How Startup Businesses Can Thrive in Memphis

When creating a business and following your dream, the landing spot for your new company is often as important as the idea itself. You need a city that allows you to cultivate your business. You need a location that gives you the space to breathe, and yet provides you with access to the necessary resources needed to survive and thrive. A place where your company can take root and grow out from there.

You will find all of that and so much more in the city of Memphis.

Setting Memphis Apart

If you were to look at the small business website of nearly every city, most of these sites will all say the same thing. You’d almost swear some websites just copied and pasted the same content from one city to the next. So with so many cities shoving each other out of the way, attempting to attract you, you need to sift through the advertising fog and uncover what really is important for your business to thrive.

First, you need access to employees who are capable of assisting with you and your development. And while you need access to a large workforce, you may not want to be bogged down with significant competition right out of the gate. After all, a small plant will not always survive when growing in the shadows of a larger tree. It needs its own ability to stretch its roots. That is what you receive in Memphis.

If you were to call Memphis home, you’d have access to big-city level workers, both in terms of quantity and in terms of quality. And yet you have the competition of a smaller town. Chances are, there is more than enough room for you to establish yourself and grow your company.

Helping Your Business Grow

The first few years of a business will make or break it. If you can make it past the give year mark, chances are you’ll be around for the long haul. Usually, the problem is finances. It’s expensive to start a new company, advertise it, network, and connect with the right people.

The city helps support all startup businesses in Memphis. Memphis Entrepreneurs have access to all kinds of loans and grants. The 800 Initiative, which went into effect last year, is designed to help promote minority business owners. However, the city isn’t only assisting minorities and female business owners. The city is open arms to all companies big and small. So, if you have an idea, Memphis wants to help you connect with your audience and grow.

Perfect For Growing Companies

If you work in e-commerce and sell products online, Memphis is in a prime distribution location. Whether you’re shipping to Atlanta or Detroit, you can get your products out faster, which means happier customers and, in return, more return clients.

The landing site for your business is one of the most important decisions you’ll make when running a business. Let Memphis be that best decision you ever make for your company.

Know Your Audience

Are you looking to start a restaurant? Perhaps you want to showcase your boutique style clothing. Whatever it is you’re interested in, you need to know your audience. This will have a major impact on where you need to open your doors within the city. Memphis has a number of districts and neighborhoods, each possessing a unique feel and demographic makeup.

You don’t want to open your clothing business in an area with little foot traffic or sell products for college students in an area predominately lived in by retired individuals. If you’ve lived in Memphis for some time you’ll have a better understanding of where people live. However, whether you’re brand new or have called the city home for years, you need to put in your research and first identify a neighborhood best for your business. From there, you can look for the right property.

After all, location is one of the most important factors in the success of any business.

Take Advantage of the Greater Memphis Chamber

This is a fantastic destination to grab information on running a small business in Memphis. You’ll discover potential tax deductions and rebates for not only opening within the city but for opening in certain neighborhoods within the city. If the location is right for your business, it has the potential to save you thousands of dollars.

The Greater Memphis Chamber also has information on other businesses, making it possible to network. As a startup, you may excel in one particular area of business. However, unless you’ve run a business before, you’ll quickly discover just how difficult it is. Every small business is in it together, so when you can network with an accountant or a business attorney, it will help your business grow and avoid some of the pitfalls of running a business.

Business Development Center

The city of Memphis is behind you every step of the way. It wants to see you not only survive but thrive. After all, when you do well, the city does well. You represent employment for other residents and help bring money into the city. Due to this, Memphis will get behind you and help your business.

One of the ways the city does this is through its Business Development Center. This is a fantastic destination you need to take in. The center offers small business training and even one-on-one counseling. You’ll discover some of the ins and outs of not only running a business but running a small business in Memphis. You’ll be pointed in certain directions if you need help within your business. The center also publishes a Business Resource Guide for you to keep on hand. So if you’re priming yourself to open a small business, stop on over at the Business Development Center. It’s the perfect spot to gain valuable information.

You might also be interested in: LLC Memphis TN: How to set up a LLC in Memphis, Tennessee

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