Business Report's 2019 Small Business Guide by Baton Rouge Business Report

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SMALL BUSINESS GUIDE 2019 INSIDE

Small Business Profiles How I Did It Student Entrepreneurs Resources for Business Owners

ANNE MILNECK Owner of Red Stick Spice Company

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SMALL BUSINESS GUIDE 2019 34

CONTENTS 32 Small Business Profiles.......................................................................................... 34 Infographic: Small business in the Capital Region.......................................

Counterspace BR Parker’s Pharmacy Woolly Threads Morrison Companies STONE and CLOTH

How I Did It.................................................................................................................. Boyce Clark: Responding to a sudden spike in product demand Eric Carnegie and Chad Hughes: Launching a new concept Galen Iverstine: Opening a brick-and-mortar location Anne Milneck: Revamping a company e-newsletter Chris Remson: Rebranding a firm after 20 years in business

40 YEA: Teaching the next generation of entrepreneurs.................................. 42 Getting down to business...................................................................................... 46 An entrepreneurial ecosystem: What’s available?......................................... 52 Infographic: Sizing up business in the Capital Region by industry........ 54 Business incentives.................................................................................................. 55 Spotlighting success: Capital Region Lantern Award winners................. 56 Beyond books: EBR Library offers free business resources....................

55 28

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2019 SMALL BUSINESS GUIDE

From our sponsors THE EAST BATON ROUGE Parish Library is committed to strengthening business, promoting workforce development and supporting entrepreneurship throughout the parish. We continue to enhance our technology services, databases and online resources to meet your needs. We have greatly increased the depth and breadth of the premium business resources offered freely via our website, ebrpl.com/DigitalLibrary—all you need is your library card. We’re conveniently open seven days a week at our 14 libraries, too. The Digital Library provides access to thousands of free employment training courses, educational assistance programs and business-related databases, as well as free online movies, eBooks, magazines, music, foreign language lessons, hobby courses, news, archives and more. We’re especially pleased to present the Library’s SMALL BUSINESS SERVICE to local business owners and entrepreneurs. This new service includes free programs, resources and tools to

help your business grow, and offers free one-on-one consultations with our business librarians. Contact them at smallbusiness@ebrpl.com. Business librarians can guide you in the use of Gale’s Small Business Builder, a step-by-step online planning tool for starting, managing and optimizing a business or nonprofit. The program’s intuitive dashboard walks users through five areas to develop a business plan focused on long-term success: Entrepreneur Profile; Business Ideation; BreakEven Analysis; Business Plans; and Financial Projections. This is just one of a number of business tools available FREE through EBRPL’s Digital Library, including Lynda.com, Mergent Intellect, ReferenceUSA, LexisNexis, Small Business Resource Center (including business plans and legal forms) and Sage Business Researcher. To view all library business resources, visit ebrpl.com/Business. The Library is also upgrading its physical infrastructure with major

renovations underway for the Greenwell Springs Road and Jones Creek Regional branches and the completion of the replacement River Center Branch Library. Each branch will be modern, high-tech and energy efficient, and serve as a center for robust community and government activities and meetings, planning, learning and discovery. These construction projects are fully funded on the pay-as-you-go plan with no bonds or indebtedness, thanks to public support for the Library’s 10-year dedicated property tax. The support you give YOUR LIBRARY makes it possible for us to continue to renovate our older branches and bring them up to date, build new facilities, broaden our services and selections, offer more meeting and study spaces, and provide additional high-tech computers and software, free Wi-Fi and much more.

ON DECEMBER 3, 1910, eight visionary citizens chartered First American Bank and Trust. The bank was originally known as Bank of Vacherie. By 1978, the area served by the bank had grown far beyond the boundaries of the town from which its name was derived, and the name was changed to First American Bank and Trust. First American Bank and Trust has played an integral part in the growth and prosperity of the communities we serve by providing the highest quality of financial services to citizens throughout Southeast Louisiana for over 100 years. Today, First American Bank has total assets of $902 million. First American Bank has always been a lender that provides commercial, residential, and consumer loans. Additionally, First American Bank provides a large number of construction loans both to individuals and contractors. After construction is complete, a large

percentage of those residential loans are maintained in our loan portfolio, providing our customers with exceptional service from local employees. In 2018, First American Bank originated $198 million in loans for its customers. Besides being a great source of loan funding, First American Bank maintains a strong capital base for our customers to deposit their funds. From online bill pay to mobile check deposits, First American Bank offers the latest in banking technology to provide the best possible services for our customers. We are here to assist you with your construction loan, home purchase, business loan, or any financial service you need while providing you with the latest in banking technology from knowledgeable and customer friendly employees. At First American Bank, we are local, we are easy to work with and most importantly

we know how to get things done right. First American Bank is a place where principles, fairness and people still matter. Decisions are still made locally—by local people who care. In addition to a full range of banking services, First American also offers comprehensive financial products and services for investing in a brighter future for its customers. A strong, independent community bank, First American Bank and Trust is closely tied to the businesses, organizations and citizens in each community it serves. Our board of directors is made up of people from our local communities who are visionary leaders committed to making our region stronger, while retaining the traditions that make it special.

Spencer Watts

Library Director East Baton Rouge Parish Library

Ronald J. Falgoust

President & CEO First American Bank and Trust

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2019 SMALL BUSINESS GUIDE

Small business in the Capital Region

WITH A DIVERSE portfolio of more than 60,000 small businesses, the nine-parish Capital Region continues to be a major driver of job creation and entrepreneurship. With a full-time civilian workforce more than 270,000, the region is arguably one of Louisiana’s most important centers for industrial construction, manufacturing, education and government.

CAPITAL REGION POPULATION GROWTH RATE

2010

2017

802,484

834,159

BUSINESS OWNERSHIP

49.7% 40.5% MALE-OWNED

9.8%

+3.9%

FEMALE-OWNED

EQUALLY MALE/FEMALE-OWNED

1000

POPULATION (in thousands)

900 800 700 600 500

48.5%

47.6%

NON-MINORITY OWNED

MINORITY OWNED

400 300 200 100 0 1960

1970

1980

1990

2000

2010*

2017

2030

230,058 285,167 494,151 528,264 602,894 802,484 834,159 954,850 (PROJECTED)

* In 2003, the Baton Rouge MSA was expanded to its current size with the addition of five parishes—East Feliciana, Iberville, Pointe Coupee, St. Helena and West Feliciana— in addition East Baton Rouge, West Baton Rouge, Livingston and Ascension parishes. This nine-parish region had a population of 705,973 in 2000.

BUSINESS REPORT, February 26, 2019 | BusinessReport.com

3.9% EQUALLY NON-MINORITY AND MINORITY-OWNED

SMALL BUSINESS

98.8% 44.3K 81.9%

OF CAPITAL REGION BUSINESSES ARE SMALL, WITH 499 OR FEWER EMPLOYEES

2-9 EMPLOYEES SMALL BUSINESSES OPERATING IN THE CAPITAL REGION IN 2017, A 28.4% INCREASE SINCE 2012

31,286 (70.5%) 7,517 (16.9%)

10-99 EMPLOYEES

100-499 EMPLOYEES OF SMALL BUSINESSES HAVE FEWER THAN 10 EMPLOYEES

5,045 (11.4%)

SELF-EMPLOYED

500+ EMPLOYEES

489 (1.1%) 50 (0.1%)

REGIONAL ECONOMY 82% of the local industry sectors experienced job growth over the past year, led by the construction, and education and health services sectors

2018 JOB GROWTH BY INDUSTRY

JOB DISTRIBUTION

Construction Other services, 4% Manufacturing, 7%

Education and health services, 13%

Financial activities, 5% Information, 1% Government, 18%

Education and health services

Other services

2.4%

Financial services Trade, transportation and utilities, 17%

Construction, 13%

7.6%

Financial activities, 5%

Professional and business services, 11%

2.1% 1.5% 0.7%

Professional and business services

Manufacturing

SOURCES: U.S. Census, Baton Rouge Area Chamber, youreconomy.org, Bureau of Labor Statistics and Louisiana Parish Population Projection Series 2010-2030

