Louisiana might just be one of the best places in the United States to start a small business. A recent national survey revealed that Louisiana ranked in the Top 10 “business friendly” states to start a small business.
Conducted by Thumbtack, an online marketplace for hiring local professionals, Louisiana scored high in most of the key areas that indicate small business friendliness. These included:
- Ease of starting a business.
- Health & safety.
- Employment, labor & hiring,
- Tax code.
Louisiana is home to 424,475 small businesses as of 2014, according to the U.S. Small Business Administration.
If you are interested in establishing a business of your own, a Louisiana business lawyer can advise you of your options and guide you through the company formation process.
Top Ten Tips for Succeeding in Louisiana Small Business
Louisiana entrepreneurs should consider these 10 to succeed when starting a small business:
Draft a Business Plan
Failure to plan for unforeseen changes destroy more businesses than anything else. A roadmap outlining the future of your business is key to succeeding and raising money.
Ask for Help
Trying to do everything yourself can be exhausting and fruitless. Consider the areas that you will need help with and then speak to friends, family and business owners willing to talk to you to get a clear picture of what you need to do.
Set Up Home Base
Traditionally you were bound to whatever location you chose, but today with online business your have flexibility about where the “office” needs to be.
You will typically need either investors or capital from the bank (loans), which will enable you to raise funds directly from individual backers without having to struggle to secure commercial loans
Choose a Business Structure
Determine the best type of entity for your situation (a lawyer can be of tremendous help here): sole proprietorships, partnerships, LLCs, corporations, S Corporations or non-profits.
Decide on a Business Name
File the proper forms to make the business name official.
Register for a Tax ID Number
This is especially important if you plan to have employees because you will need a Tax ID Number.
Register to Pay Taxes
This includes state and local taxes.
Get Licenses or Permits
Federal and state licenses may apply to your venture.
Understand Your Employer Responsibilities and Obligations
This focuses on understanding the legal duties you owe your employees
If you are a Louisiana resident seeking to open your own business, the knowledgeable and experienced business lawyers at Smiley Law can help. We will get you started right so that you can enjoy all the benefits that Louisiana has to offer your small business. Contact us today for an initial consultation.