Starting a Business

There’s no right or wrong way to write a business plan. What’s important is that your plan meets your needs. This written guide from the SBA will help you map out how to start and run your business successfully.

There are plenty of free training and counseling services to help you start and grow your business. The Memphis Public Library and the Memphis Office of Business Diversity and Compliance also have a trove of resources and hold free seminars, many virtual.

• • Memphis Public Libraries Small Business Resources
  • Entrepreneurs Network Center
  • Emerge Memphis
  • Epicenter Memphis

Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.

• SBA’s: “Choose Your Business Structure”
• Entrepreneur Magazine: “Choose Your Business Structure”

Learn how to select a customer-friendly location and comply with zoning rules,

• Develop901 Land Use

Find government-backed loans, grants and other funding mechanisms to help get started.

• SBA’s Loans & Grants Search Tool
• Community Quick Links from the Business Enterprise Resource Office
  

Register your business name with the State of Tennessee, but first, check that no one else has trademarked that name.

• Check the United States Patent and Trademark Office to ensure the business name you selected isn’t already being used
• Tennessee Office of the Secretary of State

Learn which tax identification number you’ll need to obtain from the IRS and your state revenue agency.

• Internal Revenue Service – Apply for an Employer Identification Number (EIN) Online

Register with your state to obtain a tax identification number, workers’ compensation, unemployment and disability insurance. Shelby County (situs code 7900) and Memphis (situs code 7901) have a business tax.

• Download and review the Tennessee Business Tax Manual
• Learn more about Tennessee Business Tax
• Find out about hiring incentives, unemployment insurance tax and more
  

• Licenses and permits required for your business, plus how to register as a Small, Minority or Woman owned enterprise in Memphis.

  • Professional licenses
  • Regulatory permits and licenses
  • Applying for an alcohol license
  • Transient Vendor License
  • Short-term Rental License
  • Certification with the City

• SBA: Hiring Employees