |
| Footwear and Leather Goods Repair |
1 |
| Formal Wear and Costume Rental |
3 |
|
Framing Contractors |
8 |
| Freight Transportation Arrangement |
7 |
| Frozen Specialty Food Manufacturing |
1 |
| Full-Service Restaurants |
54 |
| Funeral Homes and Funeral Services |
1 |
| Furniture Stores |
12 |
| General Automotive Repair |
10 |
| General Freight Trucking, Local |
4 |
|
General Medical and Surgical Hospitals |
1 |
| General Rental Centers |
2 |
| General Warehousing and Storage |
5 |
| Gift, Novelty, and Souvenir Stores |
11 |
| Glass and Glazing Contractors |
1 |
| Grantmaking Foundations |
1 |
| Graphic Design Services |
2 |
| Hand and Edge Tool Manufacturing |
1 |
|
Hardware Merchant Wholesalers |
2 |
| Hardware Stores |
1 |
| Hazardous Waste Treatment and Disposal |
1 |
| Heating Oil Dealers |
1 |
| Hobby, Toy, and Game Stores |
8 |
| Home Centers |
3 |
| Home Furnishing Merchant Wholesalers |
1 |
| Home Health Care Services |
2 |
|
Homes for the Elderly |
3 |
| Household Appliance Stores |
2 |
| Industrial Building Construction |
1 |
| Insurance Agencies and Brokerages |
36 |
| Interior Design Services |
1 |
| International Trade Financing |
1 |
| Internet Service Providers |
1 |
| Investigation Services |
2 |
|
Investment Advice |
3 |
| Iron and Steel Mills |
1 |
| Iron Foundries |
1 |
| Janitorial Services |
20 |
| Jewelry Stores |
15 |
| Junior Colleges |
1 |
| Land Subdivision |
1 |
| Landscape Architectural Services |
1 |
|
Landscaping Services |
18 |
| Lessors of Other Real Estate Property |
3 |
| Limited-Service Restaurants |
62 |
| Linen Supply |
1 |
| Local Messengers and Local Delivery |
2 |
| Locksmiths |
2 |
| Machine Shops |
3 |
| Mail-Order Houses |
1 |
|
Manifold Business Forms Printing |
1 |
| Manufactured (Mobile) Home Dealers |
2 |
| Marketing Consulting Services |
4 |
| Masonry Contractors |
5 |
| Meat Markets |
2 |
| Media Buying Agencies |
1 |
| Media Representatives |
1 |
| Medical Laboratories |
3 |
|
Men's Clothing Stores |
2 |
| Mortgage and Nonmortgage Loan Brokers |
6 |
| Motion Picture and Video Production |
1 |
| Motorcycle Dealers |
2 |
| Musical Instrument and Supplies Stores |
1 |
| Nail Salons |
1 |
| Natural Gas Distribution |
1 |
| New Car Dealers |
11 |
|
New Housing Operative Builders |
4 |
| Newspaper Publishers |
1 |
| Nonresidential Property Managers |
2 |
| Nursing Care Facilities |
3 |
| Office Administrative Services |
2 |
| Office Equipment Merchant Wholesalers |
2 |
| Office Supplies and Stationery Stores |
6 |
| Offices of Certified Public Accountants |
10 |
|
Offices of Chiropractors |
15 |
| Offices of Dentists |
32 |
| Offices of Lawyers |
27 |
| Offices of Optometrists |
5 |
| Offices of Other Holding Companies |
3 |
| Offices of Podiatrists |
2 |
| Offices of Real Estate Appraisers |
2 |
| One-Hour Photofinishing |
1 |
|
Optical Goods Stores |
8 |
| Outdoor Power Equipment Stores |
1 |
| Packaging Machinery Manufacturing |
1 |
| Packing and Crating |
1 |
| Paint and Coating Manufacturing |
1 |
| Paint and Wallpaper Stores |
3 |
| Painting and Wall Covering Contractors |
3 |
| Passenger Car Rental |
3 |
|
Payroll Services |
2 |
| Periodical Publishers |
1 |
| Pet and Pet Supplies Stores |
4 |
| Pet Care (except Veterinary) Services |
1 |
| Petroleum Bulk Stations and Terminals |
2 |
| Pharmacies and Drug Stores |
6 |
| Photography Studios, Portrait |
7 |
| Plastics Bottle Manufacturing |
2 |
|
Portfolio Management |
2 |
| Private Mail Centers |
3 |
| Quick Printing |
2 |
| Racetracks |
1 |
| Ready-Mix Concrete Manufacturing |
2 |
| Real Estate Credit |
10 |
| Residential Property Managers |
3 |
| Residential Remodelers |
6 |
|
Retail Bakeries |
2 |
| Rolled Steel Shape Manufacturing |
1 |
| Roofing Contractors |
8 |
| Sales Financing |
5 |
| Savings Institutions |
3 |
| Scheduled Passenger Air Transportation |
2 |
| Securities Brokerage |
4 |
| Security Guards and Patrol Services |
1 |
|
Sheet Metal Work Manufacturing |
1 |
| Shoe Stores |
15 |
| Sign Manufacturing |
3 |
| Site Preparation Contractors |
6 |
| Small Arms Manufacturing |
1 |
| Snack and Nonalcoholic Beverage Bars |
10 |
| Software Publishers |
1 |
| Sporting Goods Stores |
11 |
|
