Kentucky Business Startup Guides
Starting a Business in Louisville, Kentucky
Thinking about starting a business in Louisville, Kentucky? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Louisville.
Will You Be a Successful Entrepreneur?
Running your own business is difficult, much harder than working as an employee. Are you positive you have the stamina and skills to succeed on your own?
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:
- Reach out to other entrepreneurs in Louisville. They are usually very willing to share their insights on the ups and downs of being an entrepreneur.
- Peruse Why Small Businesses Fail. This is one of our more popular articles for folks who want to go into business for themselves.
- Get feedback from somebody whom you trust. Others sometimes know you better than you know yourself.
Louisville, Kentucky Demographic Information
Louisville has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Louisville demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Louisville.
As a new Louisville entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Louisville 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.
Naming the Company
A good company name can give a big boost to a new startup. It might seem like an easy thing to do, but there are many things to consider when naming a business.
Company names should be fun to say, and they should help people to understand what you do and how you differentiate yourself in the market.
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 Louisville, it's critical that you ensure that no other Kentucky company is using the business name you want to use.
Forming a Company in Louisville, Kentucky
It's essential that you form your business as a legal structure. Doing so will insulate 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. 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. 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 may also want to seek the advice of an lawyer. Finally, if you are starting a business in Louisville, Kentucky, our information on Incorporating in Kentucky may be a useful resource if you decide to incorporate in Kentucky.
Make Sure You Have a Business Plan
A business plan is critical in laying a solid foundation for your business success. In effect, a business plan is a written description of the future you envision for your business. Starting a business without a business plan is a recipe for disaster.
Before you start writing a business plan, we suggest you skim Business Plan Contests. You should also take advantage of free business counselors available to you through your local SCORE chapter in Kentucky.
Raising Money for Your New Venture
Getting your Louisville business the capital it needs to succeed is not an easy task. If you don't have a rich uncle to fund you, you'll need to be creative in how you approach your fundraising efforts.
To learn about raising money, we recommend you read the fundraising articles on our site, such as Business Credit Evaluation.
Improving Your Entrepreneurial Skillset
Good entrepreneurs recognize that what they know now may not be enough to ensure their future success.
As an entrepreneur who lives in Louisville, Kentucky, you will want to take advantage of the many programs available at nearby Kentucky universities, colleges and community colleges. It's also wise to see if there are any networking organizations for Louisville entrepreneurs.
As an entrepreneur in Louisville, you won't be working for the boss anymore. You are the boss.
Owning your own business will be a daunting task, but you can do it.
We are here to help Louisville businesses to be successful. We want to be there for you to answer your business questions, whether you are a new Louisville entrepreneur who is just getting started or you are already up and running with your new venture.
More Entrepreneurial Resources for Starting a Business in Louisville, Kentucky
Here are more links that we believe will help you be successful in starting a business in Louisville.
- Resources for Louisville, Kentucky Entrepreneurs - Browse a variety of resources we've collected to assist Louisville 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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