Why NOLA is an Entrepreneur’s Dream Frontier
New Orleans is a city of culture, tourism, shopping, and amazing food. However, it’s also a fantastic place to start a business. With the endless resources, community support, and low business costs, you may just hit the ground running once your shop opens. So in this article, you’ll learn why the crescent city is perfect for entrepreneurs and how to start a business here.
New Orleans is a famous tourist destination, and the city is almost always bustling with activity. So, if you love meeting people from around the world, you can cater your business to tourists and locals to see fast growth. Whether you open a restaurant, gift shop, or museum in this famous city, you should see traffic quickly. Some other popular touristy business ideas for New Orleans include:
- A bar or club
- Handmade goods to sell in the French Quarter
- Bed and Breakfast
- Walking tours
Lower Business Costs
The cost of running a business may be a little higher than in some cities. Still, with its popularity, the operating prices are significantly cheaper than in other landmark cities, like New York or LA. So when you start your business in an area with such high traffic, you can quickly grow without worrying about drowning in debt. As long as you manage your capital wisely, you can stretch your dollars.
Just make sure you’re not skimping out on money-saving expenses, like insurance. Workers’ comp in Louisiana is required, but it’s not the only form of business insurance you should have, especially in the first year when you can’t afford a significant loss. It may be easy to underinsure yourself to cut costs until you file a claim and realize that you have to pay out of pocket.
New Orleans locals are a pretty close community. They promote each other, offer guidance, and stick together to rebuild in times of tragedy. So if you want to live and base your business in this city, expect to be welcomed with open arms. And as long as you support fellow business owners in the community, you’ll find the networking opportunities more valuable than in other large cities around the country.
Not only is there tremendous community support, but there’s support from people around the country. For example, after Hurricane Katrina hit, entrepreneurs came pouring in to help the beloved city get back on its feet.
New Orleans carries a wealth of resources for budding entrepreneurs. From financing opportunities to quick access to supplies, you’ll find that you have everything you need right under your nose. Plus, the New Orleans Small Business Development Center offers these valuable resources to new business owners:
- Business consulting
- Business workshops (to learn marketing, building a customer base, and more)
- Learn how to prepare for a disaster
New Orleans Entrepreneur Week
New Orleans Entrepreneur Week is typically held at the beginning of the year, where entrepreneurs can share ideas, learn growth tactics, and even pitch to investors. If you’re not from the area, you should consider visiting during this event to network, learn, and see why the city is the perfect place to start your business.
How to Start a New Orleans Business
Starting a business in Louisiana is similar to other states. So, if you have a solid idea and have conducted the proper research, you may be ready to start building.
Write a business plan
A business plan is essential for entrepreneurs to successfully start and run their new businesses. You’ll have a complete action plan ready to execute if written correctly. In addition, it’ll help you secure loans, pitch to investors, and ensure that all members know their roles within the business. Once you’re finished with this step, you are ready to move on to the fun stuff.
Once you have a business plan, you can start registration. Choosing the proper structure for yours depends on how you want to be taxed, held liable in lawsuits, and whether you’re going to sell ownership of your company in stocks. Many small business owners choose the LLC.
Once you’ve completed registration, you can get your Employer Identification Number, hire staff, and open bank accounts. Then, you should start looking at locations, check zoning, and ensure that you have fulfilled the legal requirements of your industry.
Acquiring the necessary funds to get your business off the ground can be tricky in other cities. Still, New Orleans has the resources to help entrepreneurs seek the capital they need. If you’re applying for a loan, have that business plan ready to show lenders that you’re serious about your idea. They could be more likely to approve your application if they feel confident that they’ll get their money back.
New Orleans is the perfect place for entrepreneurs to live and start their businesses. With the constant tourism and overwhelming community support, you’ll be able to grow your customer base quickly. Plus, the low business costs will give you more breathing room to get past that challenging first year. With those factors in mind, on top of the many resources in the area, you should see your small business scale in no time.