Louisiana Business Startup Guides
Starting a Business in Franklin, Louisiana
Thinking about starting a business in Franklin, Louisiana? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Franklin.
Are You Sure You Want to Do This?
Most new companies don't make it, in part because the entrepreneur did not have the entrepreneurial skills and traits needed to succeed. So, before you start your business, consider all of the implications of being an entrepreneur.
While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:
- Speak with other entrepreneurs in Franklin. Ask them candidly what it's like to run a business.
- You should read Business Failure. It's a good read for those who are thinking about becoming an entrepreneur.
- Involve a spouse, family member or trusted friend in the decision. The people who know you best are often in the best position to tell you bluntly whether you will be a good entrepreneur.
Franklin, Louisiana Demographic Information
Franklin has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Franklin demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Franklin.
As a new Franklin entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Franklin 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.
What About Franchising Opportunities?
As you drive around Franklin, you may be surprised to see how many franchises there are in the area. Is there a franchise opportunity out there that makes sense for you?
Our advice is to look into purchasing a franchise. To help you learn more about franchising, we've gathered a ton of articles on franchising, including Five Franchise Opportunities To Watch. Gain a solid understanding of franchising by scanning all of our Articles on Franchising.
A comprehensive list of franchisors is available via our List of Franchise Opportunities.
Sample franchise opportunities include Starwood Hotels & Resorts Worldwide, Inc. and Doody Calls. Alternatively, you can browse franchise categories, such as Rental Franchises and Hotel and Motel Franchises.
Note on Franklin Franchise Opportunities: You will need to contact franchisors directly to see if their franchises are available in Franklin.
Make Sure You Have a Business Plan
A business plan is vital in maximizing the prospects of your new company. In effect, your business plan is your game plan for how you hope to grow your business. Not having a business plan is a recipe for disaster.
Before you start writing a business plan, we suggest you skim The Art of the Executive Summary. A great resource for business planning assistance is the free business counselors available to you through your local SCORE chapter in Louisiana.
Raising Capital for Your Venture
Raising money to fund your new Franklin business is very difficult due to the ongoing business credit crunch. If you don't have a rich uncle to fund you, you'll need to be creative in how you approach your fundraising efforts.
Fortunately, this site contains dozens of articles on raising money, including one we recommend entitled 504 Loans.
Promoting Your New Startup
To rise above the crowd in Franklin and grow your business, you need a excellent marketing plan.
We have some great resources on this site for entrepreneurs who are working on marketing plans. Business Cards discusses marketing strategy and tactical marketing in a way that should get you thinking about how to creatively promote your business. That's just a taste of the many useful articles we have on Marketing a Small Business.
Most new Franklin businesses underestimate the number of challenges they will face.
Owning your own business will be a daunting task, but you can do it.
This site is all about helping entrepreneurs in Franklin and elsewhere to achieve real success. We have a wealth of experience in business start-ups, financing, marketing, sales and more...and we've made all of our knowledge available to you.
More Entrepreneurial Resources for Starting a Business in Franklin, Louisiana
Here are more links that we believe will help you be successful in starting a business in Franklin.
- Resources for Franklin, Louisiana Entrepreneurs - Browse a variety of resources we've collected to assist Franklin 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.
Starting-a-Business Guides for Other Cities in Louisiana
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