How To Start A Business In Kentucky
Entrepreneurship in Kentucky
Kentucky natives have invented many everyday objects, including the sticky note and Jif Peanut Butter. In fact, the Happy Birthday song was created in Kentucky. It's no wonder so many great entrepreneurs have come from Kentucky.
With people like Wayne Taylor (founder of Texas Roadhouse), and J.L. Turner (Founder of Dollar General) to look up to, the people of Kentucky love to lead entrepreneurial teams that change the world.
Home to the famed Kentucky Derby and the beautiful Mammoth Cave National Park, the bluegrass state is a great place to start your small business.
Registering Your Business
Registering your business is one of the first steps to success.
And with Kentucky’s 40 dollar fee for starting an LLC, it's important you get it right.
Decide what kind of model is right for you (LLP, LLC, Corporation, Sole Proprietorship). Most small businesses start with an LLC. If you’d like an LLC, S-Corp, or C-Corp done for you, we’d be happy to do that on your behalf.
Before you start your business, look around to understand the market in Kentucky.
With an abundance of rich natural resources, Kentucky has a ton of business potential.
According to TaxFoundation.org, Kentucky ranks a solid 13th in the sales tax rank.
Another good way to understand Kentucky’s market is to visit your local Chambers of Commerce.
You can use your local chamber of commerce to identify opportunities and threats in your local community. It’s a great way to get started on the bottom 2 quadrants of your SWOT analysis.
We’d recommend looking through it and identifying competitors in your industry, and identify the points of parity you need to live up to, and how to better leverage your points of differentiation.
Kentucky is full of hard working people that can be amazing assets to your company.
Unemployment rate in Kentucky:
Information from Kentucky.gov
Average annual salary in Kentucky:
29.22 dollars an hour
Information from Zip Recruiter
Education levels for residents of 25 and older:
High school degree or higher:
Bachelor degree or higher:
Information from World Population Review
Price index yearly growth: 14.01%
Medium house price: 141,000 dollars
National average house price: 269,039 dollars
Kentucky is a unique place to start a business. We hope that the resources and points we brought up here will help you start a business there.
If you’d like to dive deeper into how to start a business, check out our much longer article How To Start A Business. Use both of them to get started on the right foot from day one.
About the Firm...
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