Kentucky is famous for its automobiles and trucks across the United States. The state has primarily been an agrarian economy and has evolved over the years to develop its auto manufacturing, energy fuel production, and medical facilities. With easy tax policies and business-friendly laws, the state offers a platform for new businesses to develop freely.
Kentucky is the world largest producer of bourbon whiskey, supplying over 95 percent of the world’s total production. Kentucky has its products and services going to over 199 countries around the globe. With opportunities and huge scope, there’s a sprawling small scale industry as well.
How To Start a Small Business In Kentucky?
Follow the given steps to legally start a business in Kentucky.
Step 1. Choose an idea from the following relative business ideas specific to Kentucky.
Here are Top 20 Small Business Ideas & Opportunities in Kentucky from Your home with Almost No Money
1. Gift Basket Business
Gift basket services either are easy to create custom with a few selected items. You can work from home and the business can run for the whole year.
2. Adult Coloring Book Company
Lately, adult coloring books have been quite a hit in Kentucky. You can sell these creative books with designs and options to colour and can market them for grown-ups.
3. Cake Shop
Retail bakeries are very successful in Kentucky. You can start with an in-house cake shop to sell baked goods directly to customers and by tying up with a few local shops.
4. Start a Blog
If you are looking for a legitimate business that is home based and can be started with very less money, starting a blog is a good option. Read our detailed guide on how to start a blog and make money
5. Bed and Breakfast (AirBnB)
An alternative to hotels, visitors often look for sleeping quarters with a homely atmosphere. If you have an extra room, register for a bed and breakfast option on AirBnB for regular bookings.
6. Online Business Consultancy
The business primarily involves services related to business management and team building. You will offer online consulting services on how businesses can generate more revenue.
Babysitting services are quite profitable in Kentucky. The state has several working couples who often look for reliable babysitting services.
8. Barber Shop
If you can learn a few skills, starting your barber shop can help you make good money. The business requires you to offer outstanding customer service that will help you succeed in the industry.
9. Career Consultant
If you have enough knowledge, helping others can help you to turn it into a profession. You will guide young adults to identify their strengths and assist them in choosing their careers.
10. Online Surveys
A great option to make money from home. Online surveys provide you with a platform to make quick money from completing shorts surveys online.
11. Social Media Consultant
Companies are now trying to create a unique brand value via social media presence. You as a consultant will help companies to understand their target audience and how they may engage more people.
12. Calligraphy Business
If you are good at writing font messages, this business may be is for you. The calligraphy business relates to creating invitations for different events with a personal touch.
13. Business Planning
If you have the right insights, you can help newcomers plan a business. You will offer effective business plans that will help growing companies cope with the demand.
14. Custom Mobile Cover Printing Business
There is a huge demand for such custom-made products in Kentucky. Starting a mobile cover printing business can easily turn profitable in a short span of time.
15. Digital Marketing Agency
With traditional advertising losing its charm, companies are now investing more in digital advertising. Content-driven ads now help them improves the process of gathering leads.
16. Copywriting Services
An exclusive business you can do as a freelancer, copywriting services are well paid. Be ready to work with multiple clients and take up work online to keep your portfolio steady.
17. Candle Making Business
The candle making business is quite successful in Kentucky. If you can create unique designs and use different channels to sell them, there’s a growing market for such aesthetic products.
18. Content Marketing Agency
If you know how to create engaging content, this business may help you make good money. Companies often look for good writers who can create good marketable content.
19. Chiropractor Clinic
These clinics offer alternative solutions to conventional medicine. The business mainly involves treatment for the spine, including the low, middle, and upper back area and also neck.
20. Children’s Book Business
A successful business in Kentucky, publishing children’s books can be a big hit. Make sure you use the right illustrations and captivating stories for children of specific age groups.
Step 2. Select, Analyze & Arrange Your Finances Accordingly
Now you have to decide how to want to finance your business. Most of these ideas mentioned above need very minimal investment. If you are planning to finance your business, go for a long-term plan.
Step 3. Business Plan
Create a business plan by defining a clear set of goals and targets. Carry out a proper research on market demand, competition, and management.
Step 4. Business Registration
You will have to register your business to start operating legally. You can either register as an LLC or go for the sole proprietorship. But LLC will offer you legal benefits.
Step 5. Tax Filings
Next up you will have to apply for a Federal EIN to be eligible for taxation. You can then file for the taxes accordingly.
Step 6. Business Insurance
You should insure your business. Insuring the business will help you to be free from any monetary compensation or unnecessary obligation in an accident.
Step 7. Choosing A Business Accounting Software
Then you have to set up your accounting method for business. You can choose an accounting software according to your business.
Step 8. Hiring Personnel
Most of the business ideas mentioned can be operated single-handedly. In case you will need manpower, carrying out a screening process is going to be essential.
Step 9. Marketing & Distribution
Strategize your marketing plan according to how you to plan to sell your products. This will help you to determine the sales and distribution route.
Step 10. Business Promotion
Finally, promote your business with some low-cost marketing strategies as per local trend and demand. Having a website is a must for any business nowadays. You also must promote your products or services on social media platforms.
Best Places To Start A Business In Kentucky
Choosing the right location is going to determine how your business runs. Here are some of the best places in Kentucky to start your business:
This a full guide on how you can choose a business idea for Kentucky and can successfully start it from scratch.