Opening a business is never easy, but in Tennessee, entrepreneurs can expect a supportive environment where angel investors are always looking for the next exciting venture. Tennessee is teeming with entrepreneurial spirit. Small businesses make up 96.8 percent of businesses in the Volunteer State. And they’re still growing.
There are over 1 million small business employees in Tennessee
Total small firms by sector:
- Retail trade: 54,485
- Healthcare and social assistance: 45,799
- Construction: 69,646
- Manufacturing: 10,862
- Finance and insurance: 17,166
- Real estate: 41,340
- Arts, entertainment and recreation: 30,224
- Information: 7,794
- Educational services: 11,669
Why choose Tennessee?
Companies that have met success by utilizing the benefits of laying a foundation in Tennessee include:
- The strategic location of shipping and distribution lanes
- No personal income tax
- Low regulatory burdens
- The booming healthcare and automobile manufacturing industries
- The history of entertainment in the state’s economy
- The need for highly skilled technical workers and startups
- The various incentive programs run by the state government
Top 5 places to start a business in Tennessee
- Alcoa: Many hotels, conference centers, residential space and retail buildings
- Pigeon Forge: Home to major entertainment attractions like Dollywood and the Elvis museum
- Crossville: The “golf capital of Tennessee,” a known retirement and tourism destination
- Lebanon: Local businesses can find help here at two small business development centers
- Brentwood: The state’s wealthiest suburb with the an annual median income of $100,954, as well as the lowest unemployment rate at 2.8 percent
Defining traits of success businesses
Fifty percent of small businesses fail after the first year. And while investors are important, what’s even more important is you. A successful entrepreneur is…
Successful businesses take savvy owners, smart investors and an environment where they can thrive. Thinking of starting your own business? Think Tennessee, and check out our infographic below for more details.
Content sponsored by King University.