Daily-Report.com | BUSINESS REPORT, February 26, 2019

2019 SMALL BUSINESS GUIDE

A LL M S

S S E N I BUS O FILE

Prescription for growth

Finding the sweet spot COUNTERSPACE BR REFLECTING ON THE rapid growth of her popular baking business, Counterspace BR, over the last year, Sarah Joy Hays (pictured above) turns to Drake lyrics to explain. “Zero to 100, real quick,” she says with a laugh. Months after Hays opened her first brick-and-mortar location at White Star Market in June, she announced plans for a second location on Perkins Road, expected to open in February. And the second bakery will be an expanded one, featuring not only Hays’ sweet treats, but also coffee from New Orleans-based Mojo Coffee and grab-and-go lunches from MJ’s Cafe. “I’m excited to get it opened and make it a spot for food creatives to get to together,” says Hays. Like many small businesses, Counterspace BR started as a hobby. Hays, who returned to Baton Rouge in 2015 after working in Washington D.C., began selling her desserts at Mid City Makers Market and local coffee shops, where she amassed a loyal following. Hays prides Counterspace BR on being “simple, fun and affordable.” The focus is to offer something for everyone, to be part of people’s celebrations—a part of the community. “It’s been fulfilling,” Hays says. “On the days when it’s hardest and doubts creep in, it’s almost magical. Those are the days I get a message from a mom thanking me for her kid’s birthday cake or someone tells me my king cake is the best they’ve ever had. At the end of the day, I know this is special.” —Annie Ourso Landry

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BROTHERS AND ENTREPRENEURS Orlando and Kyle Palmer (pictured below, left to right) are already moving forward with plans to expand Parker’s Pharmacy, the neighborhood pharmacy they opened last year on Florida Boulevard near the Broadmoor Village Shopping Center. After doubling the number of their employees from four to eight over the first year in business, the Palmers are in the midst of planning a second location near South Sherwood Forest and Coursey boulevards, as well as two additional, undisclosed locations slated to open later this year. They aim to distinguish themselves from their big-box competitors by remembering customers’ names and offering free deliveries, among other services. “People ask us, ‘Are you always going to open up next to a CVS or Walgreen’s?’” Orlando says. “My answer is, ‘yes, every time.’” The Palmers also hope to expand their reach within the community. Over the holiday season, they launched a nonprofit called Parker’s Care Foundation, which raised some $1,500 that was distributed to customers who couldn’t afford their prescription copays. Kyle, who handles marketing for the pharmacy, says he’s constantly looking for ways to transcend generational barriers with their approximately 3,500 patients. “When you exceed your biggest goals, it’s like, ‘now what?’” Kyle says. “Now, it’s maintaining a high level of service—but planning for a large amount of growth.” —Catie Burkes

BRIAN BAIAMONTE

COLLIN RICHIE

PARKER’S PHARMACY

Diversification station MORRISON COMPANIES DIVERSIFICATION HAS ALWAYS been key for Shane Morrison (pictured below), founder and CEO of Shane Morrison Companies. Since launching a movie theater business, he’s parlayed early projects into other real estate opportunities. “What led me into real estate development was that theaters were anchors for development,” Morrison says. After adopting that mindset in the early 2000s, Morrison began developing various properties, including Starbucks, Lowe’s, Walmart and early Raising Cane’s locations. Morrison then entered the restaurant management business around 2008—when the real estate market crumbled—by leveraging his stake in Santa Fe Cattle Company restaurants. Among his holdings today, Morrison is the largest WalkOn’s franchisee with the rights to 30 restaurants across five states. Diversifying not only allowed Morrison to vertically integrate his company so that he could own and operate all of his real estate, it also meant he could keep his employees during the time of economic uncertainty. Today, Morrison Companies and its numerous affiliates focus on all three primary business interests: real estate, restaurants and movie theaters. One of his ongoing projects, however, takes him back to his roots. Through his brand, Celebrity Theaters, Morrison—who had an after-school job taking tickets at the Bon Marché Twin Cinema in 1989—is renovating his theater at Jones Creek Road and Coursey Boulevard into a family entertainment complex that will include arcade games, bowling and two large screens, along with luxury reclining leather stadium seats. COLLIN RICHIE

—Catie Burkes

Growing comfortably IN THE ROUGHLY five years since Woolly Threads was launched in a Baton Rouge apartment, the company has significantly expanded its product line, established a brick-and-mortar store and become a multimillion-dollar operation in the process. Inspired by a terry-cloth sweatshirt found in a New England thrift store, LSU grad Natalie John (pictured above) and Mason Dupré started the company in Dupré’s apartment, enlisting the help of his roommates to fill orders—the first of which came from an LSU sorority in the fall of 2014. By the following spring, the company had inked deals with multiple universities in the region. “I knew it was going to be popular with sororities, but I was surprised how quickly we expanded from Greek organizations to colleges,” says John, who has since taken full ownership of the company. Today, Woolly Threads offers signature sweaters for more than 350 colleges, sororities and fraternities nationwide. The Woolies—crafted from a terry-cloth-style fabric made to feel like a sweatshirt you’ve worn for years—remain the heart and soul of the company, but it also sells quarter-zip sweatshirts, hoodies and scrunchies. In November, the company moved into a roughly 1,700-square-foot space along Government Street in Mid City, next to Pop Shop Records. The space serves as the company’s headquarters and includes a small showroom. Moving forward, John is working to bolster online sales and further expand the company’s customer base beyond college campuses. She also plans to begin selling the company’s signature sweaters for high schools.

BRIAN BAIAMONTE

WOOLLY THREADS

—Holly Duchmann

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2019 SMALL BUSINESS GUIDE

S S E N I S U B PR

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BRIAN BAIAMONTE

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Beyond the surface STONE AND CLOTH

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YOU MIGHT CALL Kris Klar a cautious opportunist. Though he had ambitions to work for himself after graduating from LSU in 2002, Klar (pictured above) wasn’t settled on a business concept and opted to start his professional career in marketing for a Fortune 500 company. All the while, he recalls “reading everything I could get my hands on, researching business, constantly looking for the industry I wanted to get into.” He eventually began working in residential and commercial construction, focused on granite and marble installation. And then opportunity knocked. After coming across a Florida countertop company that was going out of business, Klar bought it and launched STONE in 2009. “I’ve always had a very positive outlook and look for good opportunities in everything,” says Klar. After about five years of establishing his business as a Baton Rouge area leader for marble, granite and quartz countertops, Klar expanded his offerings to include flooring. In the fall of 2017, he further diversified the product line, launching a custom furniture division called CLOTH. This year, Klar is undertaking yet another new venture. In December, he bought the Jefferson Highway property that’s home to the Dyson House Listening Room with plans to develop a 15,000-square-foot shopping center on the site. STONE and CLOTH will anchor the center, which Klar hopes to have completed by the end of next year. “I truly have fun doing this work, whether it’s running the flooring and countertop business or investing in real estate,” Klar says. “It’s all fun.” —Holly Duchmann

How I did it BOYCE CLARK Founder of Lubricity Labs

THE CHALLENGE: Responding to a sudden spike in product demand THE NEED: When a local TV segment on Lubricity Labs went viral in 2017, thousands of orders for the startup’s hair products began pouring in. Boyce Clark’s small business was featured across the nation on nightly news shows and lifestyle websites. The only problem was Clark had just 50 bottles of product on hand. THE DECISION: “We could not afford to miss this opportunity to rapidly grow our business,” says Clark, who immediatley began hiring additonal employees and purchasing equipment to meet the sudden demand. His team let customers know Lubricity Labs was a small startup and asked them to stick with the company through the growing pains. HOW I DID IT: • Clark quickly got to work, making product 24/7 to fill the orders. • To keep customers updated on social media, Lubricity Labs posted daily photos of Clark—a geochemist by trade—producing and shipping the product.

THE PAYOFF: While the company did have some order cancellations, the vast majority of customers stuck with Lubricity Labs through the process. To this day, the business has a “fiercely loyal customer family” that continues to grow, Clark says. —Annie Ourso Landry

BRIAN BAIAMONTE

• Shipments included handwritten notes, thanking customers for their patience and support, with a discount code for future purchases. “We made the customer part of our journey by communicating openly with them along the way,” Clark says.

ERIC CARNEGIE AND CHAD HUGHES Restauranteurs

THE CHALLENGE: Launching a new concept THE NEED: When Crispy Catch near the Perkins Road overpass closed in early 2018, the building became available for lease and its owners reached out to Eric Carnegie and Chad Hughes (pictured left to right), who have ownership stakes in several local establishments, including nearby Ivar’s and Kalurah Street Grill. They were interested but wanted to come up with a new concept. THE DECISION: After gathering input from local residents, they “felt the area needed something a little more kid friendly,” Carnegie says, as there are already several nearby bars. HOW THEY DID IT: • One day while visiting the building, they “stumbled upon gold” when they realized the structure could support a second-story outdoor rooftop. • Carnegie and Hughes then began the process of renovating and expanding the building, designing the restaurant and crafting a menu.

