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Start a Business in Lexington, KY: When it comes to starting a business, entrepreneurs must look for the place with the most potential. Whether a corporation, sole proprietorship, partnership, or LLC, having a business in Lexington, KY, is a plus for any entrepreneur. In general, setting up any form of business in Kentucky, US, is the initial step to building an international brand.
Entrepreneurs across the globe are interested in starting and expanding their businesses in Lexington, KY. With an urban population of 316743 (estimate), the city has a lot to offer to all emerging entrepreneurs. The main reason for this is the economic environment and flexibility of the business structure in Kentucky. Like most places in the US, Lexington, KY also offers business structures for all types of entrepreneurs; no matter what business you want to do, there’s a perfect solution for you. If you want to start limited liability company (LLC) or a corporation, or a sole proprietorship, Lexington, KY has a proper business environment for all.
In this article, you will read about how to start a business in Lexington and why you should choose Lexington to start and run your business. We recommend you check below the important facts about Lexington, KY; these might help you.
On this page, you’ll learn about the following:
- Lexington, KY Household Income Statistics
- Lexington, KY Education & Labor force Facts
- Lexington, KY Demographics
- How to Start a Business in Lexington, KY
- Other Things to do After Starting Your Business
- Important Lexington Stats for Starting a Business
- Reasons to Start a Business in Lexington
- FAQ About Lexington, KY
Lexington, KY Household Income Statistics
| Lexington Median household income | 58954 USD |
| Lexington households with dual income earners | 57.1 % |
| Lexington households $150K+ Income | 13.2 % |
| Lexington households $100K+ Income | 27.6 % |
| Lexington households $100-150K Income | 14.4 % |
| Lexington households $75-100K+ Income | 12.1 % |
| Lexington households $50-75K+ Income | 17.5 % |
| Lexington households $35-50K+ Income | 12.8 % |
| Lexington households $25-35K+ Income | 10.1 % |
Lexington, KY Education & Labor force Facts
| Lexington residents with a bachelor’s degree (or equivalent) | 25.3 % |
| Lexington residents with at least a 4-year degree | 44.9 % |
| Lexington residents with a graduate degree | 19.6 % |
| Lexington residents with a high school diploma but no more | 19 % |
| Lexington residents with less than high school education | 8.1 % |
| Lexington residents with some college but no more | 28 % |
| Lexington residents with a Bachelor’s degree or higher (STEM fields) | 45.2 % |
| Lexington households that own (rather than rent) their residence | 54.6 % |
| Lexington residents 16 and older in the labor force | 68 % |
| Lexington residents unemployed | 5.2 % |
Lexington, KY Demographics
| Lexington residents aged 0-9 | 12 % |
| Lexington residents aged 10-19 | 12.4 % |
| Lexington residents aged 20-29 | 18.6 % |
| Lexington residents aged 30-39 | 14.1 % |
| Lexington residents aged 40-49 | 12.1 % |
| Lexington residents aged 50-59 | 11.8 % |
| Lexington residents aged 60-69 | 10.3 % |
| Lexington residents aged 70-79 | 5.7 % |
| Lexington residents aged over 80 | 3 % |
| The average size of resident families in Lexington, KY | 3 |
| Estimated population per square kilometer in Lexington, KY | 438 |
| Lexington, KY urban population (estimate) | 316743 |
| Lexington, KY municipal population (estimate) | 322200 |
Now that you know what makes Lexington of Kentucky good for business, let’s get started with the exact steps on how to start a business in Lexington.
How to Start a Business in Lexington, KY
Starting a business in Lexington, KY, needs planning, financial decisions, legal procedures, and a handful of other things. Be it a corporation, sole proprietorship, partnership, or LLC in Kentucky, you must go through the following steps. These steps are general steps. They are subject to change depending on the structure of your business.Generally, starting a Limited Liability Company is easy to form. Read our guide on how to start an LLC before you start your own business. Here are the steps to set up your business in Lexington.
Step 0: Decide on What Business to Start
This is the first thing you work on, the type of business you want to start in Lexington. Depending on that, you need to make your business plan. Apart from the legal documentation and process, you must include the following points in your business plan,
- Through market research on demand trend
- Complete Budget plan – funding your business. If you’re planning to start an LLC, then take a look at the cost of LLC
- What competitors are doing
- SWOT Analysis – check what your Strengths, Weaknesses, Opportunities, and Threats are
- Your targeted buyers
Once you have the entire plan with you, you can continue working on the legal structure of your business. LLCBuddy will guide you through the legal process of forming an LLC for your business. It’s very likely that you have already done this step 0, so that we won’t go deep into this step, let’s move to step 1.
