Kentucky Business Startup Guides
Opening a Business in Florence, Kentucky
Contemplating starting a business in Florence, Kentucky? We walk you through the process of 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.
Businesses
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.
Businesses
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.
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