Wed 19 Aug 2015 | By:

5 Best Practices for Starting a Tennessee Business

5 Best Practices for Starting a Business

The great thing about starting on the right foot when building a business is that it becomes a precedent of more good things happening for your business.

So when starting a business in Tennessee, keep these best practices in mind for your business’ rapid growth and success.


1) Have a Solid Business Plan

Write a Business PlanYour business plan is the foundation of your business. Writing a business plan needs a lot of consideration as this is where you put in what your business is and what it can become in the future. To get you started on how to write a proper business plan, a couple links are provided below.


2) Take Advantage of Free Startup Resources

Free Resources to Start a BusinessIf you want to know how to start a business in Tennessee, there are tons of free startup resources.

Always remember that starting your business should not be taken as a lone crusade as there are a lot of articles, guides, and tools that can be used for free to arm you with the right arsenal for your business’ success.

Below are three resources provided by Startup Savant to help you. In addition, there are several links to resources in this guide too that could further assist you.


3) Incorporate in Tennessee with the Right Business Structure

Business WebsiteIncorporating in Tennessee using the right business structure can immensely prove helpful to growing your business.

Your business structure will influence your business’ taxation, liability, and succession during its entire life cycle, so it is highly recommended that you get it right the first time.

After choosing your business structure, you can utilize the links below to set up your business legally.


4) Create an Operating Agreement

Create an Operating AgreementAsk any experienced entrepreneur how important an Operating Agreement is, and he’d tell you that it’d be crazy not to have one.

Bottom line: you need to create an Operating Agreement to protect your business’ interests and to ensure that your business’ operations is regulated by your own bylaws.


5) Continue Learning as a Business Owner

Continue Learning as a Business OwnerWhen you’re starting a Tennessee business, it’s easy to get caught up with all the requirements, but when you’re business is already up and running, keep in mind to continue looking for business knowledge.

Learning doesn’t stop after your Tennessee startup process, it should be a continuous cycle. Utilize free startup courses, try out free tools, and learn a few more things about entrepreneurship.


Wrapping Up and Moving Forward

Wrapping Up and Moving ForwardBest practices are blueprints for success. Every business owner aims for success, not now, but eventually in the future.

Start with the five best practices outlined above, and it will give you an edge over the competition. Starting a business is not a laughing matter, and you should be prepared to learn everything to succeed!

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.