Kentucky Business Startup Guides
Starting a Business in Harrodsburg, Kentucky
Thinking about starting a business in Harrodsburg, Kentucky? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Harrodsburg.
Are You Ready for Life as an Owner?
Before quitting your day job, consider your entrepreneurial instincts and capabilities.
Because entrepreneurship is not for everyone, we recommend you do the following to help you assess whether you should move forward with starting a business:
- Speak with other entrepreneurs in Harrodsburg. Listen closely to their experiences and see if you think you too can be successful.
- You should read Starting a Company. It's a good read for those who are thinking about becoming an entrepreneur.
- Talk it over with a close friend or partner. 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.
Harrodsburg, Kentucky Demographic Information
Harrodsburg has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Harrodsburg demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Harrodsburg.
As a new Harrodsburg entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Harrodsburg 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.
Is a Franchise Opportunity Right For You?
Visit the business district of Harrodsburg and you'll notice that many local entrepreneurs have gone the franchising route. Should you be giving franchising serious consideration?
We advise the entrepreneurs we work with to consider franchising as an option. To help you learn more about franchising, we've gathered a ton of articles on franchising, including Franchising My Business. 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.
Representative franchise opportunities include Nutrilawn, Inc. and Lucille Roberts Fitness Express. Alternatively, you can browse franchise categories, such as Consulting Franchises and Health Franchises.
Note on Harrodsburg Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Harrodsburg.
Choosing a Company Name
Making the right decision when choosing a company name is very important. There are many decisions you'll make now that you can change later, but changing a company name years down the road is not very easy. So, choose a good company name at the outset.
Even if the name doesn't do it by itself, many naming experts believe there should be a story behind the name that ties into your company mission.
Numerous company naming issues are discussed in more detail in this article: Naming a Business.
There's one other important factor when naming a business. Since you are starting a business in Harrodsburg, it's very important that you make sure your company name has not already been claimed by another Kentucky business.
Company Formation in Harrodsburg, Kentucky
It's essential that your business is formed as a legal entity that is separate from its owners. The principal advantage of forming your new business as a legal entity is that it separates your business liabilities from your personal liabilities.
When forming a company, you will pick from many company types, such as a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
Incorporation is a very common way to legally create a business entity. 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. Just because 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. However, if you do incorporate in another state, you'll have to register as a foreign corporation in your home state.
There's a lot to know about forming a company. To learn the fundamentals of company formation, browse articles on our site, such as Company Formation. You should also consider getting professional assistance from your business lawyer. On a final note, since you will be starting a business in Harrodsburg, Kentucky, our web page covering Incorporating in Kentucky may be a useful resource if you decide to incorporate in Kentucky.
Increase Your Entrepreneurial Knowledge
The best entrepreneurs know that they don't know everything.
As an entrepreneur who lives in Harrodsburg, Kentucky, you should investigate some of the learning programs at local Kentucky educational institutions. You should also check if there are any networking groups or organizations in which Harrodsburg entrepreneurs get together to network and trade their business experiences.
Never Give Up
You have a dream -- starting a business in Harrodsburg. To achieve your dream, you have to persevere, even when the odds are against you.
Owning your own business will be a daunting task, but you can do it.
Our goal here is to promote the vitality and growth of small businesses in Harrodsburg and throughout the United States . We believe entrepreneurship is an amazing engine for job creation in Harrodsburg, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Harrodsburg, Kentucky
Here are more links that we believe will help you be successful in starting a business in Harrodsburg.
- Resources for Harrodsburg, Kentucky Entrepreneurs - Browse a variety of resources we've collected to assist Harrodsburg 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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