January 26, 2021  
 
  Entrepreneurial Resources - Advice for Tennessee Entrepreneurs  
  Fayetteville, Tennessee Resources for Entrepreneurs  
Gaebler.com is a daily online magazine covering small business news. We help entrepreneurs transform ideas and innovations into greatness.

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.

Business Size# of
Businesses
1-4 Employees 8840
5-9 Employees 3480
10-19 Employees 1980
20-49 Employees 1290
50-99 Employees 270
100-249 Employees 60
250-499 Employees 90
500-999 Employees 0
1000+ Employees 30
All Fayetteville Businesses 16040

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.

Business Type # of
Businesses
Aluminum Extruded Product Manufacturing 1
Appliance Repair and Maintenance 2
Automotive Parts and Accessories Stores 5
Baked Goods Stores 1
Beauty Salons 2
Beer, Wine, and Liquor Stores 3
Business Associations 3
Carpet and Upholstery Cleaning Services 1
Caterers 2
Child and Youth Services 1
Child Day Care Services 11
Children's and Infants' Clothing Stores 1
Civic and Social Organizations 2
Commercial Lithographic Printing 3
Commercial Screen Printing 2
Community Food Services 1
Computer Systems Design Services 2
Confectionery Merchant Wholesalers 1
Consumer Lending 4
Convenience Stores 3
Court Reporting and Stenotype Services 1
Credit Unions 1
Curtain and Drapery Mills 1
Custom Roll Forming 1
Diagnostic Imaging Centers 1
Document Preparation Services 2
Drywall and Insulation Contractors 3
Emergency and Other Relief Services 1
Exterminating and Pest Control Services 2
Family Clothing Stores 3
Fine Arts Schools 1
Finish Carpentry Contractors 2
Fitness and Recreational Sports Centers 5
Floor Covering Stores 2
Flooring Contractors 1
Florists 3
Fossil Fuel Electric Power Generation 1
Framing Contractors 1
Fruit and Vegetable Markets 2
Full-Service Restaurants 20
Funeral Homes and Funeral Services 3
Furniture Stores 3
General Automotive Repair 7
General Freight Trucking, Local 1
General Medical and Surgical Hospitals 1
General Rental Centers 2
General Warehousing and Storage 1
Gift, Novelty, and Souvenir Stores 2
Golf Courses and Country Clubs 1
Hardware Stores 1
Home Centers 1
Home Health Care Services 2
Home Health Equipment Rental 2
Homes for the Elderly 2
Household Appliance Stores 3
Insurance Agencies and Brokerages 8
Internet Service Providers 1
Janitorial Services 2
Jewelry Stores 4
Landscaping Services 3
Limited-Service Restaurants 18
Locksmiths 1
Machine Shops 3
Masonry Contractors 2
Motorcycle Dealers 2
New Car Dealers 5
New Housing Operative Builders 1
Newspaper Publishers 1
Nursing Care Facilities 1
Office Supplies and Stationery Stores 1
Offices of Certified Public Accountants 1
Offices of Chiropractors 2
Offices of Dentists 8
Offices of Lawyers 16
Offices of Optometrists 1
Offices of Podiatrists 1
Paint and Coating Manufacturing 1
Paint and Wallpaper Stores 2
Periodical Publishers 2
Pet and Pet Supplies Stores 1
Petroleum Bulk Stations and Terminals 2
Pharmacies and Drug Stores 6
Photography Studios, Portrait 1
Precision Turned Product Manufacturing 1
Radio Networks 1
Radio Stations 2
Real Estate Credit 4
Residential Property Managers 3
Residential Remodelers 2
Roofing Contractors 3
Securities Brokerage 3
Shoe Stores 1
Siding Contractors 3
Site Preparation Contractors 2
Solid Waste Collection 2
Special Needs Transportation 1
Sporting Goods Stores 1
Tax Preparation Services 1
Temporary Help Services 1
Tile and Terrazzo Contractors 1
Tire Dealers 4
Tobacco Stores 2
Travel Agencies 2
Used Car Dealers 3
Used Merchandise Stores 4
Veterinary Services 4
Video Tape and Disc Rental 2
Vocational Rehabilitation Services 3
Warehouse Clubs and Supercenters 1
Wholesale Trade Agents and Brokers 6
Wired Telecommunications Carriers 1
Women's Clothing Stores 1
Wood Container and Pallet Manufacturing 2

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.

 

 

Additional Resources for Entrepreneurs

Buying a Business

Writing a Business Plan

Raising Money

Incorporate

Small Business Marketing

Advertising Advice

Public Relations -

Customer Service Tips

Entrepreneurial Selling

Workplace Safety