Step 1: Choose Your Business Structure
The very first step after you decide on what type of business you want to start is to choose what type of business structure you want to form. You can form an LLC, a sole proprietorship, a corporation, or a partnership. Each type of structure has different rules and regulations. For example, if you want to start a Kentucky LLC, there are different types of tax and fee structures. An LLC formation is similar to forming a sole proprietorship. On the other hand, forming a corporation is much more complicated. The tax and fee structure is completely different in corporation formation.
Step 2: Name Your Business
The next step in forming a business is to give it an appropriate name. Having a business name is not so easy task. You cannot pick a random name for your company. One has to follow proper naming guidelines before they name their company. Besides, before you settle a name, you must check if the name you are looking for is available to use. You can visit the official government site of Kentucky to do the Kentucky LLC name search before you pick the available name. Below are some of the naming rules you need to follow,
- You cannot name your business that has words or phrases like Bank, University, Government, or anything that can confuse people with a government sector.
- If you are forming an LLC in Kentucky, then you must include words like “LLC,” “LC,” “LLC,” “Liability Company,” and “L.L.C.” If it is an LLP, then you must include “LLP” in your business name.
- The name should reflect the nature of your business. Any name that can confuse people should not be picked.
- You can check if the name of your company is available. Through the business name search process, you can search if the desired name is available for use or not.
- You can reserve your business name for a certain time before you form your business in Lexington, KY by filing a name reservation application.
The above-mentioned points are basic naming rules that all businesses have to follow while naming their company. As mentioned above, these rules are subjected to change depending on the structure of the business.
Step 3: Get a Registered Agent
A Registered Agent is a person who receives all types of legal and official documents on behalf of the business. Whether a suit against your company or formation-related documents from the state, a Kentucky LLC Registered Agent is responsible for receiving these documents at his/her official address. In general, anyone who has the right to conduct business in Lexington can be a registered agent. However, there are some requirements to becoming a registered agent.
- The person has to be 18+ years of age.
- Must be a citizen of the Kentucky
- Must have a physical street address in the Kentucky
- Must have legal rights to conduct business in the Kentucky
Anyone who fulfills the requirements can be a registered agent. Also, anyone from the company, your spouse, any relative, or yourself can be a registered agent. But, it is recommended that you hire a professional registered agent to look after your documentation. You can choose from the best LLC services that also offer registered agent for LLCs.
Step 4: Register Your Business
The next step is to register your business under the Secretary of State, Kentucky. The Articles of Organization (or certificate of incorporation) of your company should be submitted online, by mail, in person, or by fax to the Kentucky SOS. You need to pay the state filing fee either by Credit Card or by check to the SOS while registering your business in the Lexington, KY. Your Kentucky LLC articles of organization should have the following details about your business
- Company/Business name, address
- Registered Agent Name, address
- Member-managed or manager-managed (in case of LLC)
- Type of business
Depending on the type of business structure, you may have to add some more information to the formation document.
Step 5: Write the Operating Agreement
An operating agreement is a document that has all the structural information of your business. In most states, it is not mandatory to create an operating agreement. However, it is highly recommended to have one as an internal document. This document records information such as,
- About Business
- Members and management
- Capital contribution
- Profit Distribution
- Change of membership
- Dissolution
In future, if any member wants to leave the company or you want to dissolve the business, then the Kentucky operating agreement has everything recorded, from clauses to contributions.
Step 6: Obtain EIN
EIN or Employer Identification Number is required to file taxes, open a business bank account, and if your business has employees. EIN can be obtained from IRS. It is a 9-digit number similar to Social Security Number. However, EIN is different from SSN. It is solely used for business purposes, especially for general tax filing. You have to fill out the form and submit it to the IRS website. It does not cost you anything to obtain EIN.
Step 7: Get Business Bank Accounts
Once you obtain the EIN for your business, you are free to open a business account in the US. Having a US business bank account can ease your business transactions in Lexington, KY. It increases your business credibility and liquidity. It will also be helpful for business loans.
