Kentucky Business Startup Guides
Opening a Business in Lancaster, Kentucky
Contemplating starting a business in Lancaster, Kentucky? We walk you through the process of opening a business in Lancaster.
What Business Are You Starting?
Choosing a business that is right for you is very important. We recommend that you read Good Business Ideas.
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 Opening a Motorized Escort Services Business guide or our Starting a Railroad Maintenance & Equipment Business guide.
Don't forget that you are opening your new business in Lancaster. The business you want to start may already be well-represented in Lancaster. Make sure you fully understand Lancaster demographics before you lock in on your business idea.
Lancaster, Kentucky Demographic Information
Lancaster has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Lancaster demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Lancaster.
As a new Lancaster entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Lancaster 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.
Have You Considered Franchising?
As you drive around Lancaster, 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 Franchising Pros and Cons. Become a franchising expert of sorts by reading more of our Articles on Franchising.
To learn about specific franchise opportunities, check out our Franchise Directory.
Sample franchise opportunities include SuperGlass Windshield Repair and Merle Norman Cosmetics. Alternatively, you can browse franchise categories, such as Restaurant Services Franchises and Florist Franchises.
Note on Lancaster Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Lancaster.
Forming a Company in Lancaster, Kentucky
It's very important that your business is formed as a legal entity that is separate from its owners. The primary advantage of forming your new business as a legal entity is that it separates your business liabilities from your personal liabilities.
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. 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, you don't necessarily have to incorporate in Kentucky. In fact, you can incorporate wherever you want. 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 Dissolving a Corporation. You should also consider getting professional assistance from your business lawyer. Finally, if you are starting a business in Lancaster, Kentucky, our information on Incorporating in Kentucky may be a useful resource if you decide to incorporate in Kentucky.
Getting the Word Out About Your New Company
Whether your goal is to attract Lancaster customers or you plan on selling elsewhere, you'll need to have a good marketing plan.
We have some excellent resources on this site for entrepreneurs who are working on marketing plans. Viral Marketing discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. There are many more articles on marketing on our site. Visit our Small Business Marketing resource section to see them all.
Increase Your Entrepreneurial Knowledge
The best business owners recognize that they need to continually improve.
Given that you are starting a business in Lancaster, Kentucky, you will want to take advantage of the learning programs at local Kentucky educational institutions. We also recommend you look into networking groups or organizations in which Lancaster entrepreneurs get together to network and trade their business experiences.
Most new Lancaster businesses underestimate the number of challenges they will face.
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 Lancaster and throughout the United States . We have a wealth of experience in business start-ups, financing, marketing, sales and more...and we've made all of our knowledge available to you.
More Entrepreneurial Resources for Starting a Business in Lancaster, Kentucky
Here are more links that we believe will help you be successful in starting a business in Lancaster.
- Resources for Lancaster, Kentucky Entrepreneurs - Browse a variety of resources we've collected to assist Lancaster 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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