Frankfort has a long and rich history in economic development, going back to 1792, when successful negotiations and an incentives deal secured the location of the state Capitol in the city. Nestled in the scenic Kentucky River valley, historic Frankfort is located in the legendary Bluegrass Region in Central Kentucky and enjoys a broad diversity of resources supporting successful economic development efforts, which include sustainable existing business growth and expansion, new business attraction, creation of new businesses, and tourism.
Blessed with natural beauty, beautiful historic and modern architecture, Frankfort is considered one of the most picturesque Capitols in the United States. Frankfort has also been named as one of the most livable small cities with attributes including generous hospitality, rich cultural and architectural history, affordable housing and low cost of living. Frankfort is considered in the top 8% for affordability of property taxes, top 10% for short commute times, and top 14% in affordability of rents by its peers (communities across the United States of similar size). Within the State of Kentucky, Frankfort is also in the top 11% for racial diversity, the top 16% for walking and biking to work and the top 19% for well-paid single women.
Frankfort is a great place to enjoy life, raise a family, and work. Come and visit, to see first-hand why Frankfort is the low-risk location for your business.
The Business Start-Up Checklist is a general guide listing some of the chores you will find yourself performing before that happy Grand Opening Day. Obviously, the type of business you are opening will have an effect on when and if you perform some to the items on the list. Also, the order may vary as well. However, the list is a good tool for acquainting the potential new businessperson with the basic steps in opening the doors for a new business.
- Choose the product or Service
- Present Business Plan to Finance Source (Financial Institution or Investors)
- Obtain Adequate Finance Commitments
- Choose Business Name
- Open a Business Checking Account
- Obtain Necessary Licenses/Permits-Including Tax Accounts, Sales Tax, State and Federal Withholding, etc.
- Secure Lease for Place of Business
- Contract for Renovations
- Obtain Adequate Insurance-Fire and Theft, Liability, Workers Compensations, etc.
- Order Inventory
- Hire Appropriate Employees
- Plan and Schedule Grand Opening
- Grand Opening
Small Business Information Resources
City of Frankfort: http://frankfortpbc.wix.com/frankfortplanning The Planning staff is responsible for determining immediate and long-term land use patterns through administration of the zoning ordinance and the Comprehensive Plan, which provides the overall growth management framework to guide and shape the community's development. Additionally, the staff provides technical services and advice to property owners and developers relating to minor additions, fences, driveways, setbacks, uses allowed, sign allowances, flood zones, the City's three historic districts, variances, conditional use permits, or steps needed to start a business. For assistance call 502-352-2094.
Franklin County http://www.revenue.ky.gov/taxpro/CountyInformation/franklinco.htm Government offices list. Franklin County Planning & Zoning can assist with steps needed for starting a business in the county. http://franklincounty.ky.gov/dept/planning.htm. Call 502-875-8701 for more information or assistance.
Government Contracting www.ksbdc.org/government-contracting. Whether you’re a business looking to sell direct to government entities (federal, state and local) or subcontract to those companies that contract directly to them, our Bid Match services can help you stay of abreast of contracting opportunities. Government entities are some of the largest purchasers of goods and services and many have goals and/or programs designed to encouraged procurement from small business owners.
Kentucky Business One Stop Portal www.onestop.ky.gov The Kentucky Business One Stop Portal is here to create an easy-to-use environment where Kentucky's businesses can find the requirements and tools they need to own and operate a business in Kentucky. The mission of the Kentucky Business One Stop is to promote economic development and job creation, and at the same time create efficiencies for both businesses and government.
Kentucky Commission on Small Business Advocacy www.thinkkentucky.com/advocacy/sba_advocacy.aspx The mission of the Commission on Small Business Advocacy is to make the Commonwealth of Kentucky a state that is friendly to small businesses through education, cooperation, and advocacy. The CSBA provides information on proposed state legislation, regulations and recently enacted state law that impact small business. The Commission looks at issues such as licensing/permitting requirements, taxes, and other areas of government that affect small business.