Step 8: Create Your Business Website
Business websites are as important as your business structure. It is necessary to have a catchy business website with all the information regarding your company. Along with the website, you need some more things. Things such as logos, business cards, business emails, domain names, and social media accounts are needed to promote your business. You can hire a professional business service to get all of these services under one roof.
Other Things to do After Starting Your Business
- Once your company is set in the Lexington, Kentucky, you need to file your taxes and apply for licenses (if needed).
- Apart from the license and permits, you need to get insurance for your business. Such as General Liability Insurance, Professional Liability Insurance, and Workers’ Compensation Insurance are some of the insurances you need to get if you are about to start an LLC.
Important Lexington Stats for Starting a Business
Before you start a business in Lexington, it is required that you know some facts about the city. Following are some of the stats to consider before starting a business.
Education & Employment
Lexington has a diverse population that comes from various educational backgrounds. There are students who haven’t finished their high-school education, whereas there are people who are more than just college graduates. Check the table (Education & Labor Force) for detailed data. From the data, it is clear that the city has enough educated and skilled people who can contribute to the labor force.
Demography
As we talk about the urban population density, the young population percentage in the city is approximately 18.6 (people in their 20s) and 14.1 (people in their 30s). This means that having any business that is new and tech-based might be profitable. The median age of the population in the city is 34.8. On the contrary, if anyone wants to start a business that is related to any old-age service, such as caregiver, primary old-age support, or something of a similar sort, then Lexington has approximately 3 (people in their 80s and above) percent of old people. Check out the table (Demography) above for more information.
Real Estate
Another important factor to mention about Lexington is the home value of owned properties. The average value of owned houses is 201289. Also, the percentage of people living in their own houses is 54.6. This reflects the real estate market of the city. For a metropolitan city, this is a considerable number.
Health
It is inevitable that living in a big city is different from living in a town or a comparatively smaller city. It directly affects lifestyle and health. It is obvious that having health insurance is important, no matter which city or region you are residing in. But there are people in Lexington who still do not have health insurance. The rate of people not having health insurance is 6.7. This depicts the lifestyle and overall health demography of Lexington. As you plan to start your business in this city, you must consider this stat as well.
Income & Lifestyle
The income pattern of the people in this city is given in the table (Income) above. In Lexington, a part of the population has a dual family income that reflects a better standard of living. As in, people have more than one source of income. The table above shows the income percentage of various slabs.
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Reasons to Start a Business in Lexington
Lexington offers a bunch of business-friendly services for entrepreneurs. A proper business environment, skilled labor, tax advances, deductions, and much more are awaiting if you are interested in starting your business in Lexington. Here are some of the reasons,
Stable Economic Growth
Lexington or any other city in Kentucky has stable economic growth and an environment that helps any business to grow successfully. The economic structure of Kentucky shows not only balanced but also a sustainable condition of economic growth, which in turn triggers the businesses to flourish in the state.
Minimize Personal Liabilities of the Entrepreneur
If you’re considering starting an LLC in Lexington, then it will be your best choice. An LLC protects your personal assets and minimizes your personal liabilities. This is one of the many reasons why having an LLC in Lexington is a wise choice. Also, if you are opting for an LLC, the tax deductions will be more than having a corporation.
Federal and State Tax Relaxation
There is a series of federal taxes that an entrepreneur has to pay when operating a business in the US. Depending on the state your company is located in, the state taxes are being imposed. For an LLC, both of these taxes are much lower compared to other business structures. Along with tax impositions, some tax deductions (state-wise) lower the filing fees and other government charges. Check out the Kentucky LLC tax structure to know more about the tax structures for LLCs in the state.
Government Incentives for Entrepreneurs
Federal and state governments in the US ensure that entrepreneurs get a proper business environment in the state or city they are operating their business. The government provides a few incentives to the business holders in Kentucky or any other state. That means if you are operating any business in Lexington, then Kentucky State will provide an incentive for creating jobs, contributing to the state’s GDP, and/or balancing the state’s tax structure.
Low Corporate and Other Business Taxes
Corporations and other business structures (except for an LLC) are liable to pay a corporate tax in Kentucky. Also, there is a Sales Tax that all businesses, including LLCs, have to pay. However, the rate of taxes is very low. Besides, as the businesses receive incentives, the tax burden gets lower.
