Kentucky Business Startup Guides
Starting a Business in Owingsville, Kentucky
Thinking about starting a business in Owingsville, Kentucky? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Owingsville.
Owingsville, Kentucky Demographic Information
Owingsville has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Owingsville demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Owingsville.
Businesses
As a new Owingsville entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Owingsville 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
Naming the Company
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.
Companies like Starbucks, Apple, Target, Microsoft and Intuit all have strong company names that are easy to remember and have become well-loved brands. Wouldn't it be nice if your new company name got on a similar track?
Numerous company naming issues are discussed in more detail in this article: Naming a Business.
On a final note, given that you are starting a business in Owingsville, it's imperative that you check now that no other Kentucky company is using the business name you want to use.
Forming a Company in Owingsville, Kentucky
A critical step is ensuring that your business is formed as a legal entity that is separate from its owners. Without a legal structure for the business, you can be held personally liable for the actions, debts and obligations of your company.
The entity you form can be a corporation, LLC, sole proprietorship, partnership or other structure.
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. For example, it's very popular to incorporate in Delaware, and incorporating in Nevada has become very trendy as well. Don't forget, though, that you will have to register as a foreign entity in all states that you do business in.
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 C Corp Versus S Corp. You may also want to seek the advice of an attorney. Finally, if you are starting a business in Owingsville, Kentucky, our information on Incorporating in Kentucky may be a useful resource if you decide to incorporate in Kentucky.
Do You Need a Business Plan?
Writing a business plan is essential in maximizing the prospects of your new company. In effect, a business plan is a written description of the future you envision for your business. Starting a business without a business plan will greatly reduce your chances of business success.
To learn more about business plans, read Business Plan Contests. A great resource for business planning assistance is the free counseling sessions provided by your local SCORE chapter in Kentucky.
The Art of Selling
Mastering the art of selling is a must if you want your new Owingsville business to do well.
Not knowing how to sell can result in lost customers and minimal market share. Fortunately, we've got plenty of good advice to help you improve your selling skills.
Writing Great Proposals is worth reading, as it may give you some good ideas on how to sell your products or services. We have many more good articles on selling that you may enjoy reading.
Increase Your Entrepreneurial Knowledge
Good entrepreneurs recognize that they need to continually improve.
As an entrepreneur who lives in Owingsville, Kentucky, you will want to take advantage of the many programs available at nearby Kentucky universities, colleges and community colleges. It's also worthwhile to see if there are any Owingsville networking organizations.
Next Steps
Most new Owingsville 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.
This site is all about helping entrepreneurs in Owingsville and elsewhere to achieve real success. We believe entrepreneurship is an amazing engine for job creation in Owingsville, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Owingsville, Kentucky
Here are more links that we believe will help you be successful in starting a business in Owingsville.
- Resources for Owingsville, Kentucky Entrepreneurs - Browse a variety of resources we've collected to assist Owingsville 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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