October 2, 2014  
 
  Entrepreneurial Resources - Advice for Indiana Entrepreneurs  
  Lafayette, Indiana Resources for Entrepreneurs  
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Start a Business in Lafayette, Indiana

Are you starting a business in Lafayette, Indiana? This article discusses the most important things to consider when opening a business in Lafayette.

What Type of Business Should You Start?

There are many businesses that you can start. How do you know which type of business is right for you? To stir your creative juices on what kind of business to start, take a look at Business Ideas That Don't Make Sense.

For in-depth how-to guides on how to start specific businesses, browse our Good Businesses to Start section of our site. For example, you might be interested in our Starting a Boiler Dealers Business guide or our Opening a Televisions Wholesale & Manufacturers Business guide.

Always keep in mind that you are starting a business in Lafayette. Some businesses will do better in Lafayette than others. A critical consideration is whether Lafayette demographics mesh well with your startup concept.

Lafayette, Indiana Demographic Information

Lafayette has an active business community that includes small businesses, mid-sized businesses and large businesses.

To give you a better feel for Lafayette demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Lafayette.

Business Size# of
Businesses
1-4 Employees 29727
5-9 Employees 14067
10-19 Employees 11043
20-49 Employees 6750
50-99 Employees 2673
100-249 Employees 1350
250-499 Employees 216
500-999 Employees 81
1000+ Employees 162
All Lafayette Businesses 66069

As a new Lafayette entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Lafayette for each business category. By looking at this chart, you can get a general sense for how much competition there is in the business niche that you are pursuing.

