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.
Here are four key steps for starting a new business enterprise.
(1) Develop a business plan and do the research. Checking the competition, calculating financial
projects, and estimating all expenses can avoid many problems.
(2) Have a contingency plan. Even if you are a home-based business you will need to consider
what personal resources you will need. Also, keep copies of legal and financial papers in a
second or even third location to avoid loss of valuable documents.
(3) Find a banker, lawyer, and accountant. Be prepared to pay for professional services.
(4) Do not try to do it all yourself. Look to professional organizations, personal relationships,
and government entities.
Small Business Information Resources
Welcome to the Frankfort Area Chamber of Commerce website for small business resources. Below you will find links to local and state business organizations. If you have any questions or need additional information, please feel free to call our Chamber office at 502-223-8261 or stop in and pick up our Doing Business in Frankfort publication.
Kentucky Cabinet for Economic Development - www.thinkkentucky.com -This website provides extensive information on the programs and services available to businesses including existing businesses, newly locating companies, start-ups, small and minority businesses and many others.
Business Start Up – www.thinkkentucky.com/KYEDC/Busstart.aspx - Provides initial start-up and growth information for small businesses, provides information on the proper permits and licenses needed to do business in Kentucky, and helps businesses understand how to do business with federal, state, and local government agencies.
New Business Location – www.thinkkentucky.com/KYEDC/NewBusinessLocation.aspx - Looking for that perfect site for your new business? The New Business location will provide assistance when making your final decision.
Kentucky Business Finder – www.thinkkentucky.com/kybusinessfinder - is a free resource designed to promote sales for and between Kentucky businesses. This is accomplished by enabling buyers to identify Kentucky-based suppliers of products and services.
The system provides an easy means of searching for information on the products/services, capabilities, equipment, and certifications of Kentucky businesses. Whether you are a business seeking to locate a supplier to meet immediate needs, a company seeking to develop long-term supplier relationships, or a business looking for collaborative partners, theKentucky Business Findercan be a valuable resource for you.
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.
Startup Kentucky/Kentucky Enterprise Fund - www.startupkentucky.com - The Kentucky Enterprise Fund, Rural Innovation Fund, and Kentucky New Energy Ventures provides seed stage capital that focus on the early-stage commercialization of a technology based product or process.
Small Business Ombudsman – www.thinkkentucky.com/advocacy/sba_advocacy.aspx - The Cabinet for Economic Development has established an ombudsman to address questions or concerns that small businesses may have about any regulatory matters of this Cabinet.