Louisiana has experienced a significant economic transition over the recent years, and is currently aspiring business founders are looking forward to exploring the state’s economic potential.
Site Selection Magazine ranked the business climate in each state in 2013 and determined that Louisiana has the sixth greatest business climate in the United States.
This further proves that the state is a prime location for companies in a wide variety of established and emerging sectors.
Small and large enterprises alike can flourish in Louisiana attributable to the state’s welcoming business environment. Here are 10 business ideas with enormous potential in the state of Louisiana.
Open an eCommerce Store
With the expansion of Louisiana’s technology infrastructure comes the increased possibility of opening your own eCommerce website to cater to this growing market.
In addition, Louisiana has a new eCommerce project that was established in 2020 to assist small businesses in selling online.
Although you may be able to manage your e-commerce enterprise from the comfort of your own couch, there are a few things you should keep in mind as you get started.
Is there a particular kind of product you plan to focus on? Where will you host your virtual shop and take credit card orders? Remember that your company must comply with Louisiana state regulations regarding business registration.
Home Improvement Contracting Business
Around $400 billion was spent on home improvement projects in 2018, according to Harvard’s Joint Centre for Housing Studies (JCHS).
The $454 billion market for house improvements is projected to increase steadily through 2023. This includes everything from climate control systems to waterproofing, as well as standard comfort upgrades like landscaping and outdoor living space redesigns.
In Louisiana, you must register home renovation projects between $7,500 and $75,000. Among other things, the state requires that home improvement contractors have at least $100,000 in general liability insurance.
You have one year from the date you submit your Home Improvement Registration Application and $75 filing fee to comply with Louisiana law.
Dog care services
Dogs are considered members of the family in Louisiana, and their owners are given the same level of care as human children.
The typical canine companion in Louisiana costs its owner several thousand dollars annually. This trend has opened up a lucrative market for companies selling dog-related goods and services (canine nutrition and treats, doggie couture, etc).
Digital Marketing Agency
Energy firms rely substantially on marketing resources for efficient communication, and the energy sector contributes $70 billion to the economy every year.
The expanding industries of energy and tourism in Louisiana directly translate to a greater need for skilled marketers across the state.
Marketing professionals of all stripes are in high demand. In the last decade, the marketing sector in this state has expanded by as much as 47%, which is significantly more than the 12% growth rate seen nationally.
17.7% population of the Pelican State are senior citizens as of July 2021, according to Nola Home Care
The average American is living longer attributable to the improving standard of healthcare in the country.
Because of this, the senior population has grown to represent a sizable proportion of the total population in several states, including Louisiana.
Products and services tailored to the unique needs of the elderly population include transportation, errand running, and medical care.
Child care services
The necessity for mothers to work outside the home is growing, making their schedules even more hectic than they already are.
There is now little to no time for them to spend with their kids. Businesses offering child care services are invaluable to working mothers who need to find reliable care for their children while they are away from home. There are a lot of working moms in Louisiana, therefore this company should do well there.
Professionals are sought out in Louisiana for a variety of landscaping needs, including but not limited to lawn care, tree pruning, irrigation systems, and new plant installation.
Review the state’s guidelines for landscaping services that require a license as you begin planning your landscaping business. This may include horticulture, lawn irrigation, tree removal, and hydro-seeding.
Start an IT Firm
Louisiana’s emergence as a software development and innovation hub dates back to 2006. In 2019, the information technology industry in Louisiana added around 1,200 jobs, making it one of the fastest-growing in the US. The tech industry in Bayou State is thriving, with a current market cap of $7.6 billion.
Tech-focused tax incentives, a growing workforce, and university alliances all make Louisiana an attractive location for IT business startups.
Think about North Louisiana’s “Cyber Corridor” as an option for your IT company’s future home. Monroe, Bossier City, Ruston, and Shreveport are all connected via the I-20 technology corridor.
Start a Consulting Business
Louisiana’s competitive business sectors can benefit from the advice of consultants, especially in areas like water management, energy, agribusiness, and innovative manufacturing.
Consultants are outside experts who advise businesses on matters such as strategy, long-term planning, present projects, and anything else where the company’s decision-makers could benefit from hearing another point of view.
While experience and connections are helpful, they are not necessities when first establishing a firm. Possible necessities for consultants in obtaining a business license include taking a test, getting fingerprinted, and completing pre-licensing coursework.
Additionally, you and your consulting clients must have written contracts in order to operate legally in this state.
Opening a beauty salon is a business opportunity in the Pelican State that you can embrace because beauty services never go out of demand.
Demand for it increases during the festive period or holidays. Services in this line of business include body waxing services.
The Louisiana Board of Cosmetology is responsible for overseeing the state’s salon industry. You will need to obtain a state license, which will require you to take and pass both a written and practical exam.