DON KADAIR

• In December, they announced plans for a family friendly rooftop restaurant and bar called Bumsteers in the 1950s-era building, which was originally a gas station before it housed a Kean’s Fine Dry Cleaning location and later, Crispy Catch. THE PAYOFF: While Bumsteers hasn’t opened just yet, as of late February, Carnegie says everything is turning out just as they envisioned. Opening a new concept is always a challenge, he adds, but it’s coming together. “It was like it was meant to be.” —Annie Ourso Landry

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2019 SMALL BUSINESS GUIDE

GALEN IVERSTINE Owner of Iverstine Family Farms

THE CHALLENGE: Opening a brick-and-mortar location THE NEED: The size of Galen Iverstine’s family farm in Kentwood could support business growth but he had outgrown resale outlets such as the Red Stick Farmers Market, where he had been a vendor for years. He wanted to expand his reach in the Baton Rouge area without reducing profit margins in the wholesale market. THE DECISION: With an expanded product line, Iverstine opened his full-service butcher shop in 2016 in the heart of Baton Rouge, about two years after he purchased land on Perkins Road for the store and began planning for it. HOW I DID IT: • A local realtor helped Iverstine find the perfect location for his business. He decided to keep the physical footprint small to drive down startup and overhead costs. • “We bootstrapped it as much as we could by doing as much of the work ourselves that was allowed,” Iverstine says. • The most important part, though, was building a strong team dedicated to the mission of the business and values of great customer service, he adds.

BRIAN BAIAMONTE

THE PAYOFF: After two years in business, Iverstine has met his initial projections. The business model has also allowed Iverstine to pursue additional opportunities for growth, including the recent launch of a home delivery subscription service and plans to expand wholesale products to other retailers. —Annie Ourso Landry

ANNE MILNECK Owner of Red Stick Spice Company

THE CHALLENGE: Revamping a company e-newsletter THE NEED: Anne Milneck wanted to broaden her customer base as well as increase organic consumer engagement. THE DECISION: With 3,500 engaged subscribers, Red Stick Spice Company’s email list already proved a valuable asset to the business. But when Milneck took over the company in 2012, she believed that to bring it to the next level, she’d need to make several critical improvements to the existing e-newsletter. HOW I DID IT: • Milneck enlisted the help of her husband, Greg, founder and president of local production studio Digital FX, to completely redesign the e-newsletter and add a sign-up option to the website. • She transformed the e-newsletter into a platform for innovative recipes after noticing that’s what most customers seemed interested in. “That answered the question of, ‘What do I do with your products?,’” says Milneck, who is also a chef. • Though she began outsourcing management of the e-newsletter to Gatorworks in late 2018, Milneck still maintains an active role with creating its content, much of which she bases upon the analytics Gatorworks tracks.

DON KADAIR

THE PAYOFF: Seven years later, the Red Stick Spice Company e-newsletter has some 13,000 organic and engaged subscribers—a 270% increase. —Catie Burkes

BUSINESS REPORT, February 26, 2019 | BusinessReport.com

CHRIS REMSON Principal, RHH Architects

THE CHALLENGE: Rebranding Remson | Haley | Herpin Architects after 20 years in business THE NEED: The firm wanted to continue attracting more clients working on larger-scale projects by giving the brand a more “corporate feel,” says Chris Remson. THE DECISION: Rebranding to a shorter name and more recognizable logo better represented all 15 of the firm’s employees, reflecting its team-oriented nature as well as its growth over the years. HOW I DID IT: • About two years ago, the firm hired a consultant who forced them to revisit every aspect of their business, Remson says. Unsatisfied and frazzled, the firm dropped the consultant, let the dust settle and determined exactly what they wanted out of a rebrand: presenting themselves as a larger, people-oriented company. • The firm then hired a new consultant, SASSO Agency, with a detailed list outlining their findings from the previous consultant. They worked closely together for nine months, regularly soliciting feedback from employees, clients and the professionals at SASSO, who changed the company’s name and logo in January.

FILE PHOTO

• RHH now lets SASSO handle all of its public relations and educate them on how to make the most out of their new brand. THE PAYOFF: The brand overhaul has already attracted some new clients, Remson says. “People are acknowledging it’s not just a new logo, but a new attitude,” he says. “They treat us as though we’re going through a major change, and we’ve gotten exposure from it.” —Catie Burkes

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DON KADAIR

2019 SMALL BUSINESS GUIDE

Beyond books

TAKE IT WHERE YOU FIND IT: Laurence Williams, a job development leader for Goodwill Industries in Baton Rouge, uses the free Reference USA tool at the Main Library to find jobs for individuals with disabilities or other barriers to employment.

The East Baton Rouge Parish Library offers a number of free resources for small business owners, entrepreneurs and nonprofits. BY ANNIE OURSO LANDRY WHEN TONI PHILLIPS launched a fitness program for seniors in 2017, she knew she would need legal assistance, especially for a business venture that involves potential injury and liability risks. But, as a budding business owner, Phillips could not afford an attorney. So she turned to her local library for assistance instead. The East Baton Rouge Library System offers several free business resources geared toward entrepreneurs like Phillips, including programs such as the Gale Small Business Builder, Gale Small Business Resource Center and Reference USA for marketing research. 40

BUSINESS REPORT, February 26, 2019 | BusinessReport.com

Phillips used Gale LegalForms for the documentation she would need to ensure her senior fitness program—which is called One Up and helps seniors prevent falls— is protected. “As a small business owner, the library’s resources are incredible,” Phillips says. “These are things I could never find on my own, let alone afford if I tried to purchase them. Resources like a library support system, demographic data, tools to develop marketing and a business plan—anything a small business needs to start up, they have it.” And it’s not just business owners who can benefit from the library programs.

LIBRARY BUSINESS RESOURCES: Gale Small Business Builder: An interactive, step-by-step online planning tool for starting, managing and optimizing a business, with an intuitive dashboard that walks users through five areas of exploration to develop a business plan. Gale Small Business Resource Center: A database of detailed information for starting and operating a business, covering everything from accounting and human resources to management, marketing and taxes. Reference USA: A source of area business and residential information that helps users find jobs, research local employers, develop marketing and small business plans and locate specific people or demographics. Merchant Intellect: Similar to Reference USA but it offers data from a different provider. Gale LegalForms: A collection of commonly used legal documents, covering topics such as standard leases, bills of sale, taxes and more. Small Business Reference Center: Offers access to small business reference books, as well as business tools, videos and advice.

Laurence Williams, for instance, who is a job development leader for Goodwill Industries in Baton Rouge, uses the Reference USA tool to find jobs for individuals with disabilities or other barriers to employment. Reference USA is

a database of business and residential information for research, marketing and job searching. “My job is to go out and meet business owners to see if they’re interested in hiring people with disabilities or

Issue Date: 2-26-19 Ad proof #6

• Please respond by e-mail or fax with your approval or minor revisions.

AMY HOLCOMB

re-entry individuals,” Williams says. “I use Reference USA to find certain jobs that match up with their skills or interests.” The cornerstone of the library’s business resource offerings, though, is the Gale Small Business Builder, says library Reference Services Coordinator Andrew Tadman. The program provides a step-bystep, interactive business planning tool. “The best part about it is that it breaks down the business plan into small sections,” Tadman says. “Fill in the blanks, and when it all comes together, you’ve got a real, professional looking business plan.” The Gale Small Business Resource Center works in tandem with the small business builder program, Tadman adds. The resource center provides detailed information to assist users as they develop their business plans. Not everyone realizes, however, what the library has to offer in terms of small business resources, and people are often pleasantly surprised to learn their local library conveniently provides such programs like Gale—and at no cost. “People are really blown away by it,” says Assistant Library Director Mary Stein. “Some think the library is just storytime and homework help, but we have a lot to offer grownups and businesses here.”

• ADsays WILLthe RUN AS ISfree unless approval or final revisions WORKING IT OUT: Toni Phillips (pictured at right) various business assistance resources she used at the Main Library to help are received bynever the close of my business today. launch her One Up senior fitness business were•“things I could find on own, let alone afford if I tried to purchase them.” Additional revisions must be requested and may be subject to production fees. Carefully check this ad for: CORRECT ADDRESS • CORRECT PHONE NUMBER • ANY TYPOS This ad design © Louisiana Business, Inc. 2019. All rights reserved. Phone 225-928-1700 • Fax 225-926-1329

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Secretary of State Kyle Ardoin Daily-Report.com | BUSINESS REPORT, February 26, 2019

COLLIN RICHIE

2019 SMALL BUSINESS GUIDE

STUDENTS WHO MEAN BUSINESS: The inaugural Young Entrepreneurs Academy of Baton Rouge featured a class of 26 area students who attend weekly classes at LSU’s E.J. Ourso College of Business.

