Entrepreneurship in Tennessee

Tennessee natives have invented everyday objects from cotton candy to miniature golf. In fact, the first touch screen monitor was invented in Oakridge Tennessee by Elographics. It's no wonder so many great entrepreneurs have come from Tennessee.

With people like Brain Waller (Chief Strategy Officer of Vaco), and the Goldberg Brothers (Founders of Strategic Hospitality) to look up to, the people of Tennessee love to lead entrepreneurial teams that change the world.

Home to the country music capital and Elvis Presleys famous house, the volunteer state is a great place to start your small business.

Registering Your Business

Registering your business is one of the first steps to success.

And with Tennessee’s 300 dollar fee for starting an LLC, it's important you get it right.

Decide what kind of model is right for you (LLP, LLC, Corporation, Sole Proprietorship). Most small businesses start with an LLC. If you’d like an LLC, S-Corp, or C-Corp done for you, we’d be happy to do that on your behalf.

Click here to learn more.

Market Analysis

Before you start your business, look around to understand the market in Tennessee.

With an abundance of rich natural resources, Tennessee has a ton of business potential.

According to TaxFoundation.org, Tennessee ranks an awesome 8th in the individual income tax rank.

Competitor Analysis

Another good way to understand Tennessee’s market is to visit your local Chambers of Commerce.

Chambers of Commerce

You can use your local chamber of commerce to identify opportunities and threats in your local community. It’s a great way to get started on the bottom 2 quadrants of your SWOT analysis.

We’d recommend looking through it and identifying competitors in your industry, and identify the points of parity you need to live up to, and how to better leverage your points of differentiation.

Labor Statistics

Tennessee is full of hard working people that can be amazing assets to your company.

Unemployment rate in Tennessee:

3.8%

Information from Tennessee.gov

Average annual salary in Tennessee:

32,611 dollars

15.68 dollars an hour

Information from Zip Recruiter

Education levels for residents of 25 and older:

High school degree or higher:

88%

Bachelor degree or higher:

27%

Information from World Population Review

Housing Market

Price index yearly growth: 18.87%

Medium house price: 167,200 dollars

National average house price: 269,039 dollars

General Advice

Tennessee is a unique place to start a business. We hope that the resources and points we brought up here will help you start a business there.

If you’d like to dive deeper into how to start a business, check out our much longer article How To Start A Business. Use both of them to get started on the right foot from day one.

Miller IP Law is a firm that focuses on small businesses, startups, and entrepreneurs/solopreneurs. We’re easy to use. We offer affordable pricing that’s transparent and flat-rate. We focus on the little guys who actually need our help. If you’d like an attorney on your team, simply schedule a Zoom call, and we’ll take care of the rest.

Top Blog Articles

1. Cheapest Way To Get A Patent

2. How Long Does It Take To Get A Trademark?

3. Why Are Patents Important?

Want to chat more about this topic, or got a burning question? Take advantage of instant chat and send us a direct message

Find Us On LinkedIn

Need To Get In Touch With Us?➡

Schedule A Free Strategy Session Today…