Kentucky Export Initiative www.kyexports.com The Kentucky Export Initiative (KEI) was created by Governor Steve Beshear to bring together agencies and organizations across the state to facilitate international trade opportunities for Kentucky businesses in a consolidated and consistent manner. Comprised of government entities, business organizations and trade experts, the KEI goal is simple - to increase Kentucky exports, which will lead to new Kentucky jobs and create diversified markets for Kentucky products.
Kentucky Innovation Network www.kyinnovation.com The Kentucky Office of Entrepreneurship office oversees the Kentucky Innovation Network, which now includes 13 offices located strategically throughout the Commonwealth. The office also guides the Cabinet’s extensive resources for small and new businesses, as well as innovative and high-tech companies, through funding initiatives, marketing and sales assistance, small business advocacy and available resource referrals, along with a variety of financial and incentive programs to encourage new investment and job growth. All services are provided free of charge.
Kentucky Office of Entrepreneurship www.thinkkentucky.com/Entrepreneurship In July 2013, the Kentucky Cabinet for Economic Development created the Office of Entrepreneurship to enhance the state’s existing efforts to help businesses at every step of the growth cycle. The goals of the office are to develop an entrepreneurial climate for new talent in Kentucky; provide guidance and support to startup operations statewide; assist existing small businesses with growth opportunities; and create a pipeline of business activity that can be streamlined with the traditional growth opportunities the Cabinet already offers to encourage job creation and new investment in the Commonwealth.
Kentucky Skills Network www.thinkkentucky.com/workforce. The Kentucky Skills Network is the Commonwealth's one-stop delivery system of workforce services for new, expanding and existing companies. We connect Kentucky business with intelligent workforce solutions.
Kentucky Small Business Development Center www.ksbdc.org. KSBDC is ready to help you succeed in your new venture. Training workshops and one-on-one management consultants will provide the tools, knowledge and guidance necessary to start your business. With 15 offices statewide and more than 30 years of experience, the KSBDC is growing Kentucky’s economy by cultivating existing companies, nurturing new ventures, fostering the creation of jobs and increasing business profitability.
Kentucky Veteran’s Business Assistance www.kyvetbiz.com. The Kentucky Veterans Assistance Program offers a suite of specialized services that promote business ownership to active and reserve duty military personnel, veterans and spouses impacted by deployments. The Program works with various groups at Fort Knox and Fort Campbell to provide business training and consulting services to veterans interested in starting, expanding or maintaining an existing business during deployment.
Minorities & Women Assistance www.ksbdc.org. KSBDC provides valuable tools to help entrepreneurs make informed business decisions when planning to open a new business, purchase an existing business or expand an established business.
Women's Business Center of Kentucky https://www.facebook.com/WomensBusinessCenterOfKentucky. Women's Business Centers (WBCs) represent a national network of over 100 educational centers designed to assist women with starting and growing small businesses. WBC’s operate with the mission to "level the playing field" for women entrepreneurs, who still face unique obstacles in the world of business. Since April 2011, the Women’s Business Center of Kentucky hosted by Community Ventures Corporation has provided individual counseling, group training and special events designed to support women small business owners.
SCORE www.lexington.score.org/chapters/lexington-score. The Lexington, Kentucky Chapter of SCORE is part of a national nonprofit association dedicated to entrepreneur education and the formation, growth and success of the nation’s small business. SCORE volunteers serve as Mentors “For the Life of Your Business.” We provide free and confidential business counseling tailored to meet the needs of your small business and your personal objectives. The Lexington Kentucky Chapter also offers workshops, for a modest fee, for both start-up entrepreneurs and in-business small business owners.
Select Kentucky www.thinkkentucky.com/selectkentucky. Looking for that perfect site for your new business or business expansion? Kentucky has many advantages, including low business costs, available and productive workforce, central location, and over 200 pre-screened "shovel-ready" sites with fully available infrastructure and more than 200 quality industrial buildings.
Small Business Administration www.sba.gov/ky. The SBA helps business owners grow and expand their businesses every day.