Meet the next generation of Capital Region entrepreneurs BY CAITIE BURKES 42

BUSINESS REPORT, February 26, 2019 | BusinessReport.com

IN ITS FIRST year, the Young Entrepreneurs Academy of Baton Rouge spurred 15 registered businesses from students representing various Capital Region schools. The program—brought to life last year by former Starmount Life Insurance President Deborah Sternberg—allows a select group of high school students to generate business ideas, write business plans, pitch to a panel of investors and launch their own startups. Here’s what 18 members of its first class had to say about their experiences with the fivemonth program, which will be offered again later this year. Students interested in participating in the fall program can get complete details and apply online at yeabr.org/apply.

Mary Elizabeth Barrow, 18 West Feliciana High School

Episcopal School of Baton Rouge

Abhay Basireddy, 15

Akshay Basireddy, 13

MOST VALUABLE LESSON LEARNED: While this process has been extremely grueling, it has also given me the opportunity to see real fruition from long hours of hard work.

MOST VALUABLE LESSON LEARNED: Investors are looking at you as a deciding factor more than your business.

MOST VALUABLE LESSON LEARNED: With a little dream and a lot of effort, you can make the impossible easy.

ENTREPRENEURIAL DREAM: Become a knowledgeable CEO and support myself enough to be able to donate to my favorite charity.

ENTREPRENEURIAL DREAM: To evolve from an eighth grader to an eighth grader who can do anything he sets out to achieve.

YEA BUSINESS IDEA: Native Bash, an app that teaches native culture and customs, as well as slang and idiomatic expressions, to people learning a new language.

YEA BUSINESS IDEA: Instabrush, a toothbrush head that attaches to toothpaste.

ENTREPRENEURIAL DREAM: Pair my entrepreneurial knowledge with engineering knowledge to create innovative solutions to today’s problems, accessible to the global community. YEA BUSINESS IDEA: BikeStream, an eco-friendly colored smoke emitted from bicycles to alert motorists of their presence.

Chelsea Buckley, 16

Channing Hall, 16

Episcopal School of Baton Rouge

Jack Hosford, 18

Cristo Rey Baton Rouge Franciscan High School

Baton Rouge Magnet High School

West Feliciana High School

MOST VALUABLE LESSON LEARNED: How to take your passion and apply dedication and hard work to your dream.

MOST VALUABLE LESSON LEARNED: It’s okay to ask for help when running a business.

MOST VALUABLE LESSON LEARNED: Work together and plan ahead.

ENTREPRENEURIAL DREAM: Own an OB/GYN practice.

ENTREPRENEURIAL DREAM: When people are looking for a product, they choose us (E.As.E).

ENTREPRENEURIAL DREAM: Own my own successful business. YEA BUSINESS IDEA: YouCube, a quiet, customizable fidget cube for grade school-aged students with ADD and ADHD. Co-developed with Gabby Sylvester.

YEA BUSINESS IDEA: Backstage, an app allowing community theater users to communicate and easily share information before and during productions.

YEA BUSINESS IDEA: E.As.E, a retro, big-screen tabletop arcade that allows multiple players to play their favorite video games. Co-developed with Lilly Ray.

Daily-Report.com | BUSINESS REPORT, February 26, 2019

2019 SMALL BUSINESS GUIDE

Tyshawn Howard, 18

Sarah Israel, 14

Lois Leyerle, 15

MOST VALUABLE LESSON LEARNED: It’s okay to mess up at times, and always take your time.

MOST VALUABLE LESSON LEARNED: So much more goes into starting a business than just having a good product—all the planning, risks and rewards that come with being an entrepreneur.

MOST VALUABLE LESSON LEARNED: Even though the work is tedious, difficult and seemingly never-ending, you have to push through and complete it all to grow yourself and your company.

ENTREPRENEURIAL DREAM: To one day see my grooming bags on lots of cages at the livestock show.

ENTREPRENEURIAL DREAM: Being successful by completing specific tasks I’ve set for myself, as well as being healthy, kind and an inspiration to those around me.

Southern University Lab School

ENTREPRENEURIAL DREAM: Have one of the fastest-growing establishments this world has ever seen and be one of the best entrepreneurs in the world. YEA BUSINESS IDEA: Never Alz Alone, a watch that notifies caregivers of Alzheimer’s patients when their loved one has left a secure area. Co-developed with Brea Miles.

Central Private School

YEA BUSINESS IDEA: Triple-S Show Supplies, a fully stocked online shop for livestock show products, including ready-made grooming kits.

Homeschooled

YEA BUSINESS IDEA: Radiant Face, an environmentally friendly skin care company that sells a coffee-infused, chocolate-scented face scrub line.

YE A T IGH PITCH N ER WINN

West Feliciana High School

Lilly Ray, 18

Episcopal School of Baton Rouge

Charlie Roth, 16

Condoleezza Semien, 13

MOST VALUABLE LESSON LEARNED: Trying to do things by yourself all the time isn’t necessarily the best option. I’ve learned how to deal with many personalities and take constructive criticism.

MOST VALUABLE LESSON LEARNED: The importance of building an extensive network of people who are willing to guide you.

MOST VALUABLE LESSON LEARNED: Focusing on one piece of material at a time rather than trying to multitask, and how to manage my time more efficiently.

ENTREPRENEURIAL DREAM: Run my own company and be as successful as I can. YEA BUSINESS IDEA: E.As.E, a retro, big-screen tabletop arcade that allows multiple players to play their favorite video games. Co-developed with Jack Hosford.

BUSINESS REPORT, February 26, 2019 | BusinessReport.com

ENTREPRENEURIAL DREAM: Experience success in business and pay it forward by sharing my knowledge and expertise— maybe even to future students of this class. YEA BUSINESS IDEA: Reaction Relief, a reversible cooling and heating pack for injured athletes that doesn’t require a microwave or freezer.

Westdale Middle School

ENTREPRENEURIAL DREAM: Despite everyday struggles, I want my customers to feel that they can be helped and have a good night’s sleep. When someone sees my company name, they will also recognize a brand that represents people who want to make a difference to the general public that they serve. YEA BUSINESS IDEA: Beluga Bliss, aromatherapy-filled pillows to assist people with depression and chronic illnesses with going to sleep.

Carsen Manuel, 15

Brea Miles, 18

Zoe Patton, 18

University Laboratory School

Lee Magnet High School

University Laboratory School

MOST VALUABLE LESSON LEARNED: Listen to people who have had first-hand experience with creating small businesses and expand upon them.

MOST VALUABLE LESSON LEARNED: Creating a business isn’t as easy as Google says. It takes a lot of patience and you have to learn to grow from your losses.

MOST VALUABLE LESSON LEARNED: My business can’t depend on me alone. I need other players to execute and contribute to my business because nobody gets to the top of the mountain by themselves.

ENTREPRENEURIAL DREAM: Build a successful architectural firm in the not-too-distant future, and somehow tie my newly developed application into my firm.

ENTREPRENEURIAL DREAM: Get my name out there, actually help people with my product and make a difference; letting my actions speak volumes.

ENTREPRENEURIAL DREAM: Reach as many teenagers in foster care as possible through peer tutoring and mentoring with my nonprofit organization, Ohana Hub.

YEA BUSINESS IDEA: Archi-Self, an app that allows users who are building or remodeling a home to design layouts, drag and drop different features and amenities, and communicate with architects and designers.

YEA BUSINESS IDEA: Never Alz Alone, a watch that notifies caregivers of Alzheimer’s patients when their loved one has left a secure area. Co-developed with Tyshawn Howard.

YEA BUSINESS IDEA: Ohana Hub, a nonprofit peer tutoring and mentoring program aimed for local foster youth.

Gabby Sylvester, 16

Roland Toups, 16

Trevor Turner, 15

MOST VALUABLE LESSON LEARNED: Always yield advice and help from people more experienced than you to get a different perspective. Humble yourself.

MOST VALUABLE LESSON LEARNED: It takes a lot of work to harness your entrepreneurial spirit and turn it into a business.

MOST VALUABLE LESSON LEARNED: How to positively respond to adversity.