Sports and Recreation Instruction |
2 |
| Spring (Heavy Gauge) Manufacturing |
2 |
| Spring (Light Gauge) Manufacturing |
1 |
| Tax Preparation Services |
11 |
| Telecommunications Resellers |
1 |
| Telemarketing Bureaus |
5 |
| Telephone Answering Services |
1 |
| Temporary Help Services |
13 |
|
Tire and Tube Merchant Wholesalers |
1 |
| Tire Dealers |
6 |
| Title Abstract and Settlement Offices |
3 |
| Tobacco Stores |
5 |
| Toilet Preparation Manufacturing |
1 |
| Translation and Interpretation Services |
1 |
| Travel Agencies |
3 |
| Used Car Dealers |
10 |
|
Used Household and Office Goods Moving |
1 |
| Used Merchandise Stores |
4 |
| Vending Machine Operators |
1 |
| Veterinary Services |
6 |
| Video Tape and Disc Rental |
4 |
| Vocational Rehabilitation Services |
2 |
| Warehouse Clubs and Supercenters |
3 |
| Wholesale Trade Agents and Brokers |
11 |
|
Window Treatment Stores |
1 |
| Wired Telecommunications Carriers |
3 |
| Women's Clothing Stores |
18 |
Should You Franchise?
As you drive around Florence, you may be surprised to see how many franchises there are in the area. But is franchising the right option for you?
Most business experts recommend that you consider franchising as an option. To help you learn more about franchising, we've gathered a ton of articles on franchising, including Staffing a Franchise. 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 Owner/Builder Network, The and Business Advisers International. Alternatively, you can browse franchise categories, such as Bakery Franchises and Moving Franchises.
Note on Florence Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Florence.
The Role of the Business Plan
A business plan is critical in laying a solid foundation for your business success. In effect, 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 is a recipe for disaster.
To learn more about business plans, read Business Plan Software. A great resource for business planning assistance is the free counseling sessions provided by your local SCORE chapter in Kentucky.
Getting Money to Start a Business
Obtaining startup financing for your Florence business will be harder than you might expect. If you don't have a rich uncle to fund you, you'll need to be creative in how you approach your fundraising efforts.
Fortunately, this site contains dozens of articles on raising money, including one we recommend entitled 504 Loans.
For Florence entrepreneurs on the hunt for startup funding, we have assembled a List of Kentucky Angel Investors and our List of Kentucky Venture Capital Firms.
Learning More About Entrepreneurship
Successful business owners recognize that they don't know everything.
With your business being located in Florence, Kentucky, you should check out some of the many programs available at nearby Kentucky universities, colleges and community colleges. Another way to keep up on your entrepreneurial education is to investigate Florence networking organizations.
What's Next?
Most new Florence 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 Florence and elsewhere to achieve real success. We believe entrepreneurship is an amazing engine for job creation in Florence, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Florence, Kentucky
Here are more links that we believe will help you be successful in starting a business in Florence.
- Resources for Florence, Kentucky Entrepreneurs - Browse a variety of resources we've collected to assist Florence 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.
- Florence, Kentucky Newspaper Ad Rates - This is a nearly comprehensive list of advertising rates for Florence, Kentucky newspapers, including ad costs for newspapers serving the Florence area.
- Florence, Kentucky Payroll Services - This list includes Florence, Kentucky payroll services, national payroll services for Florence, and helpful information on choosing a Florence payroll service.
- Florence, Kentucky Businesses for Sale - This list includes resources for buying a business in Florence, Kentucky, such as business brokers in Florence and other helpful information on how to buy a Florence business.
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