Business FAQs

What is a business plan and why do I need one?

A business plan precisely defines your business, identifies your goals and serves as your firm's resume. Its basic components include a current and pro forma balance sheet, an income statement and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make the right decisions. Because it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan package. Additionally, it can tell your sales personnel, suppliers and others about your operations and goals.

How much money do I need to get started?

Once you have taken care of your building and equipment needs you also must have enough money on hand to cover operating expenses for at least a year. These expenses include your salary as the owner and money to repay your loans. One of the leading causes of business failure is insufficient start-up capital. Consequently, you should work closely with your accountant to estimate your cash flow needs.

Does SBA offer grants for small business startup?

SBA's limited grant offers are generally designed to expand and enhance an existing small business technical assistance.

SBA's grant programs generally support non-profit organizations, intermediary lending institutions, and state and local governments in an effort to expand and enhance small business technical and financial assistance.

What Kind of Insurance Should I have?

Business owners must consider protection for their investment and for situations that may arise involving customers. For employees, worker’s compensation coverage is required by all employers operating in Louisiana. Other types of business insurance coverage and costs can vary widely, depending upon the type of business.