What is the first step I need to take to get started in my business?
The Small Business Readiness Assessment Tool, provided on this web site, has been developed to assist you in determining if you are ready to start a business. Please contact your local TSBDC to inquire about new venture assistance and trainings that are provided in your area. You may also visit your local Business Information Center, browse the small business section of a local bookstore or library, or refer to online Internet resources.
Where can I find a grant to start my small business?
Grant monies are usually not available to start or grow a for-profit business, with the exception of a few high technology businesses. You may find grant information at your local library, www.grants.gov, www.cfda.gov, or www.sba.gov/expanding/grants.html.
How do I know if my business needs a license?
The Tennessee General Assembly authorizes counties and municipalities to levy a privilege tax, that is, a tax for the privilege of operating a business in their jurisdictions. All counties with the exception of Clay, Morgan and Macon levy the tax. Incorporated cities can also impose the tax. This tax is based on a percentage of sales or gross receipts in succeeding years. If your company operates in several different cities or counties, you would be liable to each city or county based on sales or receipts accumulated in each location.
How do I register my business name?
You must select from one of several options for your business. You can set up as a personal identity in which your business does not exist apart from you, the owner. Or, you can set up as a corporate identity in which the business exists in its own right. Or, you can set up as a limited liability which is a combination of the two.
This is an important decision that affects your ownership options, personal liability, tax structure and administrative requirements such as record keeping. This is one area where you and your management team would benefit from qualified legal counsel. Registering your business name varies based on the legal entity status you chose.
How can the TSBDC help my business?
The TSBDC provides no cost one-on-one counseling and low cost educational workshops. Business counseling is offered in the areas of financial management, marketing, human resources, operations, and information technology. Workshops topics include "nuts and bolts" for starting a business, market research, writing a business plan, understanding financials, legal issues, marketing, selling, patents & copyrights, new product development, and accessing financing.
How do I contact the TSBDC?
We have 14 service centers throughout the state and you should select the center closest to you. This does not mean you cannot use another center, it means that because you will probably visit the center, it will be easier to work with one closest to you. Click here to find the TSBDC service center closest to you.
Where can I get information about how to start a new business?
Contact any of the 14 TSBDC service centers and they will assist you in discovering the steps you will need to start your new business. Also, you can set up an appointment using our How Can You Help Me? page.
How much does it cost?
This is why we are the Best Kept Secret on the Planet. All your consulting sessions are free and supported by a variety of Funding Partners. Occasionally we charge a small fee to attend some of our cutting edge seminar and workshops on various business topics.
I already own a business; can I still use the TSBDC?
Yes, because our TSBDC consultants have extensive professional knowledge and expertise in areas of business development such as marketing, management, operations, expansion, we want you to feel confident that we can help your existing business grow and prosper.
Does the TSBDC loan money for my business start-up?
The TSBDC will assist you in preparing the proper documents and a business plan and direct you to specific lending institutions that can assist you in obtaining a small business loan, click here to go to the SBA Loan site. The TSBDC does not provide loan or grant money.
Does the TSBDC provide legal services?
The TSBDC will provide you with a list of various legal providers in your area for specific legal services. They will be able to assist you in areas such as incorporations, trade names, business partnership agreements or other legal needs. However, you can obtain various legal forms needed for your business on our How Can the TSBDC Help Me? site or you can go to the SBA site.
What specific services does the TSBDC provide?
We have a variety of professional services on just about any topic of business you can think of. Go to the How Can the TSBDC Help Me? page, and request the consultation form. Then fill out the form for an appointment and get started with us today.
Does the TSBDC provide accounting services?
The TSBDC will provide you with a list of accounting firms and/or bookkeepers in your area that can fill your needs. However, a TSBDC consultant will be able to assist you in getting started with questions you will need to ask your accountant/bookkeeper, what forms you need and the business regulations you need to know about. Contact a service center nearest you.
How often will I need to meet with the TSBDC before I can get a business loan?
This all depends on your ability to commit time and energy toward the writing of your business plan. Of course, there are never guarantees as to whether or not the lending institution will provide you a loan. You must have a business plan prepared before you can meet with them. This applies to anyone seeking to start a business or existing businesses wanting to expand.
Doing Business in an Economic Downturn
Do you want to know more about what you can do as a business owner during times of economic downturn?
Check out this list of some helpful articles and resources: Information you need to find business solutions during an economic downturn.