Louisiana Business Startup Guides
Start a Business in Covington, Louisiana
Are you starting a business in Covington, Louisiana? This article discusses the most important things to consider when opening a business in Covington.
Is Becoming an Entrepreneur Right for You?
Most startup ventures fail, in part because the business owner did not have the perseverance and abilities that are necessary to succeed. So, before jumping into the world of entrepreneurship, consider all of the implications of being an entrepreneur.
Because entrepreneurship is not for everyone, we recommend you do the following to help you assess whether you should move forward with starting a business:
- Reach out to other entrepreneurs in Covington. Get their take on what it's really like to be an entrepreneur.
- Peruse Should You Become an Entrepreneur?. This is one of our more popular articles for folks who want to go into business for themselves.
- Have a candid conversation with friends and family. That's the best way to get a truly objective assessment as to whether others think you have what it takes.
Covington, Louisiana Demographic Information
Covington has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Covington demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Covington.
Businesses
As a new Covington entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Covington 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.
Businesses
Should You Franchise?
As you drive around Covington, it becomes clear that purchasing a franchise is a common way to get started as an entrepreneur. Is franchising maybe a better way for you to start your business?
Our advice is to consider franchising as an option. We have many articles on franchises, such as Franchising My Business. 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 Newport Furnishings and Color Me Mine Enterprises. Alternatively, you can browse franchise categories, such as Video and DVD Rental Franchises and Child Photos and Portraits Franchises.
Note on Covington Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Covington.
Naming the Company
A good company name can give a big boost to a new startup. It might seem like an easy thing to do, but there are many things to consider when naming a business.
Companies like Starbucks, Apple, Target, Microsoft and Intuit all have strong company names that are easy to remember and have become well-loved brands. Wouldn't it be nice if your new company name got on a similar track?
Numerous company naming issues are discussed in more detail in this article: Naming a Business.
There's one other important factor when naming a business. Since you are opening a business in Covington, it's imperative that you check now that no Louisiana company has already registered the company name you have selected.
Forming a Company in Covington, Louisiana
It's very important that you are forming a legal entity that operates independently from you. Without a legal structure for the business, you can be held personally liable for the actions, debts and obligations of your company.
When forming a company, you will decide among many company types, such as a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
Incorporation is a very popular way to form a business. Of course, you have to decide which type of corporation to form and where to incorporate. If you are starting a business in Louisiana, you don't necessarily have to incorporate in Louisiana. In fact, you can incorporate in the state of your choosing. However, if you do incorporate in another state, you'll have to register as a foreign corporation in your home state.
There are many nuances to forming a company. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Where to Incorporate. You may also want to seek the advice of an lawyer. On a final note, since you will be starting a business in Covington, Louisiana, our web page covering Incorporating in Louisiana may be a useful resource if you decide to incorporate in Louisiana.
Getting Money to Start a Business
Obtaining startup financing for your Covington business is a difficult chore. In fact, financing your new business may be the hardest challenge you ever face.
To learn about raising money, we recommend you read the fundraising articles on our site, such as Business Incubators.
For Covington entrepreneurs on the hunt for startup funding, you'll want to take a look at our List of Louisiana Angel Investors and our List of Louisiana Venture Capital Firms.
Improving Your Entrepreneurial Skillset
The best entrepreneurs recognize that they need to continually improve.
As an entrepreneur who lives in Covington, Louisiana, you should investigate some of the many programs available at nearby Louisiana universities, colleges and community colleges. Another way to keep up on your entrepreneurial education is to investigate networking organizations for Covington entrepreneurs.
Moving Forward
Most new Covington businesses underestimate the number of challenges they will face.
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 Covington and elsewhere to achieve real success. We want to be there for you to answer your business questions, whether you are a new Covington entrepreneur who is just getting started or you are already up and running with your new venture.
More Entrepreneurial Resources for Starting a Business in Covington, Louisiana
Here are more links that we believe will help you be successful in starting a business in Covington.
- Resources for Covington, Louisiana Entrepreneurs - Browse a variety of resources we've collected to assist Covington entrepreneurs.
- Louisiana Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Louisiana.
- Louisiana Small Business Development Center - The Louisiana Small Business Development Center (LSBDC Network) provides low- or no-cost guidance and training for small business owners and potential owners.
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