Best Small Business Ideas and Opportunities in Tennessee
How to start a business in Tennessee
Do you need small business ideas to make money in Tennessee? Tennessee is one of the most business-friendly states in the United States of America. Dependable sources like CNBC and Forbes have carried out research and have created a ranking structure based on the quality of living standards, transportation, logistics, as well as the costs of running businesses in Tennessee.
Doing Business in Tennessee
As stated by Forbes, Tennessee is the 13th most business-friendly state in the country whereas CNBC, using its ranking system positioned the state at number fifteen. Although congestion is a thing of concern for entrepreneurs and business owners, projects that will lead to the expansion of roads as well as other plans to make commuting easier in the nearest future are in the works.
These projects, when completed, would minimize traffic congestion and make traveling easier within the state of Tennessee. Businesses and investment opportunities across various industries will thrive better as transportation logistics would be almost ideal. Materials or products will be shipped easily to wholesalers or retailers as well as from outside the country and would arrive their destinations on time without unnecessary delay.
Starting a business in Tennessee is one of the greatest ideas one can ever have in the sense that Tennessee is one of the few states in the country that do not impose any tax on personal income.
The state of Tennessee will not tax the proceeds that flow to you from your startup business opportunity. This implies that you will have more capital to invest in enhancing your business. In general, Tennessee has one of the most inexpensive tax burdens in the whole of the United States. The tax burden is low due to the combination of ‘no state property’ and ‘no state personal income’ taxes.
There are many small businesses one can startup in East Tennessee, and most of them can be operated from an office set up at home, thereby cutting some of the startup expenses as you will have no need to rent an office space or recruit many staffs.
You can also transform existing business opportunities in TN by taking them online; in so doing, your business becomes recession-proof as it will not be affected by any slowdowns in the local vicinity.
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Here are some of the business opportunities in Nashville Tennessee that one can take advantage of:
LIST OF PROFITABLE BUSINESS IDEAS IN TENNESSEE (TN)
1. Owning a Business Franchise: One of the businesses you can start up with is to own a business franchise. The biggest benefit from such a venture is that you don’t need to start your business from scratch as you will be riding on the shoulders of giants.
That is, you won’t have to go through the awkward phases that most start-up entrepreneurs pass through such as procuring brand recognition, the creation of tried and tested processes and systems that enhance the smooth running of the business on a daily basis, acquiring customers and building a profitable and working marketing strategy, etc.
2. Opening Online E-commerce Stores: It is a known fact the e-commerce business has enjoyed tremendous success in the United States. Growing by more than sixteen percent annually on average over the past six years, and estimated to increase to near $15 billion in U.S. revenue in 2016.
Although there are big players like Amazon.com and others already in the industry, there’s always room for one more on the internet. You may decide to build an e-commerce website that sells only female shoes, or a site that sells only children accessories.
3. Installation Services: About 99% of Americans own a television, and at least 30% possess a home theater system. This tells you that a lot of Americans spend quality time in front of the TV, and this is an indicator that starting an installation services business will thrive in Tennessee.
There are presently no industry leaders in this niche, so there is more than enough space for entrepreneurs to start up a business in the market. For the past five years, revenue from this industry has been climbing steadily at above four percent annually on average and was said to have exceeded $12billion at the end of 2013.
To stay on top of the market would entail you being always informed and taking advantage of emerging technology.
4. Game Development: If you are good at coding, or can get someone to create good mobile apps or online games and then pay them off, this is another profitable business to start up in TN. A lot of people spend lots of time on social media, thanks to smartphones and mobile gadgets.
Users of social media play lots of games that are embedded in the social network. The recently released Pokémon Go has experienced more than 15 million downloads within a week! That is enough to tell you that this niche is not going away anytime soon.
So, that is it. Choose any business model for Tennessee that you’re comfortable with and the sky will be your starting point. How much does a business license cost in tennessee? Ensure you obtain the appropriate business license after registering your business name and outfit. This will qualify you for most small business loans and grants in Tennessee. What business are you doing in Tennessee currently?