Baton Rouge Magnet High School

ENTREPRENEURIAL DREAM: After officially launching YouCube, I’d ultimately like to open up a family entertainment center as a family business. YEA BUSINESS IDEA: YouCube, a quiet, customizable fidget cube for grade school-aged students with ADD and ADHD. Co-developed with Chelsea Buckley.

Catholic High School

ENTREPRENEURIAL DREAM: Make a profitable company with enough influence to help solve the world’s problems, such as cleaning out polluted oceans and helping underdeveloped nations. YEA BUSINESS IDEA: Multi-Vue, a photography company that specializes in using drones to market landscaping and real estate projects.

Catholic High School

ENTREPRENEURIAL DREAM: Forming a company that uses biomedical engineering to create better health care treatment for people. YEA BUSINESS IDEA: DormMenity, a storage and delivery service for college move-in days.

Daily-Report.com | BUSINESS REPORT, February 26, 2019

2019 SMALL BUSINESS GUIDE

Getting down to business Everything you need to know about starting a company in Louisiana.

1. CHOOSE A STRUCTURE

One of the first steps in forming any new business is to determine the type of business structure you will use. There are several structures to choose from, including sole proprietorship, partnership, corporation, limited liability company and limited liability partnership. Each has advantages and disadvantages as well as tax consequences. You may wish to consult a tax practitioner, accountant, attorney or other resource. To operate in Louisiana, register as one of the following: • Individual or sole proprietorship: A business where only you, or your spouse, own the business, even though you may have employees. • Partnership: A business where two or more people own the business jointly. • Corporation: A business treated by law as an entity. It has a life separate from its owners or stockholders. Many corporations begin as sole proprietorships or partnerships. • Limited liability company: An entity that is an unincorporated association having one or more members organized and filing articles with the secretary of state. It is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. • Foreign corporation: A corporation organized outside the state may obtain a certificate of authority in Louisiana by filing an application with the secretary of state’s corporations section and by appointing a registered agent to accept service of process.

Coordinating and Development Corp. What: Publishes a business plan guide. Phone: 318-632-2022 Web: cdconline.org Dixie Business Center What: Offers free counseling and business plan guides. Phone: 225-655-0809 Web: dixiebusinesscenter.org Louisiana Economic Development What: Publishes a resource guide. Phone: 225-342-3000 Web: opportunitylouisiana.com LSBDC at Southern University Baton Rouge What: Publishes a business plan guide. Phone: 225-771-2891 Web: lsbdc.org/subr/ LSU’s Stephenson Entrepreneurship Institute What: Offers business plan guide and management consultation. Phone: 225-578-0313 Web: lsu.edu/business/ sei/index.php Service Corps of Retired Executives [SCORE] What: Publishes a guide and hosts workshops, which aids in developing a business plan. Phone: 225-381-7130 Web: batonrougearea.score.org/ Small Business Administration What: Publishes a business plan guide. Phone: 504-589-6685 Web: sba.gov

3. CHOOSE A NAME

2. DEVELOP A BUSINESS PLAN

A business plan defines your business, identifies your goal and serves as your firm’s résumé. The components include a current and pro forma balance sheet, an income statement and a cash flow analysis. Start with the Small Business Development Center nearest you to develop a plan.

BUSINESS REPORT, February 26, 2019 | BusinessReport.com

Before you submit articles of incorporation, articles of organization and trade names, the Secretary of State’s Office recommends you conduct a preliminary check of the corporation or trade name. If the name you want is available, you should formally reserve it with the Secretary of State’s Office or wait for confirmation of your filing before obtaining stationery, business cards, phone listings, etc. Secretary of State What: Preliminary checks and formal reservations for corporation or trade name. Names can be reserved for a fee of $25 and a period of 60 days. Two 30-day extensions are available upon request. Phone: 225-922-0880 Web: sos.louisiana.gov

Note: If you are an existing business coming to Louisiana from out of state and you have a trade name/trademark/ service mark filed with the U.S. Patent and Trademark Office, you should contact an attorney. Filings with the Louisiana Secretary of State’s Office are not cross-checked.

4. REGISTER YOUR BUSINESS Registration is required on local and state levels for businesses before they can operate. What: Registration is required in the parish where an entity is doing business for unincorporated businesses such as sole proprietorships. Phone: 225-389-3960 Web: ebrclerkofcourt.org Louisiana Department of Revenue What: Registration is required for any business engaging in sales of any kind. Phone: 855-307-3893 Web: rev.louisiana.gov Office of the Secretary of State What: Registration is required for corporations, partnerships and limited liability companies. Phone: 225-922-0880 Web: sos.louisiana.gov

5. OBTAIN AN EIN AND TAX INFO An employer identification number, or EIN, is also known as a taxpayer identification number, or TIN. A sole proprietorship that has no employees (and files no excise or pension tax returns) and an LLC with a single owner (where the owner will file employment tax returns) are the only businesses that do not need an employer identification number. The sole proprietor uses his or her Social Security number. All other businesses must apply for a federal EIN.

City-Parish Finance Department Revenue Division What: Contact for information regarding local sales tax policies and requirements. Phone: 225-389-3084 Web: brla.gov/635/Revenue-Division Internal Revenue Service What: EINs for those businesses needing to file form SS-4, Application for Employer Identification Number. Information is also available on income tax withholding and federal unemployment tax forms. Phone: 225-343-8625 Web: irs.gov

What: Mandatory zoning clearance/inspections are required along with a business’s physical address. Physical address, survey map, legal description of property, scale of layout proposal and various fees are required for application to change zoning. Phone: 225-389-3205 Web: brla.gov/458/ Permits-Inspections

Louisiana Department of Revenue and Taxation What: Contact for state sales tax registration, state ID number and income tax withholding. Phone: 225-219-7356 [sales] 225-219-0102 [income] Web: rev.louisiana.gov

6. SELECT A LOCATION

AND SITE

Consider the nature of your service or product and your target market when choosing a location. While retail businesses may desire visibility or easy access for walk-in trade, wholesalers and distributors typically need more space at a lower cost per square foot and truck or loading access. Business and professional services tend to look for office buildings or professional centers. You can find searchable databases online with information on available properties. Certificates of occupancy are also issued by the local or parish government upon determination your type of business is located in the proper zone. City of Baker Inspections Division What: Mandatory zoning clearance/ inspections are required along with a business’s physical address. Physical address, survey map, legal description of property, scale of layout proposal and

various fees are required for application to change zoning. Phone: 225-778-0850 [Inspections Division], 225-775-5584 [Public Works] Web: cityofbakerla.com/wp/inspections City of Central Municipal Services What: Mandatory zoning clearance/ inspections are required along with a business’s physical address. Physical address, survey map, legal description of property, scale of layout proposal and various fees are required for application to change zoning. Phone: 225-262-5000 Web: centralgov.com

City of Zachary Inspections Division What: Mandatory zoning clearance/inspections are required along with a business’s physical address. Physical address, survey map, legal description of property, scale of layout proposal and various fees are required for application to change zoning. Phone: 225-654-6873 Web: cityofzachary.org/ city-services/inspections Louisiana Economic Development What: Provides databases on sites and buildings, parishes and communities, geospatial data, geographic suitability and featured megasites. Phone: 225-342-3000 Web: opportunitylouisiana.com

City-Parish Department of Public Works Inspections Division

7. OBTAIN PERMITS/LICENSES

Proper federal, state and local business licenses and permits allowing a legal entity to operate in Louisiana must be obtained before the start of business, including permits, occupational licenses and certificates of occupancy. Geauxbiz.com What: Streamlines registration, licensing, permitting and tax process and can direct you to the proper state and local licensing and taxing authorities. Phone: 225-922-0880 Web: geauxbiz.sos.la.gov

ENVIRONMENTAL Department of Environmental Quality What: A range of licenses and permits is granted to businesses in compliance with state and federal regulations. Its Small Business Assistance Program is a non-regulatory, non-enforcement program to help business owners comply with state and federal regulations. Phone: 225-219-5337 Web: deq.louisiana.gov

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2019 SMALL BUSINESS GUIDE

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Environmental Protection Agency What: Oversees all federal environmental legislation and has jurisdiction over the issuance of various permits and licenses, though this jurisdiction does not extend over all states for all matters. Phone: 214-665-2200 or toll-free 800-887-6063 Web: epa.gov Office of Environmental Services What: Oversees permits, licenses, registrations, certifications, authorizations, pre-permit meetings, small business assistance, customer assistance, outreach, complaints and community relations. Phone: 225-219-3181 Web: deq.louisiana.gov/directory/office/ office-of-environmental-services

