Kentucky Business Startup Guides
Open a Business in Whitesburg, Kentucky
Need help starting a business in Whitesburg, Kentucky? We've got the information you need to open a business in Whitesburg.
Are You Sure You Want to Do This?
Most new ventures do not succeed, in part because the entrepreneur did not have the entrepreneurial skills and traits needed to succeed. So, before you open a business, consider all of the implications of being an entrepreneur.
Here are three things we recommend you do before you fully commit to starting a new business of your own.
- Reach out to other entrepreneurs in Whitesburg. Ask them candidly what it's like to run a business.
- Peruse Characteristics of Successful Entrepreneurs. This is one of our more popular articles for folks who want to go into business for themselves.
- Seek the advice of somebody who knows you well. The people who know you best are often in the best position to tell you bluntly whether you will be a good entrepreneur.
What Type of Business Should You Start?
There are many businesses that you can start. How do you know which type of business is right for you? To stir your creative juices on what kind of business to start, take a look at Evaluating Your 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 How to Start an Audiologists Practice guide or our Opening a Cut Stone & Stone Products Manufacturers Business guide.
Don't forget that your new startup will be located in Whitesburg. Some businesses will do better in Whitesburg than others. Don't forget to review Whitesburg demographics to see if there's a market for what you want to sell.
Whitesburg, Kentucky Demographic Information
Whitesburg has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Whitesburg demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Whitesburg.
Businesses
As a new Whitesburg entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Whitesburg 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 Whitesburg, it becomes clear that purchasing a franchise is a common way to get started as an entrepreneur. Is franchising maybe a better way for you to start your business?
Our recommendation is that you consider franchising as an option. To help you learn more about franchising, we've gathered a ton of articles on franchising, including Opportunities in International Franchising. Become a franchising expert of sorts by reading more of our Articles on Franchising.
You can find franchise opportunities by browsing our Franchise Opportunities Directory.
Sample franchise opportunities include Nick-N-Willy's World Famous Take-N-Bake Pizza and ProSpection. Alternatively, you can browse franchise categories, such as Soccer Franchises and Bakery Franchises.
Note on Whitesburg Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Whitesburg.
Forming a Company in Whitesburg, Kentucky
A critical step is ensuring that you form your business as a legal structure. Doing so will shield 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.
Incorporation is a very popular way to form a business. Of course, you have to decide which type of corporation to form and where to incorporate. If you are starting a business in Kentucky, you don't necessarily have to incorporate in Kentucky. As it turns out, you can incorporate in the state of your choosing. 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 attorney. Finally, if you are starting a business in Whitesburg, Kentucky, our information on Incorporating in Kentucky may be a useful resource if you decide to incorporate in Kentucky.
Getting Money to Start a Business
Getting your Whitesburg business the capital it needs to succeed is a difficult chore. In fact, financing your new business may be the hardest challenge you ever face.
Take advantage of our many articles on raising capital, such as Angel Investors.
For Whitesburg entrepreneurs with great ambition but a shortage of investment capital, browse our List of Kentucky Angel Investors and our List of Kentucky Venture Capital Firms.
Next Steps
Most new Whitesburg businesses underestimate the number of challenges they will face.
If you choose the right business and love what you do, you will greatly increase your odds of success.
We are here to help Whitesburg businesses to be successful. We believe entrepreneurship is an amazing engine for job creation in Whitesburg, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Whitesburg, Kentucky
Here are more links that we believe will help you be successful in starting a business in Whitesburg.
- Resources for Whitesburg, Kentucky Entrepreneurs - Browse a variety of resources we've collected to assist Whitesburg 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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