Skilled Labour & Quality Manpower
In Lexington, it is easy to hire employees for your business. They are not only skilled but also well-educated to help your business grow. As mentioned above, the 68 is the percentage of labour participation. Hence, it is clear that having a business in Lexington will make a lot of difference to the existing labor force.
Demand for New Market and Industry
In Lexington, Kentucky, there is an uprising demand for new industries and new markets. Entrepreneurs who are willing to start a business in any of the cities of any state are given enough opportunities to stay in business. Business licensing, tax deductions, incentives, and relaxation of business taxes are some of the benefits that encourage start-ups and budding entrepreneurs to start their own businesses in Lexington.
If we follow the US Data, the median value of commute time for the residents to their work is approximately 20.8. If you are starting a business here, you must keep in mind that commutation can be a point to consider.
Intellectual Property Protection
The US government receives roughly more than 1 million applications for IPR every year. The federal government makes sure that there is no infringement of any patent or property rights. It does not matter which city in which state you are running your business. The rule of Intellectual Property Protection is the same for all. If you have a foreign business in the US, then you might get more benefits under the IPR act.
Other Benefits
Lexington (aka ) is ranked at 2 in terms of importance. Apart from the above mentioned reasons, there are some other benefits that businesses enjoy in Lexington. For example, technological advancement, a stable political environment, renewable resources, sustainable non-renewable resources, and some more benefits make things easier for entrepreneurs to start and run their businesses. According to US Data, the percentage of young people in Lexington is 14.1. Hence, it would be great to start a business that is related to tech here as you might get a good number of clients.
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How Fast Can You Start Business In Lexington Kentucky
Whether you are starting a new business or moving to Lexington, KY, it is important to make the right decisions to ensure your success. These include choosing the right business structure, obtaining the proper licenses, and hiring employees. In addition, you may want to consider starting an online business to increase your customer base.
Starting a business isn’t as difficult as you may think. There are many local resources that can help you get started. For instance, you may want to visit Commerce Lexington for information about starting a business in Lexington, KY. The Kentucky One-Stop Business Portal also offers online incorporation services. You may also consider a limited liability company (LLC). A Lexington LLC is similar to a sole proprietorship and may be more tax efficient than a corporation.
Other important steps include registering for an occupational license, filing taxes, and obtaining employees’ insurance. In addition, you may want to consider registering for a business bank account. This account will increase the liquidity of your business and help you with financing. In addition, it’s also a good idea to register your business with the IRS.
A business plan is also a good idea for a new business. This is because it helps you understand your competition and reach important milestones. You may also want to consider a market research survey. This is a great way to learn about the competition, your target market, and the best strategies for marketing and promoting your business.
One of the best ways to get started in Lexington, KY is by incorporating a Limited Liability Company (LLC). This structure is similar to a sole proprietorship, but it provides more tax deductions than a corporation. If you are thinking of starting a business in Lexington, KY, read up on the LLC’s advantages and disadvantages before you take the plunge. You may also want to consider buying an existing business in Lexington, KY. This can be a smart move, but it can also be a little overwhelming.
Another good thing about starting a business in Lexington, KY is the city’s favorable economic climate. The population of Lexington is diverse, and there is a strong labor force to help you hire employees. In fact, Lexington has a high percentage of young people, with 14.1% of the population being under the age of 25.
The government in Lexington, KY also does its part to ensure that business is a viable enterprise. This includes providing incentives for creating jobs, balancing the state’s tax structure, and reducing the burden on businesses.
In fact, starting a business in Lexington, KY, may be easier than you think. In addition, the city boasts a robust business community and is full of creative individuals. You should also consider underserved areas of the city before starting a new business. In other words, you may want to consider starting a business that caters to people in Lexington, KY that may not otherwise be able to access the goods and services you are offering.
FAQ About Lexington, KY
A registered agent for your company in Lexington, KY will receive all your documents on your behalf. Official documents, legal documents, and some other documents are to be received by the registered agent in their office in Lexington, KY. You can be your own registered agent.
There is no self-running company in Lexington, KY. Every company requires human interaction. It could take less of your time and effort if you select a company type that depends on technology than other types of enterprises in Lexington, KY.
An LLC in Lexington, KY is a structure of business that is similar to a sole proprietorship. A limited liability company also has some characteristics of a partnership business. LLCs have pass-through taxation that means LLCs in Lexington, KY do not have to pay business income tax.