FOOD/BEVERAGE City of Baker ABC Office What: Businesses selling alcohol must contact the appropriate local office for requirements and fees. Phone: 225-778-1751 City-Parish Attorney’s Office of Alcoholic Beverage Control What: Businesses selling alcohol must contact the appropriate local office for requirements and fees. Phone: 225-389-3364 Web: brla.gov/460/ Alcoholic-Beverage-Control-Office

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BUSINESS REPORT, February 26, 2019 | BusinessReport.com

East Baton Rouge Parish Health Unit Sanitation Section What: Business address, zoning clearance and fees are required from businesses that will sell food and/or alcohol. Phone: 225-242-4860, ext. 5 Web: brla.gov/704/East-BatonRouge-Parish-Health-Unit

City-Parish Finance Department Revenue Division What: Local occupational license determined by type of business. Requirements include picture ID and corporate charter/partnership agreement and fees, which vary. Phone: 225-389-3084 Web: brla.gov/635/Revenue-Division Occupational Safety and Health Administration What: Requires no licenses or permits, but employers must display a poster describing relevant rights and responsibilities. Most employers must keep a log of work-related injuries and illnesses, which must be accessible to employees. Phone: 800-321-6742 Web: osha.gov

HOSPITAL/NURSING HOME/CHILD CARE Department of Social Services What: Licenses are required before a day-care center may be opened. Phone: 225-342-0286 Web: dss.state.la.us/ Louisiana Department of Health and Hospitals, Health Standards Section What: Licensing by the state is required before a hospital or nursing home may be opened. Phone: 225-342-0138 Web: ldh.la.gov/

Office of Alcohol and Tobacco Control What: Any business selling beer, liquor or tobacco must obtain a state alcoholic beverage and/or tobacco license. Phone: 225-925-4041 Web: atc.rev.state.la.us

GENERAL City of Baker Finance Department What: Local occupational license determined by type of business. Requirements include picture ID and corporate charter/partnership agreement and fees, which vary. Phone: 225-778-1751 Web: cityofbakerla.com/wp/finance City of Central Municipal Services What: Local occupational license determined by type of business. Requirements include picture ID and corporate charter/partnership agreement and fees, which vary. Phone: 225-262-5000 Web: centralgov.com

8. OBTAIN FINANCING If you are a small business and are unable to obtain sufficient funding through personal and family sources, the U.S. Small Business Administration offers several types of loans to prospective small business owners: loans made by private lenders [usually banks] that are guaranteed by the SBA. The SBA is not a bank, but extends guarantees or participation when a bank is unable or unwilling to provide the small business’s entire financing by itself.

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• Please respond by e-mail or fax with your approval or minor revisions. • AD WILL RUN AS IS unless approval or final revisions are received by the close of business today. • Additional revisions must be requested and may be subject to production fees. Carefully check this ad for: CORRECT ADDRESS • CORRECT PHONE NUMBER • ANY TYPOS This ad design © Louisiana Business, Inc. 2019. All rights reserved. Phone 225-928-1700 • Fax 225-926-1329

Prior to applying for financial assistance, a prospective small business owner must prepare a business plan, which should identify a market, choose a location, determine capital requirements, project cash flow, establish a credit rating and outline the nature and principles of the business. Loans, venture capital and financing programs are also provided by various state and local agencies.

Phone: 225-408-3000 Web: stonehengecapital.com U.S. Small Business Administration What: Provides financial assistance, including 7[a] Loan Guaranty Programs, SBA 504 Loan Programs, Community Express Pilot Loan Programs and 7[m] Microloan Programs. Phone: 504-589-6685 Web: sba.gov

Downtown Development District What: Offers programs to encourage new businesses to move downtown, including Downtown Low Interest Loan Program, Historic Rehabilitation Tax Credit, Five-Year Property Tax Abatement on Improvement to Structures, Downtown Storefront Grant Program and Economic Development Zone. Phone: 225-389-5520 Web: downtownbatonrouge. org

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9. CHOOSE KEY VENDORS

City-Parish of Baton Rouge, Office of Community Development What: Coordinates municipal programs designed to foster community and business development, including administration of the Restoration Tax Abatement Program, a state program allowing businesses that fix up old buildings to pay property taxes at the pre-approved rate for at least five years. Phone: 225-389-3039 Web: brgov.com/dept/ocd/

Louisiana Department of Insurance What: Can help you learn more about your insurance needs as a business, including liability and other standard coverages. Phone: 225-342-5900 Web: ldi.state.la.us

Small Business Investment Companies What: Privately owned, managed, empowered and licensed by the SBA to provide institutional sources of venture capital for small businesses.

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Louisiana Economic Development What: Provides financial guidance, including: Small Business Loan Program, Business Linked Deposit Program, Microloan Program, Contact Loan Program and Ex-Im Bank City/State Program. It helps with venture capital through Venture Capital Match Program, Venture Capital Co-Investment Program, Minority Venture Capital Match Program, BIDCO Investment Program, Specialty BIDCO Investment Program and Seed Capital Investment Program. Phone: 225-342-3000 Web: opportunitylouisiana.com

Rural Development State Office What: Finances programs that provide leadership in building competitive businesses and sustainable cooperatives, that help build healthy communities offering decent and affordable housing and essential services and that lead rural communities in improving the quality of life by administering their electric, telecommunication, water and waste programs. Phone: 318-473-7920 Web: rd.usda.gov/la

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Louisiana Bankers Association What: A financial institution will help you handle all of the transactional necessities of doing business. Phone: 225-387-3282 Web: lba.org

Louisiana Society of CPAs What: Accounting advice and recordkeeping are essential for doing business. Phone: 504-464-1040 Web: lcpa.org Louisiana State Bar Association What: An attorney will be able to help you comply with the law, check out a business opportunity, prepare legal documents and negotiate deals. Phone: 504-566-1600 Web: lsba.org Office of Workers’ Compensation What: Can help you learn more about your insurance needs as a business, including workers’ compensation insurance. Phone: 225-342-7555 Web: laworks.net

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Daily-Report.com | BUSINESS REPORT, February 26, 2019

2019 SMALL BUSINESS GUIDE

10. KNOW THE LAWS

buildings must be approved, and on-site inspections may be required. Phone: 225-389-3205 Web: brla.gov/458/Permits-Inspections

Starting and operating a business comes with a slew of strings attached. While we can’t print every law for you, here are a few categories along with resources to help you swim through the rest.

STATE

FEDERAL Foreign Trade Zone What: Information on tax exemption and duties for goods exchanged in the Foreign Trade Zone. Local example: Greater Baton Rouge Port Commission Phone: 225-342-1660 International Trade Division What: Information on trade laws and tax exemption for imported items. Phone: 225-342-5361 Web: trade.gov Occupational Safety and Health Administration What: Information on federal laws and regulations regarding working conditions and employee safety. Phone: 225-298-5458 Web: osha.gov U.S. Department of Labor What: Information on legal requirements and standards about minimum wage, employee compensation and employer record-keeping. Phone: 504-589-6171 Web: dol.gov

U.S. Equal Employment Opportunity Commission What: Information on federal and equal opportunity laws about hiring, firing, recruitment, promotion and retention of employees. Phone: 1-800-669-4000 Web: eeoc.gov U.S. Food and Drug Administration What: Information on federal regulations and the production, marketing, transporting, handling and sale of foods, drug products, medical devices, cosmetics, biologics and veterinary products. Phone: 888-463-6332 Web: fda.gov

U.S. Patent and Trademark Office What: Information on applying for a registered patent, brand name or trademark. Phone: 800-786-9199 Web: uspto.gov U.S. Securities and Exchange Commission What: Information on capital formation and federal securities law. Phone: 202-942-8088 Web: sec.gov

LOCAL

Louisiana Department of Revenue What: Defines several types of taxes that must be either paid or collected by businesses. Phone: 225-219-7462 Web: revenue.louisiana.gov/ Office of the Louisiana Secretary of State What: Provides information about corporate and trademark registration or partnership agreement. Phone: 225-922-0880 Web: sos.louisiana.gov Office of Workers’ Compensation Administration What: An employer is liable for the related medical expenses and weekly benefit payments of any employee who is injured in his or her job. Phone: 225-342-7555 Web: laworks.net State Fire Marshal What: All plans for new or renovated buildings must be reviewed by the state fire marshal. Phone: 225-925-4911 Web: sfm.dps.louisiana.gov

City-Parish Department of Public Works Inspections Division What: Plans for new or renovated

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companies can have a tough time securing the right financing from banks—because to many banks, new ventures are seen to be very risky.” It is not enough to verbally approach a

“Even a startup with the best concept will fail due to a lack of capital, not their idea.” MICHAEL NIZZO Market President, Business First Bank lending institution and tell them what you need. According to Nizzo, researching and preparing a detailed business plan is the best way to get started. Nizzo says, “Banks want to see that the business is properly capitalized and is prepared for unexpected problems that could occur.” A large national bank will typically herd loan applicants to an online application that simply

passes judgement on their metric ratings instead of assessing the proposal as a whole. “To an experienced small business banker, this is more than just a credit decision,” says Craig Livingston, senior vice president and senior banker with Business First Bank. Not all local lenders can help small businesses the way Business First Bank does— some banks are too small and approve only collateral-based loans. “We are just right for small business,” added Shane Lacombe, senior vice president and senior commercial banker. Right-sized regional banks like Business First are more invested in their local clients because they live in the community with them. “We see our clients at the grocery and at church. We are neighbors and we value this important role in growing Baton Rouge businesses,” explained Livingston. To learn more, contact the experts at b1bank.com.

