Are you starting a business in Madisonville, Kentucky? This article discusses the most important things to consider when opening a business in Madisonville.
What Business Are You Starting?
An important decision is what kind of business you want to start. If you are struggling with what type of business to start, read How to Evaluate a Business Idea.
For in-depth how-to guides on how to start specific businesses, browse our Good Businesses to Start section of our site. For example, you might be interested in our Starting a Real Estate Video Services Business guide or our Starting a Stucco Wholesale & Manufacturers Business guide.
Don't forget that starting a business in Madisonville has some implications. Some businesses will do better in Madisonville than others. Make sure you fully understand Madisonville demographics before you lock in on your business idea.
Madisonville, Kentucky Demographic Information
Madisonville has an active business community that includes small businesses,
mid-sized businesses and large businesses.
To give you a better feel for Madisonville demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Madisonville.
| Business Size | # of
Businesses |
| 1-4 Employees |
4248 |
| 5-9 Employees |
2580 |
| 10-19 Employees |
1440 |
| 20-49 Employees |
948 |
| 50-99 Employees |
228 |
| 100-249 Employees |
132 |
| 250-499 Employees |
60 |
| 500-999 Employees |
12 |
| 1000+ Employees |
12 |
| All Madisonville Businesses |
9660 |
As a new Madisonville entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Madisonville 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 |
|
Ambulance Services |
2 |
| Architectural Services |
1 |
| Art Dealers |
1 |
| Automotive Exhaust System Repair |
1 |
| Automotive Parts and Accessories Stores |
10 |
| Beauty Salons |
9 |
| Beer, Wine, and Liquor Stores |
6 |
| Bituminous Coal Underground Mining |
4 |
|
Book Stores |
3 |
| Bowling Centers |
1 |
| Business Associations |
4 |
| Cable and Other Program Distribution |
1 |
| Cafeterias |
1 |
| Child and Youth Services |
2 |
| Child Day Care Services |
7 |
| Children's and Infants' Clothing Stores |
3 |
|
Civic and Social Organizations |
7 |
| Clothing Accessories Stores |
1 |
| Coin-Operated Laundries and Drycleaners |
1 |
| Collection Agencies |
1 |
| Commercial Lithographic Printing |
2 |
| Community Food Services |
1 |
| Computer Systems Design Services |
1 |
| Concrete Block and Brick Manufacturing |
1 |
|
Confectionery and Nut Stores |
1 |
| Consumer Lending |
8 |
| Convenience Stores |
1 |
| Cosmetology and Barber Schools |
2 |
| Couriers |
1 |
| Credit Unions |
4 |
| Custom Computer Programming Services |
1 |
| Diagnostic Imaging Centers |
1 |
|
Discount Department Stores |
1 |
| Document Preparation Services |
1 |
| Drilling Oil and Gas Wells |
1 |
| Electric Power Distribution |
1 |
| Electrical Contractors |
5 |
| Elementary and Secondary Schools |
6 |
| Emergency and Other Relief Services |
1 |
| Employment Placement Agencies |
2 |
|
Engineering Services |
6 |
| Exterminating and Pest Control Services |
2 |
| Family Clothing Stores |
5 |
| Family Planning Centers |
1 |
| Farm Product Warehousing and Storage |
1 |
| Fitness and Recreational Sports Centers |
5 |
| Floor Covering Stores |
4 |
| Florists |
3 |
|
Fluid Milk Manufacturing |
1 |
| Food (Health) Supplement Stores |
1 |
| Framing Contractors |
2 |
| Freight Transportation Arrangement |
2 |
| Full-Service Restaurants |
17 |
| Funeral Homes and Funeral Services |
3 |
| Furniture Merchant Wholesalers |
1 |
| Furniture Stores |
2 |
|
General Automotive Repair |
7 |
| General Freight Trucking, Local |
3 |
| General Medical and Surgical Hospitals |
1 |
| General Rental Centers |
1 |
| Gift, Novelty, and Souvenir Stores |
1 |
| Glass and Glazing Contractors |
1 |
| Golf Courses and Country Clubs |
1 |
| Hardware Stores |
1 |
|
Home Centers |
3 |
| Home Health Care Services |
3 |
| Homes for the Elderly |
1 |
| Household Appliance Stores |
4 |
| Ice Manufacturing |
1 |
| Industrial Launderers |
5 |
| Institutional Furniture Manufacturing |
1 |
| Insurance Agencies and Brokerages |
20 |
|
Investment Advice |
1 |
| Iron and Steel Forging |
1 |
| Janitorial Services |
3 |
| Jewelry Stores |
5 |
| Kidney Dialysis Centers |
1 |
| Land Subdivision |
2 |
| Landscaping Services |
5 |
| Lessors of Other Real Estate Property |
1 |
|
Limited-Service Restaurants |
23 |
| Linen Supply |
1 |
| Logging |
1 |
| Machine Shops |
4 |
| Manufactured (Mobile) Home Dealers |
1 |
| Media Buying Agencies |
1 |
| Mobile Food Services |
1 |
| Motion Picture and Video Production |
1 |
|
Motor Vehicle Towing |
1 |
| Natural Gas Distribution |
1 |
| New Car Dealers |
5 |
| New Housing Operative Builders |
1 |
| Newspaper Publishers |
1 |
| Nursing Care Facilities |
4 |
| Office Administrative Services |
4 |
| Office Supplies and Stationery Stores |
3 |
|
Offices of Certified Public Accountants |
6 |
| Offices of Chiropractors |
6 |
| Offices of Dentists |
13 |
| Offices of Lawyers |
24 |
| Offices of Optometrists |
4 |
| Offices of Other Holding Companies |
1 |
| Offices of Real Estate Appraisers |
3 |
| Outdoor Power Equipment Stores |
1 |
|
Paint and Wallpaper Stores |
3 |
| Painting and Wall Covering Contractors |