Here are some original business ideas for Lexington, KY entrepreneurs. You may start by selling handcrafted home décor, DIY items, hygiene goods, etc. online. Additionally, you may consider starting a dog-walking or pet-sitting service.
Having an LLC in Lexington, KY, entitles you to several tax advantages, including pass-through taxes and a lack of corporate income tax. You may work from home without paying taxes on that expenditure. Other tax advantages are also available.
There are a lot of factors that go into how much it costs to create an LLC in Lexington, KY. It can depend on the number of members, the type of entity, and annual fees. The average cost for an LLC in Lexington, KY is $40.
Lexington, KY is one of the popular cities in KY. It’s a place that is full of creative people and small businesses. There are a lot of different types of small businesses in Lexington, but the most popular are food trucks.
Yes, some firms in Lexington, KY, must pay taxes. You can be required to pay taxes to both the state and the federal government, depending on the form of your firm. Depending on the kind of company you have.
If you want to make money faster in Lexington, KY, then choose a business that is popular and in demand. Enterprises in Lexington, KY that may expand more quickly than others include food businesses, dog trainers, and personal trainers.
Popular city is Lexington, KY. It boasts a robust economy and a burgeoning population. Therefore, creating a firm would ultimately be lucrative. You may open a restaurant or a food company on any of Lexington, KYcongested ,’s streets if you want to become a wealthy entrepreneur.
Lexington is a fantastic location. Lexington, KY, offers several chances for small enterprises. As a consultant, independent writer, or social media expert, you may launch a company. In Lexington, you may also start a company as a baker, a personal trainer, or a dog walker.
Similar to a sole proprietorship, an LLC is a kind of company in Lexington, KY. You may get high revenue from your LLC if you establish one for any kind of company in Lexington, KY. A pass-through tax system is one of the advantages of an LLC.
It’s challenging to start a business in Lexington, KY. However, you can do it if you have the necessary resources and a strategy. Starting with the business name will allow you to go on to additional procedures like filing and designating a registered agent in Lexington, KY.
A seller’s permit is a license that the city or county issues. It enables the seller to do business in Lexington. Anyone selling goods in a public area must have a seller’s permission. In Lexington, KY, the permit is legitimate for a certain amount of time.
About which city is the best to live in, people have been arguing for years. Lexington is renowned for its vibrant economy and multiethnic populace. The less expensive cost of living in Houston is well-known. Choosing which is less expensive requires taking into account a variety of considerations.
Lexington, KY is regarded as a welcoming location for LLCs. The many benefits that are accessible to businesses are the cause. Additionally, Lexington, KY offers business financing and tax benefits to entrepreneurs.
Anyone who is authorized to do business in Lexington, KY is entitled to act as a registered agent there. A registered agent must be named in each LLC in Lexington, KY to receive the paperwork. The registered agent for your LLC may be you.
A general business license is required to start a company in Lexington, KY. Lexington may have varied criteria and laws depending on the kind of company. To find out the requirements for Lexington, KY business licenses, contact the local authorities.
The cost to start a small business in Lexington, KY varies depending on the type of business and the specific needs. The most common cost to start a small business in Lexington, KY is $40 if you’re starting an LLC.
There are a few things to research before starting a company in Lexington, KY. Make sure you have these 5 items on hand before you begin starting a company in Lexington, KY. 1. A business plan; 2. A company name; 3. Money; 4. Permits; and, 5. A marketing strategy.
LLCs do not have to pay income tax on their company profits in Lexington, KY. Individuals are required to pay income tax based on their own income instead. On the other side, every Lexington, KY LLC is required to pay Sales Tax, Franchise Tax, and Employment Tax as needed.
Lexington, KY, is expanding quickly, as can be seen by looking at the statistics from the last several years. This is due to Lexington, KY’s booming economy, particularly in the service sectors. The economy is strengthened by the service sector.
It’s not that tough to run a company in Lexington, KY. The FL SOS is where you must register your company. Obtain all necessary licenses and permissions after the filing of the company. If you have workers, you need get employee insurance before starting your company in Lexington.
Selling your goods or services is a simple way to gain money if you have an LLC formed in Lexington, KY. Find buyers who could be interested in your LLC, and advertise it to attract additional customers from around the state or the nation.