BANKABLE BUSINESS: THE FIRST STEP TO SECURING FUNDING Do your homework—In order to gain confidence, provide prospective lenders with a clear and concise business plan. Without strong assets, it may be helpful if the plan includes keeping a primary job until the business gains momentum.

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2019 SMALL BUSINESS GUIDE

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An entrepreneurial ecosystem WITH A WEALTH of resources at their fingertips, Capital Region entrepreneurs and innovators can easily find the help they need to prosper in the regional market. Here’s a closer look at some of the many resources local startups can utilize to take their ventures to the next level.

RESOURCES:

Nexus LA Launched in April 2016 as an arm of Louisiana’s Research Park Corp., the goal of Nexus La. is to implement regional initiatives that convene, connect and strengthen the innovation ecosystem in the Baton Rouge area and connect entrepreneurial resources across the state. The ultimate goal: Improve Louisiana’s ability to compete for jobs, talent and public/private funding, ultimately helping the state to emerge as a model and resource for accelerating the success of innovation ecosystems. nexus-la.org (225) 218-0001 Baton Rouge Area SCORE This nonprofit association provides free and confidential business counseling tailored to meet the needs of small businesses and their personal objectives. SCORE also offers periodic seminars and workshops for both startup entrepreneurs and small businesses already in operation. batonrougearea.score.org (225) 215-0080

BUSINESS REPORT, February 26, 2019 | BusinessReport.com

LSU Innovation Park Located four miles just south of the LSU’s main campus, the research park operates numerous business incubators and resources to assist in its goal of creating economic growth. It also offers international trade assistance for companies who wish to export, with training, translation, international trade, marketing experts and logistics experts. lsu.edu/innovationpark (225) 578-7555 Louisiana Small Business Development Center at LSU Established November 2018, the LSBDC at LSU offers high-quality technical assistance to existing and start-up small businesses, and to small business entrepreneurs in Louisiana at no cost to the client. The LSBDC services include no-cost business consulting and affordable training seminars designed to help businesses attract customers, improve operations, increase sales and successfully access capital. The LSBDC at LSU office is located in suite 2200 of the LSU Business Education Complex, 501 South Quad Drive. lsbdc.org/lsu/ (225) 578-2174 Louisiana Small Business Development Center at Southern University Since 1996, the LSBDC has been providing individual consulting services, training programs/seminars, and information assistance to potential and existing small businesses in the greater Baton Rouge region. lsbdc.org/subr (225) 771-2891

ANGEL NETWORKS/ VENTURE CAPITAL:

Innovation Catalyst Innovation Catalyst, formerly Step One Ventures, is a Baton Rouge-based nonprofit Venture Development Organization formed by community leaders to strengthen and broaden Louisiana’s entrepreneurial ecosystem and drive new high-tech company formation through education, connections and capital. By collaborating with existing resources in the state, Innovation Catalyst is able to identify, engage and educate Louisiana entrepreneurs by connecting them to the right sources to accelerate their business. innovationcatalyst.us/ (844) 225-4332

BRIAN BAIAMONTE

INNOVATOR: Innovation Catalyst CEO Louis Freeman leads the nonprofit venture development organization, which uses its Catalyst Fund to investing in start-up companies with high growth potential. Companies in its portfolio include Waitr, Lubricity Labs and MasteryPrep, among others.

COLLIN RICHIE

MAKING IT HAPPEN: Jason Hugenroth, president and founder of Inventherm, turned to the LSU ProtoStripes Center when his company began receiving defective rubber gaskets from a vendor. LSU engineering students were able to assist with and eventually solve the problem, saving Inventherm weeks of time.

INCUBATORS:

Louisiana Business and Technology Center This 65,000-square-foot incubator houses more than 30 technology startups in the LSU Innovation Park and provides comprehensive consulting services. The Center also offers a prototyping facility, ProtoStripes, to create rapid prototypes and computer renderings to expedite commercialization of their products. lsu.edu/innovationpark (225) 578-7555

LSU AgCenter Food Incubator This business incubator specializes in the development of emerging food ventures and providing technical services to existing and emerging companies. It is under the umbrella of the LBTC and is located on the LSU campus in Baton Rouge adjacent to the Department of Food Sciences. lsuagcenter.com/foodincubator (225) 578-4161

Louisiana Technology Park A business incubator located in Bon Carré on Florida Boulevard that provides high-tech startup companies with the resources to bring their products and services to market faster. Louisiana Technology Park also has a separate digital media incubator, Level Up Lab. latechpark.com (225) 218-1100

LSU Student Incubator This small business incubator for LSU undergraduate and graduate students is located in Innovation Park. The shared workspace encourages like-minded students to develop ideas into profitable businesses with the assistance of the LBTC staff and community mentors. lsu.edu/innovationpark/student-services (225) 578-7555

Louisiana Emerging Technology Center Falling under the umbrella of the LSU Research and Technology Foundation, this incubator focuses on the biotechnology, life sciences, agricultural and environmental industries. Designed specifically as an incubator for companies with wet-lab needs, it serves small and startup businesses developing and commercializing university technologies. laetc.com (225) 615-8901

Pennington BioTech Initiative This incubator is specifically designed for companies that are creating medical devices, medical software and medical technologies. The initiative is a partnership among LSU, the LBTC and Pennington Biomedical Research Center, which contracts out the use of its labs for a fee to companies in the incubator. (225) 578-7555

Southeast Louisiana Business Center This business incubator and resource center for startups in Washington, St. Tammany, Tangipahoa, Livingston and St. Helena parishes is located on the campus of Southeastern Louisiana University in Hammond. southeastern.edu/admin/slbc/services/index. html (985) 549-3199 Level Up Lab Level Up Lab is a project of Louisiana Technology Park that aims to create and bring new digital media companies to Louisiana, building on Louisiana’s focus on the digital media and high-tech sectors. Its services include a motion capture studio, sound recording studio, game design hardware and software, Sony and Nintendo development kits, marketing and accounting, and industry-specific consultation. leveluplab.com (225) 218-1100 Dixie Business Center Founded in 1992 by DEMCO, this Denham Springs incubator helps fledgling businesses compete by providing shared services, as well as 33,000 square feet of office space and warehousing. dixiebusinesscenter.org (225) 665-0809

Daily-Report.com | BUSINESS REPORT, February 26, 2019

2019 SMALL BUSINESS GUIDE

Size of businesses in the Capital Region by industry AS THE FIGURES below show, small businesses are the heartbeat of the Baton Rouge economy. Big businesses often get much more ink and public attention, but the majority of businesses in every industry here have fewer than 20 employees, and many more have fewer than 100. Of the nearly

18,100 established firms in the region, about 14,850â&#x20AC;&#x201D;82%â&#x20AC;&#x201D; have fewer than 20 people on their teams, and another 14% have 99 or less employees. Medium size companies with between 100 and 499 account for 3.4% of all businesses, while those with 500 or more employees make up just 0.3%.

