Moving Forward

There’s more to creating a business than just a good idea. Business development specialists say that even the best ideas will have a slim chance of becoming reality without a good plan that can be put into operation step-by-step.

The federal Small Business Administration lists ten steps in that process. That may appear to be a bit daunting, but a good idea has an above-average chance of success in St. Landry Parish because potential entrepreneurs can find help—usually free or at minimal cost—at every step of the way.

“Starting a business can be overwhelming,” according to Bill Rodier, St. Landry director of economic development, “but we can provide easy contact with professionals who can simplify the process for you.  Our job is to help you succeed.

“You can find help from a list of agencies, whether you need a first-time business plan or evaluation of an on-going operation,” he said.  “Experts can offer counseling, financial information, training and guidance, and many other services that are invaluable in starting, building, or expanding a business.”

The first step in starting a business, according to the SBA, is to prepare a complete business plan that maps out how you will start, run, and expand it.

“Partners such as the Louisiana Small Business Development Center, which has its regional Acadiana office in the ULL Lite Center, have offered business planning and regular ‘how-to’ seminars for more than a decade and have helped scores of fledgling businesses get up and running,” Rodier said. In addition, St. Landry Economic Development works with state and federal government agencies, Louisiana State 

University at Eunice, T.H. Harris and the South Louisiana Community College network, and others to provide specialized training for business leaders and their employees.

In addition to business plans, the small business center, can provide advice and training on financing, sales and marketing, management, taxes and accounting, human resources, risk management, and in other important areas. An expert from the center visits the St. Landry Economic Development Center twice each month to provide free counseling services for area businesses and St. Landry Economic Development offers ongoing business education courses in locations around the parish in conjunction with the LSBDC.

Additionally, St. Landry Economic Development is beginning a series of monthly “lunch and learn” seminars offering hands-on education to current business owners on a variety of relevant topics. These will be offered free or at minimal cost.

The second step for a start-up is to make an honest evaluation of the skills needed to fulfill the plan and to get assistance and training in needed areas.

Besides services provided through economic development’s Cajun Acceleration Station, a cadre of men and women can use their years of experience to address the needs of practically any new business through the Service Corps of Retired Executives (SCORE).

“These are people who have already made the mistakes and seen the ups and downs of business,” Rodier said “They recognize both the challenges and the opportunities, and can offer insights and wisdom gained only through experience.”

Step three is to find an appropriate location for your business.

In many instances, the Cajun Acceleration Station, may be the solution for a beginning business. For more than five years, this center (previously known as the Business Resource Center) has provided office space, help with business basics, networking opportunities, and general support services to start-ups. Additionally, St. Landry Economic Development maintains an inventory of sites for businesses of every type.

The fourth, crucial step, is to find the money to get started and to maintain the business until it becomes established.
“With the  creation of a sound business plan, a full and honest evaluation of the potential and challenges, sound advice and the availability of mentors, and a  good, affordable location, an entrepreneur is well on the way toward finding needed capital,” Rodier said.

You may seek a regular bank loan, look for an investor in your business, or find some other form of financing, but in each instance the investor is going to ask basically the same questions, according to Pete Prados, Director of INNOV8 Acadiana.

“When asking people for money, think like a parent whose child is asking to borrow $100,” he advises. After that” anticipating the next set of questions comes easy:  Why do you need that much money? How are you going to spend it? When am I going to get my money back? 

When? What’s the proof that you are credible? How have you mitigated my risk? Has anyone on your team done this before?”

He suggests that asking for money is not as scary as it might be if you are ready with good answers to questions like these.

Other steps along the way include deciding the legal structure of a business; getting it properly registered with local, state, and federal authorities; getting necessary licenses and permits; and getting a handle on tasks such as waste disposal, employee relations, and other day-to-day requirements that first-time business owners may not think about.

“Many of these can be addressed with a simple visit to our website, opportunitystlandry.com,” Rodier said. “It provides the contact information necessary for dealing with anything from inspections and permits, to registration with the secretary of state, to finding and training employees.”

Rodier emphasized, “It is important to know that St. Landry Economic Development values every business and potential business in the parish and surrounding area. We are certainly pleased when we can bring in a large company, but we know fully well that our economy is built upon on the many small, medium, and family-owned businesses that were conceived, developed and grown right here in St. Landry. We work actively to support those businesses and to help others get started. These businesses are the lifeblood of St. Landry.