5 Steps to Starting a Business In Memphis

Do you have a business idea? Are you trying to turn that idea into a reality? If so, Memphis is the perfect destination to set up shop. With healthy tax breaks, a growing talent pool to pull from and a physical location that puts you in the middle of transit lanes and the ability to ship goods throughout the country, there’s a reason why businesses of all kinds are booming in Memphis. So if you’re looking at starting a business in Memphis, here are a few tips and steps you need to follow.

Market Research

So you have an idea. Great. Now you just need to decide who will buy your product or service. If you’re setting up shop in Memphis, you’ll want to know the demographics you want to target and where these people are living in the city. This will help with your advertising. It will also help you determine who may or may not be interested in buying your product or visiting your restaurant.

Remember, the more research you perform early on, the easier it will be to market and reach an audience. There’s no such thing as too much data here. So really dig deep into demographics, competition and locating potential customers.

Create Your Business Plan

What is the goal of your business plan? What do you want to accomplish? You need to decide this, and then put it in writing. That way, everyone in the company knows what the business plan is.

Start Funding

This doesn’t need to be the third step in your business plan. In fact, you should start saving money as soon as you have the idea. Then, when it looks like you’re going to follow through with creating a business, look for ways to raise money. You can use Kickstarter and online money-raising methods, or you can borrow money from a bank. Ideally, avoid asking friends and family for money if you can because money between friends can ultimately cause friendships to collapse if things go south.

Location, Location, Location

Yes, one particular location may be more expensive than others. However, you need to be where your customers are. A favorable location may cost more, but it could mean that your business will grow faster.

Register Your Business

Register your business with the city, the state and the federal government. Trademark your name if you have to, and begin creating social media profiles before others can take the name from you.

Make Your Business Your Own

These are a few of the important steps you need to follow when starting a business in Memphis. It is hard work to run your own company, and it will take long hours and plenty of determination. However, you can do it. You have the willpower and the great idea. Plus, with a city like Memphis as your backdrop, you have access to a top-tier talent pool. By following these steps for starting a business in Memphis, you’ll be on the right track to achieving your dreams.

Additional Reading:

We Are Memphis

Greater Memphis Chamber

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