INDUSTRY

Micro

Small

Medium

Large

Accommodation and food services (1,594)

990 (62.1%)

574 (36%)

28 (1.7%)

2 (0.1%)

Administrative, support, waste management and remediation services (860)

679 (79%)

143 (16.6%)

35 (4%)

3 (0.3%)

Agriculture, forestry, fishing and hunting (45)

38 (84.4%)

6 (13.3%)

1 (2.2%)

0 (0%)

Arts, entertainment and recreation (231)

166 (71.9%)

58 (25.1%)

6 (2.6%)

1 (0.4%)

Construction (1,478)

1,244 (84.2%)

172 (11.6%)

52 (3.5%)

10 (0.7%)

Educational services (257)

179 (69.6%)

63 (24.5%)

15 (5.8%)

0 (0%)

Finance and insurance (1,337)

1,230 (92%)

85 (6.4%)

20 (1.5%)

2 (0.1%)

Health care and social assistance (1,907)

1,491 (78.2%)

326 (17.1%)

82 (4.3%)

8 (0.4%)

Information (234)

182 (77.8%)

43 (18.4%)

8 (3.4%)

1 (0.4%)

Management of companies and enterprises (121)

82 (67.8%)

27 (22.3%)

10 (8.3%)

2 (1.7%)

Manufacturing (578)

387 (67%)

141 (24.4%)

41 (7.1%)

9 (1.6%)

Mining, quarrying, and oil and gas extraction (85)

68 (80%)

16 (18.8%)

1 (1.8%)

0 (0%)

Other services (except public administration) (1,849)

1,679 (90.8%)

155 (8.4%)

15 (0.8%)

0 (0%)

Professional, scientific and technical services (2,249)

2,029 (90.2%)

183 (8.1%)

33 (1.5%)

4 (0.2%)

Real estate, rental and leasing (869)

820 (94.4%)

45 (5.2%)

4 (0.5%)

0 (0%)

Retail trade (2,841)

2,369 (83.4%)

390 (13.7%)

81 (2.9%)

1 (0.1%)

Transportation and warehousing (520)

410 (78.8%)

92 (17.7%)

17 (3.3%)

1 (0.2%)

Utilities (61)

40 (65.6%)

16 (26.2%)

4 (6.6%)

1 (1.6%)

Wholesale trade (955)

769 (80.5%)

175 (18.3%)

10 (1%)

1 (0.1%)

(Number of establishments)

<20 employees

20-99 employees

100-499 employees

>500 employees

SOURCE: US Census Bureau Some industry percentages do not add up to 100% due to rounding.

BUSINESS REPORT, February 26, 2019 | BusinessReport.com

INCENTIVES

SPECIAL PROGRAMS FOR SMALL BUSINESSES

ARE YOU THINKING about expanding, relocating or staring a business? Louisiana’s tax credits and incentive programs give companies a competitive edge. Here’a summary of the incentives available through Louisiana Economic Development. You can find more details online at opportunitylouisiana.com/business-incentives.

FROM ENTREPRENEURIAL startups to small business growth and expansion, Louisiana offers a comprehensive array of educational, managerial and financial programs that cultivate small business opportunities.

FEDERAL OPPORTUNITY ZONES Provides a federal tax incentive for investors to re-invest their capital gains into Opportunity Funds.

BONDING ASSISTANCE PROGRAM Provides access to quality bid, payment and performance bonds at reasonable rates from surety companies when bonding capacity is needed on public or private jobs.

TIM MUELLER

INDUSTRIAL TAX EXEMPTION Property tax abatement for up to eight years on a manufacturer’s new investment and annual capitalized additions.

CURRENT AFFAIRS: Welder Jake Thibodeaux works on a belt channel as he builds a drive frame for a Go-Devil boat motor. Go-Devil Manufacturing Company of Louisiana builds engines and hunting boats designed for shallow water environments, producing over 1,800 engines a year.

CEO ROUNDTABLES Peer groups that give executives the opportunity to discuss business practices and management strategies with other executives who deal with similar growth challenges.

LIVE PERFORMANCE PRODUCTION PROGRAM Up to 25% tax credit for musical and theatrical productions, refundable or transferable on a onetime basis.

ECONOMIC GARDENING INITIATIVE Provides customized core business strategies, market research, qualified sales leads and improved internet and technology tailored to your growing needs.

MOTION PICTURE PRODUCTION PROGRAM Up to a 40% tax credit on eligible in-state production expenditures, including resident and non-resident labor.

HUDSON INITIATIVE Certification program offers greater access to purchasing and contracting opportunities at the state government level. LOUISIANA CONTRACTORS ACCREDITATION INSTITUTE-BUSINESS AND LAW Provides small and emerging construction businesses critical information about construction management and operating a construction-related business.

LED FASTSTART Consistently ranked the nation’s No. 1 workforce training program by Business Facilities magazine, FastStart creates customized employee recruiting, screening and training solutions—at no cost to eligible companies.

LOUISIANA CONTRACTORS ACCREDITATION INSTITUTE-GENERAL CONTRACTORS Provides foundational technical knowledge that is essential to a general contractor in order to sustain and grow a business within the construction industry.

ANGEL INVESTOR TAX CREDIT Up to a 25% tax credit for individual investors who invest in early stage, wealth-creating businesses that seek start-up and expansion capital. TIM MUELLER

DIGITAL INTERACTIVE MEDIA AND SOFTWARE PROGRAM A 25% tax credit for in-state labor, and an 18% credit for eligible production expenditures.

GETTING IN TUNE: Tim Lawson, owner of Tim’s Guitar, restores a Jackson Professional electric guitar at his shop located on Dallas Drive in Baton Rouge.

ENTERPRISE ZONE Either a $3,500 or $1,000 tax credit for each certified net, new job created and either a state sales/use tax rebate on capital expenses or 1.5% investment tax credit for qualifying expenses.

MUSIC JOB CREATION PROGRAM A 10% or 15% credit on annual wages to qualified music industry-related companies (QMC) that create a minimum of three well-paid net new jobs for Louisiana residents.

ENTERTAINMENT JOB CREATION PROGRAM A 15% or 20% tax credit on annual wages to qualified entertainment companies (QEC) that create a minimum of five well-paid net new jobs for Louisiana residents.

QUALITY JOBS Up to a 6% rebate on annual payroll expenses for up to 10 years and either a state sales/use tax rebate on capital expenses or a 1.5% project facility expense rebate for qualifying expenses.

TIM MUELLER

RESEARCH AND DEVELOPMENT TAX CREDIT A tax credit up to 30% to existing businesses with operating facilities in Louisiana to establish or continue research and development within the state.

MEASURE TWICE: Kenny Minor of Cajun Cypress Hardwoods Inc. trims the legs from a cypress door as he builds a custom door from reclaimed cypress.

RESTORATION TAX ABATEMENT A 100% property tax abatement for up to 10 years for the rehabilitation of an existing structure. SOUND RECORDING PROGRAM A production credit of 18% for eligible production expenditures.

LOUISIANA VETERAN ENTREPRENEURSHIP PROGRAM Provides training to give veterans the tools needed to develop their business ideas, including business planning, marketing, financing, capital formation and other aspects of business development. MENTOR-PROTÉGÉ RECOGNITION PROGRAM Connects Louisiana-based small and emerging businesses to technical and developmental assistance provided by mentor companies. SMALL AND EMERGING BUSINESS DEVELOPMENT PROGRAM Provides for developmental assistance, including entrepreneurial training, marketing, computer skills, accounting, legal and industry-specific assistance. SMALL BUSINESS LOAN AND GUARANTY PROGRAM Provides loan guarantees to banks and other small business lenders in association with the SSBCI ranging from $5,000 to $1.5 million. STEP GRANT Provides financial awards to state and territory governments to assist small businesses with export development. VETERAN INITIATIVE Helps veteran-owned and service-connected disabled veteran-owned small businesses gain greater access to purchasing and contracting opportunities at the state level.

Daily-Report.com | BUSINESS REPORT, February 26, 2019

MARIE CONSTANTIN

2019 SMALL BUSINESS GUIDE

Tin Roof Brewing Co. owner William McGehee

Spotlighting success LED HAS RECOGNIZED the commitment to excellence within the state’s manufacturing sector for nearly 40 years with its Lantern Awards. Selected by Louisiana’s eight Association of Planning and Development districts, the recipients are manufacturers who demonstrate innovation throughout their businesses and exceptional service to their communities.

CAPITAL REGION LANTERN AWARD RECIPIENTS: 2018 Tin Roof Brewing Co. Baton Rogue

2017 Gnarley Barley Brewing Hammond

2016 Methanex USA LLC Geismar

2015 Pod Pack International Baton Rouge

2014 PreSonus Audio Electronics Inc. Baton Rouge

2013 Moran Printing Inc. Baton Rouge

BUSINESS REPORT, February 26, 2019 | BusinessReport.com