Start Your Business Right

Woman holding pencil in one hand while the other uses the keyboard on laptop

Starting a business takes courage and may require swallowing your pride and fear of failure. It’s not something anyone should jump into without planning and research.

If you are planning to start a business, First Kentucky wants to help you succeed! We offer business loans and work to provide our local businesses with the financial tools they need.

But, before you buy a building or begin hiring anyone, here are a few suggestions that could help your fledgling company start out on the right financial foot:

1. Create a business plan.

This is more than just writing a few ideas down on a napkin in a coffee shop. This is getting down to the nitty-gritty details of how your business will be run. You need to crunch the numbers for how soon you should be able to turn a profit and how you will finance yourself and the business until then.

Think of your business plan as not just the road map for your first year, but for many years down the road. It will evolve and change, but it’s a vital step to creating a successful business.

Need some guidance on how to create one? This is a great resource from the Small Business Administration


2. Decide on your business structure

Will you be a Limited Liability Company (LLC), a Sole Proprietor, a Corporation, a Partnership, a Cooperative, or an S Corporation?

This decision will help you structure your business and set up your business’ legal and tax status.

Some small businesses decide to register as a DBA, or “Doing Business As.” This means you can set up a fictitious name for your documents to be listed under. You can choose this option if you do not want your business to be under your personal name or the name of your LLC or Corporation.


3. Get a Tax ID Number, or an Employer Identification Number (EIN).

This is the nine-digit number you need from the IRS to set up your tax status with the government. This resource from the IRS will help you get started with the application process


4. Open a Business Account

Open a Business Account (separate from your personal) and decide who can sign on behalf of the account.

With First Kentucky, you have the option to allow multiple people with your permission to have access to these accounts. Learn more about a business account at First Kentucky


Below are a few more services that can make getting your business running a little easier. All of these are offered through First Kentucky.

  • Cash Management Services: Business owners love this database for all their online financial information. You can access your accounts, manage wire transfers, bill pay, and manage employee direct deposits. You can also use remote deposit capture to deposit checks from your business location. Learn more about Cash Management or Read More about Remote Deposit Capture.
  • Merchant Card Processing: First Kentucky works with a partner who allows you to make card processing simple. You can also create loyalty and gift card programs for your customers, as well as set up mobile payment access for them online.
  • Health Savings Account (HSA): As prices continue to rise for health care insurance and services, many small businesses may not be able to provide their employees with full insurance coverage. However, you may be able to offer HSA accounts to help subset the cost of health expenses. Employees can also contribute to this account and withdraw money, tax free, for qualifying medical expenses. If this money isn’t used, it stays in the employee’s possession and can help create a sizable retirement fund. To learn more about HSAs, contact us

Starting your business can be a lengthy process but can also be very rewarding. For more information about how First Kentucky can make your daily financial tasks a little easier, click here.