Do you want to start a business in Louisiana? But not sure what type of business to start? If yes, find here in this article a list of profitable small business ideas in Louisiana along with a startup guide on the steps to be followed to starting a legally-compliant business in this state of the United States.
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.
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.
List of 18 Business Ideas in Louisiana with Little Money
Here are some of the top businesses you can start in Louisiana from your home or on a small scale:
1. Transcription Business
Transcription is a type of service where a transcriber converts oral (speech) files, such as video or audio into the electronic or written text format. There are many architects, attorneys, medical companies, and professionals in Louisiana who look forward to competent transcribers.
In addition, there are also reputed online transcription companies that look for general and medical transcriptionists. If you are good at trying and language, the transcription business can fetch you a good profit.
There are several couples in Louisiana who fail to balance their jobs and children, offering a potential market for daycare services. If you have spare rooms at your home and a passion for educating kids, the daycare business in Louisiana can not only be rewarding but also profitable.
3. Digital Marketing Agency
Louisiana has a lot of small companies looking for experts who can offer digital marketing services. If you are the one who feels confident in dealing with digital kinds of stuff, think of starting a digital marketing agency.
4. Open A franchise
For individuals in Louisiana having retail space and money to invest, it is worth investing in buying a franchise of a reputed brand. The advantage of running a franchise is that you will be working with a company that has already a good brand name and no need of investing in marketing too much.
5. Custom Mobile Cover Printing
Mobile cover printing is a lucrative business in Louisiana, you can sell printed mobile covers that have a huge demand in the market.
6. Pet Photography Business
A growing business in Louisiana, pet photography mainly involves working with family pets for photoshoots.
7. Gift Basket Business
If you know how to pick the right presents, you can start selling gift baskets professionally as a business from home.
8. Advertising Agency
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.
9. Dog Training Business
A growing business in the state, the dog training business involves training dogs to help them get mannered.
10. Consignment Shop
You need a shop to start a consignment business. Consignees will provide you with products and you need to sell them.
11. Financial Consulting Firm
You can help individuals and small businesses to manage their wealth and how they can make more money.
Home-Based Online Business Ideas in Louisiana
12. Affiliate Marketing
Affiliate marketing is a way of earning a commission by promoting other people’s (or company’s) products. There are many companies that look for freelance marketers to promote their products or services. You can start a review blog and promote products tying up with major online marketplaces.
13. Online Survey
If you wish to make money from home without any investment, online surveys offer payments to answer a few simple questions.
14. Data Entry Business
Companies often look for individuals who can work from home and offer help with data entry services including information tracking and organization.
15. Content Marketing Agency
The business includes creating content that can be promoted without the need for advertising or marketing.
16. E-commerce Business
You can start an e-commerce business from your home in Louisiana by selling a few products online with the little ongoing cost.
17. Freelance Writing
Freelance writing is a great way to generate income from home, you can write about different topics for multiple publications.
18. Copywriting Business
Companies look for individuals online who can help them with marketing projects with blogs, media posts, reports, and more.
If you have some money to afford, hire an agency that will help your new business to find potential customers, and assist to discover the products and services you offer.
10 Steps To Start A Small Business In Louisiana
Follow the given steps to legally start a business in Louisiana.
Step 1. Select a Business Idea
The very step obviously is to select a business idea the very first. Depending on your interest, expertise and local demand choose a business that can be potentially profitable.
Step 2. Create A 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. Here we list down some basic chapters that must be included in your business plan:
- Executive Summary
- Company description
- Market Analysis
- Organizational Structure
- Operational Plan
- Products/ Services Offered
- Marketing Plan
- Funding Strategy
- Financial Plan
Step 3. Naming Your Business
Once you are ready with the business plan, now it’s time to name your business. Go for a name that 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 after 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. The most common legal structures for a small business are:
- sole proprietorship
- limited liability company (LLC), and
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 businesses 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. You can also visit the official site of the department of revenue of Louisiana to know more.
Step 6. Licenses & Permits
Even after registering your business, you may still need to obtain a few licenses to be legally operational in Louisiana. The type of licenses to acquire will entirely depend on the kind of business activities you are planning. Go through all the state government regulations for the business permits and licenses. Some of the licenses you may need to obtain are the following:
- Professional/Occupational Licenses
- Environmental Permits
- Zoning permits
- Local licenses
To learn more and support, you can visit the geauxBiz website of the government of Louisiana. geauxBIZ makes it easy for beginners to start a business in Louisiana.
Step 7. 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 good business accounting software that will make your business accounting fast and easy.
Step 8. Business Insurance
In Louisiana, businesses selling services will need professional liability insurance, and companies with one or more employees will need worker’s compensation insurance to be legally operational.
Step 9. Hiring Personnel
Most of the businesses mentioned above can be done from home without the need for a second person. In case you wish to have employees, you can hire employees once you have your Federal EIN and worker’s compensation insurance.
Step 10. Create A Website & Business In Louisiana
In today’s world, you must have a website to promote your business. Customers must find you in the online marketplace. It not only helps you to reach your potential customers but also instills confidence in your company brand.
In addition, there are a number of ways to promote your business depending on your financial budget. You can check our article on low-Cost Ways To Promote Your Small Business.
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:
- New Orleans
- Baton Rouge
- Bossier City
We hope this selected list of small business ideas in Louisiana with a minimal investment will help you start a profitable business.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.