Business Type # of
Businesses
Advertising Agencies 3
Aluminum Extruded Product Manufacturing 1
Amusement Arcades 1
Animal (except Poultry) Slaughtering 1
Appliance Repair and Maintenance 2
Apprenticeship Training 4
Architectural Services 5
Armored Car Services 1
Art Dealers 2
Automobile Driving Schools 1
Automobile Manufacturing 2
Automotive Exhaust System Repair 2
Automotive Glass Replacement Shops 7
Automotive Parts and Accessories Stores 8
Automotive Transmission Repair 5
Baked Goods Stores 1
Barber Shops 2
Beauty Salons 30
Bed-and-Breakfast Inns 1
Beer, Wine, and Liquor Stores 10
Blind and Shade Manufacturing 1
Blood and Organ Banks 1
Book Publishers 1
Book Stores 6
Bowling Centers 3
Business Associations 6
Cable and Other Program Distribution 1
Cafeterias 7
Camera and Photographic Supplies Stores 1
Car Washes 10
Carpet and Upholstery Cleaning Services 4
Caterers 6
Cemeteries and Crematories 4
Child and Youth Services 4
Child Day Care Services 18
Children's and Infants' Clothing Stores 3
Civic and Social Organizations 17
Claims Adjusting 1
Clothing Accessories Stores 4
Coin-Operated Laundries and Drycleaners 5
Collection Agencies 3
Commercial Bakeries 1
Commercial Lithographic Printing 5
Commercial Screen Printing 1
Commodity Contracts Brokerage 1
Community Food Services 2
Computer and Software Stores 6
Computer Systems Design Services 5
Concrete Block and Brick Manufacturing 1
Confectionery and Nut Stores 2
Confectionery Merchant Wholesalers 1
Construction Sand and Gravel Mining 2
Consumer Lending 5
Convenience Stores 10
Convention and Visitors Bureaus 1
Copper Wire (except Mechanical) Drawing 1
Cosmetology and Barber Schools 2
Couriers 6
Court Reporting and Stenotype Services 1
Credit Unions 7
Curtain and Drapery Mills 1
Custom Computer Programming Services 5
Dental Laboratories 3
Diagnostic Imaging Centers 1
Diet and Weight Reducing Centers 2
Direct Life Insurance Carriers 4
Direct Title Insurance Carriers 2
Directory and Mailing List Publishers 2
Discount Department Stores 2
Display Advertising 2
Document Preparation Services 2
Drafting Services 1
Drinking Places (Alcoholic Beverages) 20
Drywall and Insulation Contractors 6
Educational Support Services 1
Electric Power Distribution 3
Electrical Contractors 22
Electronic Shopping 2
Elementary and Secondary Schools 3
Emergency and Other Relief Services 1
Employment Placement Agencies 2
Engineering Services 17
Environmental Consulting Services 4
Exam Preparation and Tutoring 1
Exterminating and Pest Control Services 3
Facilities Support Services 2
Family Clothing Stores 13
Family Planning Centers 1
Farm Supplies Merchant Wholesalers 3
Fine Arts Schools 5
Finish Carpentry Contractors 8
Fitness and Recreational Sports Centers 7
Floor Covering Stores 5
Flooring Contractors 4
Florists 12
Food (Health) Supplement Stores 4
Food Service Contractors 5
Footwear and Leather Goods Repair 1
Framing Contractors 9
Freight Transportation Arrangement 1
Full-Service Restaurants 77
Funeral Homes and Funeral Services 5
Furniture Merchant Wholesalers 2
Furniture Stores 11
General Automotive Repair 30
General Freight Trucking, Local 5
General Medical and Surgical Hospitals 2
General Rental Centers 3
General Warehousing and Storage 7
Gift, Novelty, and Souvenir Stores 12
Glass and Glazing Contractors 1
Golf Courses and Country Clubs 2
Graphic Design Services 3
Hardware Merchant Wholesalers 2
Hardware Stores 2
Heating Oil Dealers 1
Historical Sites 4
Hobby, Toy, and Game Stores 6
Home Centers 4
Home Furnishing Merchant Wholesalers 1
Home Health Care Services 5
Home Health Equipment Rental 4
Homes for the Elderly 4
Household Appliance Stores 5
Industrial Design Services 2
Industrial Launderers 2
Insurance Agencies and Brokerages 61
Internet Service Providers 3
Investment Advice 6
Janitorial Services 14
Jewelry Stores 15
Junior Colleges 1
Landscaping Services 23
Lessors of Other Real Estate Property 3
Limited-Service Restaurants 76
Local Messengers and Local Delivery 2
Locksmiths 1
Machine Shops 8
Manufactured (Mobile) Home Dealers 1
Marketing Consulting Services 2
Masonry Contractors 10
Media Representatives 1
Men's Clothing Stores 5
Metal Stamping 1
Mortgage and Nonmortgage Loan Brokers 2
Motor and Generator Manufacturing 1
Motor Vehicle Towing 3
Motorcycle Dealers 4
Museums 2
Musical Groups and Artists 5
Musical Instrument and Supplies Stores 3
Nail Salons 1
Natural Gas Distribution 1
New Car Dealers 13
New Housing Operative Builders 5
News Dealers and Newsstands 1
Newspaper Publishers 2
Nonresidential Property Managers 6
Nursing Care Facilities 5
Office Administrative Services 2
Office Equipment Merchant Wholesalers 5
Office Machinery Manufacturing 1
Office Supplies and Stationery Stores 6
Offices of Certified Public Accountants 14
Offices of Chiropractors 6
Offices of Dentists 46
Offices of Lawyers 55
Offices of Optometrists 11
Offices of Podiatrists 3
Offices of Real Estate Appraisers 7
One-Hour Photofinishing 1
Optical Goods Stores 11
Outdoor Power Equipment Stores 3
Packing and Crating 1
Paint and Coating Manufacturing 2
Paint and Wallpaper Stores 5
Painting and Wall Covering Contractors 19
Paperboard Mills 1
Passenger Car Rental 3
Payroll Services 1
Periodical Publishers 1
Pet and Pet Supplies Stores 5
Pet Care (except Veterinary) Services 1
Petroleum Bulk Stations and Terminals 2
Pharmacies and Drug Stores 13
Photography Studios, Portrait 11
Political Organizations 2
Portfolio Management 2
Private Mail Centers 1
Professional Employer Organizations 2
Professional Organizations 2
Radio Stations 4
Ready-Mix Concrete Manufacturing 2
Real Estate Credit 13
Recreational Vehicle Dealers 3
Refrigerated Warehousing and Storage 1
Residential Property Managers 12
Residential Remodelers 34
Retail Bakeries 7
Reupholstery and Furniture Repair 5
Roofing Contractors 9
Rooming and Boarding Houses 1
Sales Financing 1
Savings Institutions 5
Securities Brokerage 18
Security Guards and Patrol Services 2
Septic Tank and Related Services 2
Sheet Metal Work Manufacturing 3
Shoe Stores 15
Siding Contractors 6
Sign Manufacturing 1
Site Preparation Contractors 10
Snack and Nonalcoholic Beverage Bars 10
Solid Waste Collection 2
Solid Waste Landfill 1
Soybean Processing 1
Sporting Goods Stores 12
Sports and Recreation Instruction 4
Tax Preparation Services 8
Taxi Service 3
Telemarketing Bureaus 1
Telephone Answering Services 1
Television Broadcasting 1
Temporary Help Services 12
Temporary Shelters 2
Testing Laboratories 3
Theater Companies and Dinner Theaters 1
Tile and Terrazzo Contractors 2
Tire Dealers 8
Title Abstract and Settlement Offices 4
Tobacco Stores 3
Translation and Interpretation Services 1
Travel Agencies 4
Truck Trailer Manufacturing 1
Used Car Dealers 22
Used Household and Office Goods Moving 3
Used Merchandise Stores 9
Vending Machine Operators 3
Veterinary Services 10
Video Tape and Disc Rental 8
Vocational Rehabilitation Services 3
Voluntary Health Organizations 1
Warehouse Clubs and Supercenters 4
Wet Corn Milling 2
Wholesale Trade Agents and Brokers 1
Wired Telecommunications Carriers 4
Women's Clothing Stores 19
Wood Container and Pallet Manufacturing 1

