Tennessee Business Startup Guides
Starting a Business in Fayetteville, Tennessee
Thinking about starting a business in Fayetteville, Tennessee? This step-by-step guide walks you through the major decisions you should consider before opening a new business in Fayetteville.
Are You Ready for Entrepreneurship?
An entrepreneurial life is hard work, much harder than working as an employee. Are you certain you have the stamina and skills to succeed on your own?
While entrepreneurship has become a popular career choice, we recommend you do the following before you take the plunge:
- Talk to other entrepreneurs in Fayetteville. Listen closely to their experiences and see if you think you too can be successful.
- We recommend reading Characteristics of Successful Entrepreneurs. For aspiring new entrepreneurs, it's a must read article.
- Seek the advice of somebody who knows you well. Ask them directly: Do I have what it takes to be an entrepreneur? Listen carefully to their answer, as they presumably know your strengths and weaknesses.
Fayetteville, Tennessee Demographic Information
Fayetteville has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Fayetteville demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Fayetteville.
Businesses
As a new Fayetteville entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Fayetteville for each business category. By looking at this chart, you can get a general sense for how much competition there is in the business niche that you are pursuing.
Businesses
Selecting a Name For Your Venture
A good company name can give a big boost to a new startup. It might seem like an easy thing to do, but there are many things to consider when naming a business.
Company names need to be easy to spell, easy to pronounce, and easy to remember.
For other considerations regarding naming a company, we recommend this article: Naming a Company.
On a final note, given that you are planning on starting a business in Fayetteville, it's critical that you ensure that no Tennessee company has already registered the company name you have selected.
Company Formation in Fayetteville, Tennessee
A critical step is ensuring that you choose the right legal structure for your new entity. Doing so will insulate you from personal liability for business debts and obligations.
When forming a company, you will pick from many company types, such as a traditional C-corporation, a Limited Liability Company (LLC), or an S-corporation.
Incorporating is a very common way to legally create a business entity. Of course, you have to decide which type of corporation to form and where to incorporate. Just because you are starting a business in Tennessee, it doesn't mean you are required to incorporate in Tennessee. In fact, you can incorporate wherever you want. However, if you do incorporate in another state, you'll have to register as a foreign corporation in your home state.
There's a lot to know about forming a company. We recommend you read some of the educational articles about company formation that are availabe on our site, such as Pre-Incorporation Agreements. You may also want to seek the advice of an attorney. On a final note, since you will be starting a business in Fayetteville, Tennessee, our web page covering Incorporating in Tennessee may be a useful resource if you decide to incorporate in Tennessee.
Startup Financing Basics
Obtaining startup financing for your Fayetteville business will be harder than you might expect. If you don't have a rich uncle to fund you, you'll need to be creative in how you approach your fundraising efforts.
Fortunately, this site contains dozens of articles on raising money, including one we recommend entitled Realistic Debt Financing Options.
For Fayetteville entrepreneurs on the hunt for startup funding, check out our List of Tennessee Angel Investors and our List of Tennessee Venture Capital Firms.
Increase Your Entrepreneurial Knowledge
Successful entrepreneurs know that they don't know everything.
Given that you are starting a business in Fayetteville, Tennessee, you should get information on some of the many programs available at nearby Tennessee universities, colleges and community colleges. Another way to keep up on your entrepreneurial education is to investigate networking groups or organizations in which Fayetteville entrepreneurs get together to network and trade their business experiences.
Never Give Up
As an entrepreneur in Fayetteville, you won't be working for the boss anymore. You are the boss.
Owning your own business will be a daunting task, but you can do it.
Our goal here is to promote the vitality and growth of small businesses in Fayetteville and throughout the United States . We want to be there for you to answer your business questions, whether you are a new Fayetteville entrepreneur who is just getting started or you are already up and running with your new venture.
More Entrepreneurial Resources for Starting a Business in Fayetteville, Tennessee
Here are more links that we believe will help you be successful in starting a business in Fayetteville.
- Resources for Fayetteville, Tennessee Entrepreneurs - Browse a variety of resources we've collected to assist Fayetteville entrepreneurs.
- Tennessee Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Tennessee.
- Tennessee Small Business Development Center - If you are a small business owner, entrepreneur or you are thinking about starting a new business, the Tennessee Small Business Development Center (TSBDC) is ready to help you every step of the way!
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