Memphis has multiple businesses that started small but grew into bigger ventures. This became possible due to the supportive business atmosphere and loyal customers. The locally-owned SMBs are the foundation of Memphis culture. New entrepreneurs are also invited to invest in a small business here.
Memphis boasts of having the best start-up rates and has been included twice in the list of top 10 best cities to start a business. On CNN Money, Memphis was ranked at No.10 in 2014 and it ascended to No.7 in 2015. This impressive rise reveals how rapidly the soul city is transforming into an entrepreneur’s hub. If you are planning to migrate here or start a business then take a look at why entrepreneurship is booming in Memphis.
Between the years 2007 & 2012, the city witnesses a growth of 116% in female-owned businesses.
- Hispanic-owned firms grew 113%
- Black-owned companies grew 100%
- Asian owned companies grew 23%
The increase in minority-owned businesses was due to several factors like the variety of programs aimed towards females and minorities. Funding and advice was the main issue, which got resolved. On https://wearememphis.com/business/fostering-growth/, you can get advice and resources on how to start and develop your business in Memphis.
You will need startup capital to start any kind of business. It includes –
- Office supplies
- Office space
- Manufacturing machinery
- Legal fees
- Registration & licensing
- Online marketing and more
For small business start-up financing, Memphis has plenty of options.
- Communities Unlimited is a non-profit organization that offers tax-free microloans to small businesses.
- Tennessee Valley Authority offers loans to businesses located within the TVA’s incubator sites.
- The city of Memphis has designed Contractors Assistance Program that offers working capital loans. Funds are available on a rotating basis, so you will need to keep track of the next opportunity for making a bid.
There are many other financial resources, which you can check out on the link mentioned above. Besides the money, you need advice to manipulate the potent business atmosphere in Memphis.
Where to obtain business advice?
- Start Co offers expertise, resources and access to new business connections. Founders are transformed into skilled entrepreneurs in Memphis itself.
- BBA [Black Business Association] has helped to resolve minority-owned small business issues, since 1974. It is a resource that offers networking opportunities, guidance and technical & training assistance.
- Memphis SCORE – The Service Corps of Retired Executives mentor program that connect business owners with professionals of successful companies for FREE.
- Renaissance Business Center offers financial and technical assistance to women or minority-owned small businesses. You gain access to seminars on how to start a business, write business plans, basic accounting tips, cash flow analysis, tax preparations, etc.
It is a tough decision to pick a place, where you can live and work. Memphis is a location that offers a great lifestyle, good business opportunities, a strong economy, low home rents, a warm environment, high education and more. It is for these reasons that it has been consistently listed as one of the top 10 cities for launching a business.
Be committed and you will become a successful entrepreneur of Memphis!