1 |
| Paper (except Newsprint) Mills |
1 |
| Pet and Pet Supplies Stores |
2 |
| Pet Care (except Veterinary) Services |
1 |
| Petroleum Bulk Stations and Terminals |
2 |
| Pharmacies and Drug Stores |
8 |
| Photography Studios, Portrait |
3 |
|
Pipeline Transportation of Natural Gas |
2 |
| Professional Employer Organizations |
1 |
| Public Relations Agencies |
1 |
| Quick Printing |
1 |
| Racetracks |
1 |
| Radio Stations |
1 |
| Ready-Mix Concrete Manufacturing |
2 |
| Real Estate Credit |
2 |
|
Residential Property Managers |
1 |
| Residential Remodelers |
5 |
| Savings Institutions |
1 |
| Sawmills |
2 |
| Securities Brokerage |
6 |
| Security Guards and Patrol Services |
1 |
| Septic Tank and Related Services |
1 |
| Shoe Stores |
3 |
|
Siding Contractors |
1 |
| Sign Manufacturing |
2 |
| Site Preparation Contractors |
7 |
| Soft Drink Manufacturing |
1 |
| Solid Waste Landfill |
1 |
| Sporting Goods Stores |
3 |
| Sports and Recreation Instruction |
1 |
| Support Activities for Coal Mining |
4 |
|
Tax Preparation Services |
1 |
| Telemarketing Bureaus |
1 |
| Temporary Help Services |
1 |
| Testing Laboratories |
2 |
| Textile Bag Mills |
1 |
| Tire Dealers |
3 |
| Tobacco Stores |
2 |
| Travel Agencies |
3 |
|
Used Car Dealers |
5 |
| Used Merchandise Stores |
6 |
| Veterinary Services |
4 |
| Video Tape and Disc Rental |
4 |
| Warehouse Clubs and Supercenters |
1 |
| Wholesale Trade Agents and Brokers |
1 |
| Wired Telecommunications Carriers |
2 |
| Women's Clothing Stores |
4 |
Should You Buy an Existing Madisonville Business?
An excellent way to get started in business is to Buy a Business in Kentucky. Follow that link and you can review several good businesses for sale in Madisonville.
Before buying a business, be sure to read this article: Buying a Business.
Forming a Company in Madisonville, Kentucky
It's essential that your business is formed as a legal entity that is separate from its owners. Doing so will separate you from personal liability for business debts and obligations.
The entity you form can be a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
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, it doesn't mean you are required to incorporate in Kentucky. As it turns out, 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 Offshore Company Formation. You may also want to seek the advice of an lawyer. Finally, if you are starting a business in Madisonville, Kentucky, our information on Incorporating in Kentucky may be a useful resource if you decide to incorporate in Kentucky.
Raising Money for Your New Venture
Getting your Madisonville business the capital it needs to succeed 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 Madisonville entrepreneurs in need of startup financing, check out our List of Kentucky Angel Investors and our List of Kentucky Venture Capital Firms.
Promoting Your New Company
Whether your goal is to attract Madisonville customers or you plan on selling elsewhere, you need a excellent marketing plan.
There are myriad resources on this site to help you with your marketing plan. Advertising in Magazines discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. That's just a taste of the many useful articles we have on Marketing a Small Business.
Building Up Your Sales
Mastering the art of selling is essential if you want your new Madisonville business to do well.
Why should customers buy from you instead of buying from competitors? Let us help you refine your selling techniques through our many useful sales advice tips.
Writing Great Proposals offers some helpful tips on how to sell. It's one of several good articles on our site regarding Entrepreneurial Selling.
Now It's Up To You
Most new Madisonville businesses underestimate the number of challenges they will face.
From this point on, you control your own destiny.
We are here to help Madisonville businesses to be successful. We believe entrepreneurship is an amazing engine for job creation in Madisonville, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Madisonville, Kentucky
Here are more links that we believe will help you be successful in starting a business in Madisonville.
- Resources for Madisonville, Kentucky Entrepreneurs - Browse a variety of resources we've collected to assist Madisonville 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.
- Madisonville, Kentucky Newspaper Ad Rates - This is a nearly comprehensive list of advertising rates for Madisonville, Kentucky newspapers, including ad costs for newspapers serving the Madisonville area.
- Madisonville, Kentucky Radio Advertising Prices - To help you in your marketing efforts, we've gathered radio advertising rates for Madisonville, Kentucky area radio stations.
- Madisonville, Kentucky Payroll Services - This list includes Madisonville, Kentucky payroll services, national payroll services for Madisonville, and helpful information on choosing a Madisonville payroll service.
- Madisonville, Kentucky Businesses for Sale - This list includes resources for buying a business in Madisonville, Kentucky, such as business brokers in Madisonville and other helpful information on how to buy a Madisonville business.
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