Starting a small business isn’t for everyone. While entrepreneurship is an exciting endeavor, it is also extremely hard work. Business owners must be organized and focused on building the business rather than getting lost in the day-to-day activities of the business. Viking Concrete Floors is a success story out of Prairieville, Louisiana, who have grown their business over the past decade to provide service to multiple states throughout the southern coast. According to the experts at Viking Concrete Floors, here are five necessary steps to launching a small business in the state of Louisiana.
1. Choose a Name and File an Entity
Unfortunately, one cannot just pick a business name and run with it. Since every business must be registered with the county and the IRS, it is best to check to see if the desired business name is available. After choosing a name, the founder must consider the formal structure of the business. This will determine how taxes are calculated and collected.
Sole proprietorships are one-person operations where all the liability lies on the shoulders of the business owner. In a limited liability company (LLC), the business liability is separate from the business owner (protecting the business owner legally) and also allows for business partners. For businesses that desire greater complexity and the ability to create business retirement accounts, business owners can elect to form a corporation. For more information on which entity type to choose, it is best to consult the Secretary of State or a small business attorney.
2. Know the Risks of the Industry
According to Viking Concrete Floors, there may be different kinds of risks associated with certain products and services. Therefore, it is often best to secure a reasonable amount of liability insurance and workers compensation insurance (if there are employees). Additionally, choosing where to run the business from – such as one’s home or an office – will also carry with it some innate challenges that must be carefully thought through.
3. Understand Customers in the Industry
Some business owners assume that other people will want what they have. The truth is that only the top business owners truly know what their customer needs. It is important for entrepreneurs to know intimately the problems that their ideal customers face so as to attract them with relevant marketing and sales messages. This information will also be key to building the business plan.
4. Build a Business Plan
One of the most important parts of launching a business is creating the business plan. Using the information available through market research and experience, entrepreneurs can lay out their business in a formal document with projected financial statements. Since the greatest challenge to any small business owner is funding, the business plan can act as a formal sales pitch to lenders and investors.
5. Build Sales and a Brand
Once the doors are open, generating positive cash flow should be a priority. As the business grows to satisfy more customers, it can begin to build a brand. This might begin with creating a logo and a website (which every business should have from the beginning), but entrepreneurs can further develop their brand through more structured marketing, such as content marketing and stimulating a stronger word-of-mouth reach in their market. Viking Concrete Floors states that in addition, it is of critical importance that you build lasting relationships with your customers and your suppliers. Customer retention is a positive indicator that you are succeeding with some aspect of your business.
Viking Concrete Floors believes in equipping homes, offices, and buildings with only the best flooring. As a small business based in Prairieville, Louisiana, the owners understand the unique challenges of entrepreneurship. For a free quote to install flooring, contact Viking today at (225) 313-7950 or visit their website for more information.