It’s surprisingly easy to get a tax ID number in Lexington, KY. All you need to do is visit the IRS website and fill out the application form. You don’t have to pay anything, and you can get your tax ID number in just a few minutes in Lexington, KY!
One of the top business locations is Lexington, KY. Lexington is a business-friendly city in Kentucky, so moving your firm there won’t be a problem.
In Lexington, KY, every small company must have certain policies. The workers’ health and safety policy is among the most popular ones. The employee code of conduct, complaint, vacancy & time-off, and employee disciplinary rules are a few further regulations.
Make sure the relocation to Lexington, KY, benefits both you and your company. You shouldn’t relocate to this city if doing business there would incur extra costs from the local government.
Kentucky’s Lexington is quite well known there. It’s because the city’s tertiary sector and industry have recently seen rapid growth. Both aspiring and established businesspeople are interested in relocating to Lexington for its business prospects.
Choosing to rent or purchase a home in Lexington, KY requires careful consideration of a number of criteria. Costs associated with both are the most crucial factor to take into account. It’s advisable to do market research and consult with an agent before making a choice if you need to establish a company.
Creating a business plan should be your first step when starting a company in Lexington, KY. If you have a business plan, starting a business will be simple for you. The first step in starting a company is to complete that.
In Lexington, KY, LLCs must be renewed annually. There are a few things to bear in mind, but the procedure is straightforward. In the beginning, you must submit a paperwork to the Kentucky Secretary of State. To renew your LLC quickly, submit it online before the deadline.
There are many different ways to get funding for your business idea in Lexington, KY. You can go to a bank and apply for a loan, get a grant from the government, or use a crowdfunding site to raise money. You can explore the grant opportunities that are available.
In Lexington, KY, you may launch a variety of businesses with only $1000. You may create a company that sells websites. internet retailers are another example. You may launch a firm that deals with technology and computers and call it something memorable.
Yes, for an LLC in Lexington, KY, appointing a registered agent is a must. You need a registered agent to receive all your official and legal documents on your behalf. Hence, it is required to appoint a registered agent for your LLC in Lexington, KY.
How Fast Can You Start Business in Lexington, KY
One of the key factors that contribute to the speed at which businesses can start in Lexington is the city’s robust entrepreneurial ecosystem. From the University of Kentucky’s Von Allmen Center for Entrepreneurship to local entrepreneur support organizations like Awesome Inc and Commerce Lexington, there are plenty of resources available to help guide aspiring business owners through every step of the process.
Another advantage of starting a business in Lexington is the city’s low cost of living and doing business. With affordable office spaces, competitive wages, and a generally low tax burden, entrepreneurs can stretch their budgets further and reinvest more of their earnings back into their businesses. This not only creates a favorable environment for startup growth but also contributes to the overall economic vitality of the city.
In addition to the favorable economic climate, Lexington’s strategic location in the heart of the Bluegrass region offers businesses easy access to major transportation routes, including Interstates 64 and 75. This connectivity makes it easier for businesses to reach customers, suppliers, and employees not only within the city but also across the state and beyond. Furthermore, the city’s close proximity to major metropolitan areas like Louisville and Cincinnati provides additional opportunities for networking and collaboration.
But perhaps the most important factor contributing to the speed at which businesses can start in Lexington is the community itself. The people of Lexington are known for their friendliness, openness, and willingness to support local businesses. From loyal customers who frequent neighborhood shops to established business owners who are eager to mentor and guide newcomers, the community in Lexington is a valuable asset for anyone looking to start a business.
Overall, the combination of a supportive entrepreneurial ecosystem, a favorable economic environment, strategic location, and a welcoming community makes Lexington an ideal place for entrepreneurs looking to start and grow their businesses quickly. Whether you’re launching a tech startup, opening a boutique shop, or starting a consulting firm, the city’s resources and opportunities can help you get off the ground and on the path to success in no time. With the right idea, the right plan, and the right support, the sky’s the limit for entrepreneurial endeavors in Lexington, Kentucky.
In Conclusion
Starting a business in Lexington is not only easy but also profitable. A large portion of the US and even people from other countries are registering their business in the US for intercontinental brand building. Besides, Kentucky has a sustainable economic atmosphere that is enough to encourage newbies to start and run their businesses in Lexington, KY.