Sun 16 Aug 2015 | By:

5 Mistakes When Starting a Business in Tennessee

Mistakes When Starting a Business

There is a seemingly multitude of mistakes you will probably make when starting a business in Tennessee. Some can be negligible, while others can negatively impact your business far greater than what you expected. Although these mistakes can be charged to experience, it’s best to avoid them as much as you can.

This guide will point out to you five common Tennessee startup mistakes and how you can avoid them.


Mistake 1) Forgetting to take care of Tennessee Business Tax & License Obligations

Business LicensesForgetting or purposely omitting to take care of your Tennessee business taxes and licenses can lead to serious ramifications from the Office of the Secretary of State of Tennessee and the IRS.

It can lead to the revocation of your business operations and can even lead to monetary penalty. Make sure that you religiously comply with requirements for business licenses in Tennessee.


Mistake 2) Choosing the Wrong Location for Your Tennessee Business

How to Choose a Business LocationDo you ever have that ‘this is the perfect location for my business’ feeling? Well, be wary of those feelings especially if the location you’re eyeing is the first one you’ve visited while looking for a perfect location when starting a business in Tennessee.

Always consider your options, see several locations, know the demographics of those locations, and then that’s when you decide for your Tennessee business location.


Mistake 3) Writing a Terrible Business Plan

Write a Business PlanWriting a terrible business plan is just as good as not writing a business plan at all. Your business plan is your guide to success, so if you’re following a defective business plan, where will it lead you?

If you don’t know how to write a business plan, that’s not a problem. There are numerous resources you can use to help you write one.


Mistake 4) Choosing and Incorporating in Tennessee with the Wrong Business Structure

Business WebsiteChoosing the wrong business structure, and incorporating in Tennessee with that wrong structure could greatly affect your business’ operations.

The taxes you pay, the licenses and permits and the amount of paperwork you need to comply, even the growth of your business will be affected by the business structure you choose. Do not hastily decide on a business structure especially if you’re not well informed of the different structures.


Mistake 5) Hiring the Wrong Right Employees

25 Questions You Need To Ask When Hiring An EmployeeHiring the wrong person to help your business grow can be detrimental to the future success of your business.

Therefore, finding the right employee/s after starting Tennessee small business is really a must. Employees who are willing to commit time and effort as well not just because it’s a job that they must perform.


Wrapping Up and Moving Forward

Mistakes are always part of the learning process when you want to start a business in Tennessee, but there are some mistakes that can be completely avoided. I believe in you!

About Liesha Petrovich

Liesha is a small business owner of 20 years, host of Startup Savant, the owner of a karate dojo in Maine, and creator of Work Mobly. During free time she's with her family and working on a Doctorate in Entrepreneurship.