Known for its agricultural products and seafood, Louisiana is very popular for its diversified small businesses. Louisiana was one of the top-ranked states in the United States for being the smallest business-friendly place with a very supportive government and economic environment. If you are planning to start a new business in Louisiana, it offers a ton of opportunities.
Louisiana is the biggest supplier of crawfish in the world producing over 90 percent of the total production. The state also is known to produce cotton, soybeans, cattle, sugarcane, eggs, dairy products, and rice. If you are planning to start a small business in the state, here’s a complete guide on how to start a profitable small business in Louisiana.
10 Step Checklist on How To Start A Profitable Business In Louisiana
Follow the given steps to legally start a business in Louisiana.
Step 1. Choose a Business – Profitable Small Business Ideas in Lousiana from Home
Here are some of the top businesses you can start in Louisiana from your home.
Freelance writing is a great way to generate income from home, you can write about different topics for multiple publications.
Digital Marketing Agency
Louisiana has a lot of small companies looking for experts who can offer digital marketing services.
Custom Mobile Cover Printing
A lucrative business in Louisiana, you can sell printed mobile covers which has a huge demand in the market.
Pet Photography Business
A growing business in Louisiana, pet photography mainly involves working with family pets for photoshoots.
Gift Basket Business
If you know how to pick the right presents, you can start selling gift baskets professionally as a business from home.
With so many small businesses in Louisiana, often companies need expert advertising services. If you are associated with the advertising field, starting an advertising agency here is a lucrative business option.
Financial Consulting Firm
You can help individuals and small businesses to manage their wealth and how they can make more money.
If you wish to make money from home without any investment, online surveys offer payments to answer a few simple questions.
Data Entry Business
Companies often look for individuals who can work from home and offer help data entry services including information tracking and organization.
Dog Training Business
A growing business in the state, the dog training business involves training dogs to help them get mannered.
You need a shop to start a consignment business. Consignees will provide you products and you need to sell them.
Content Marketing Agency
The business includes creating content which can be promoted without the need for advertising or marketing.
You can start an e-commerce business from your home at Louisiana by selling a few products online with very less ongoing costs.
There are several couples in Louisiana who fail to balance their jobs and children, offering a potential market for daycare services.
Companies look for individuals online who can help them with marketing projects with blogs, media posts, reports and more.
Step 2. Business Plan
Choose a relative idea you want to start a business with. Now it’s time to analyze your idea and work on external factors. This will help you to create a proper business plan with goals and targets you wish to achieve in the future.
Step 3. Naming Your Business & Website Registration
Once you are ready with the business plan, now it’s time to name your business. Go for a name which is easy to pronounce and has fewer syllables. Register your name and make sure no other business has it. Also, register your website domain immediately you finalize the name.
Step 4. Registering A Business In Louisiana
You have to register your business. Either you can register as an LLC or corporation or a sole proprietor. Registering as an LLC will offer you added tax benefits and will keep you free from certain legal obstacles.
Step 5. Federal EIN & Tax Filings
Now you need to register your Federal EIN. This will act as a Tax ID Number for business and use can use the EIN to file for federal taxes. With EIN you can legally hire employees or have your own business bank account.
Step 6. Set Up Business Accounting System
Your business will involve an innumerable number of transactions. Setting up an accounting system will help you to easily track the transactions which help you with your annual tax filings. Go for a good business accounting software that will make your business accounting fast and easy.
Step 7. Legalization Of Business
You need to obtain a few licenses to be legally operational in Louisiana. Go through all the state government regulations for the business permits and licenses.
Step 8. Business Insurance
In Louisiana, businesses selling services will need professional liability insurance and companies with one or more employees will need a workers compensation insurance to be legally operational.
Step 9. Hiring Personnel
Most of the businesses mentioned above can be done from home without the need of a second person. In case you wish to have employees, you can hire employees once you have your Federal EIN and workers compensation insurance.
Step 10. Promoting A Business In Louisiana
Hire an agency which will help your new business to find potential customers and assist to discover the products and services you offer.
Best Places To Start A Business In Louisiana
Choosing the right location is going to determine how your business runs. Here are some of the best places in Louisiana to start your business:
Other than starting a business of your own, you can also buy a low-cost franchise if you can afford to shell out some extra money. We hope this hands-on guide on how to start a successful business in Louisiana with a minimal investment will help you start a profitable business.