Is a Franchise Opportunity Right For You?

As you drive around Lafayette, you'll notice that many local entrepreneurs have gone the franchising route. Is it perhaps smarter to franchise a business instead of doing it from scratch.

Our advice is to consider franchising as an option. We have many articles on franchises, such as Buying a Franchise. Become a franchising expert of sorts by reading more of our Articles on Franchising.

To learn about specific franchise opportunities, check out our Franchise Directory.

Sample franchise opportunities include Perkins Restaurant & Bakery and Bark Busters. Alternatively, you can browse franchise categories, such as Business Services Franchises and Child Education and Tutoring Franchises.

Note on Lafayette Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Lafayette.

Naming the Company

A big decision when starting a company is choosing a company name. Believe it or not, choosing a good company name can be a big contributor to your business success.

Before you decide on a company name, run it by some prospective customers and see what they think. If they don't like it, it's probably a good idea to go back to the drawing board.

For other considerations regarding naming a company, we recommend this article: Naming a Business.

There's one other important factor when naming a business. Since you are planning on starting a business in Lafayette, it's very important that you make sure no Indiana company has already registered the company name you have selected.

Don't Skip the Business Plan

A business plan is vital to the health of your new business. In effect, a business plan is a written description of the future you envision for your business. Not having a business plan is a recipe for disaster.

To learn more about business plans, read Business Plan Software. You can also get face-to-face free consulting available from your local SCORE chapter in Indiana.

Ramping Up Sales

Being able to sell is critical to your business success. Whether you are focused on selling local customers in Lafayette or are selling to customers throughout Indiana, the United States or even the world, you have to be able to sell.

Good selling involves demonstrating that your wares meet your customer's needs. Fortunately, we've got plenty of good advice to help you improve your selling skills.

Closing Sales Techniques is worth reading, as it may give you some good ideas on how to sell your products or services. We have many more good articles on selling that you may enjoy reading.

Improving Your Entrepreneurial Skillset

Successful entrepreneurs recognize that they need to continually improve.

With your business being located in Lafayette, Indiana, you should investigate some of the many programs available at nearby Indiana universities, colleges and community colleges. Another way to keep up on your learning is to investigate networking groups or organizations in which Lafayette entrepreneurs get together to network and trade their business experiences.

Never Give Up

You have a dream -- starting a business in Lafayette. To achieve your dream, you have to persevere, even when the odds are against you.

If you choose the right business and love what you do, you will greatly increase your odds of success.

This site is all about helping entrepreneurs in Lafayette and elsewhere to achieve real success. We believe entrepreneurship is an amazing engine for job creation in Lafayette, neighborhood development and overall economic health.

More Entrepreneurial Resources for Starting a Business in Lafayette, Indiana

Here are more links that we believe will help you be successful in starting a business in Lafayette.

 

 

Additional Resources for Entrepreneurs

Buying a Business - Writing a Business Plan - Raising Money - Incorporate

Small Business Marketing - Advertising Advice - Public Relations -

Customer Service Tips - Entrepreneurial Selling - Workplace Safety