Tennessee Business Startup Guides
Open a Business in Somerville, Tennessee
Need help starting a business in Somerville, Tennessee? We've got the information you need to open a business in Somerville.
Somerville, Tennessee Demographic Information
Somerville has an active business community that includes small businesses, mid-sized businesses and large businesses.
To give you a better feel for Somerville demographics for small businesses, we have tabulated the small business sizes, based on number of employees, for business in Somerville.
Businesses
As a new Somerville entrepreneur, you may also be interested in the table below. It shows how many businesses there are in Somerville 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.
Businesses
Choosing a Company Name
Making the right decision when choosing a company name is very important. There are many decisions you'll make now that you can change later, but changing a company name years down the road is not very easy. So, choose a good company name at the outset.
Even if the name doesn't do it by itself, many naming experts believe there should be a story behind the name that ties into your company mission.
For other considerations regarding naming a company, we recommend this article: Branding Advice.
As a final piece of advice, remember that because you are starting a business in Somerville, it's imperative that you check now that your company name has not already been claimed by another Tennessee business.
Company Formation in Somerville, Tennessee
A critical step is ensuring that your business is formed as a legal entity that is separate from its owners. Without a legal structure for the business, you can be held personally liable for the actions, debts and obligations of your company.
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. A key decision is whether to form and S-Corp or a C-Corp, and you also must decide in which state you will incorporate. Just because you are starting a business in Tennessee, you don't necessarily have to incorporate in Tennessee. In fact, you are allowed to 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 lawyer. On a final note, since you will be starting a business in Somerville, Tennessee, our web page covering Incorporating in Tennessee may be a useful resource if you decide to incorporate in Tennessee.
Don't Skip the Business Plan
Having a business plan is critical in maximizing the prospects of your new company. In effect, your business plan is your game plan for how you hope to grow your business. Starting a business without a business plan makes you more prone to becoming a business failure statistic.
If writing a business plan is on your to-do list, be sure to read The Art of the Executive Summary. A great resource for business planning assistance is the face-to-face free consulting available from your local SCORE chapter in Tennessee.
The Art of Selling
Mastering the art of selling is a must if you want your new Somerville business to do well.
Why should customers buy from you instead of buying from competitors? Fortunately, we've got plenty of good advice to help you improve your selling skills.
Cold Call Selling is a good article to read, one of dozens in the Selling for Entrepreneurs section of our site.
How to Improve Your Entrepreneurial Abilities
Good business owners know that they need to continually improve.
With your business being located in Somerville, Tennessee, you should get information on some of the many programs available at nearby Tennessee universities, colleges and community colleges. You should also check if there are any networking organizations for Somerville entrepreneurs.
Moving Forward
Most new Somerville businesses underestimate the number of challenges they will face.
Owning your own business will be a daunting task, but you can do it.
This site is all about helping entrepreneurs in Somerville and elsewhere to achieve real success. We believe entrepreneurship is an amazing engine for job creation in Somerville, neighborhood development and overall economic health.
More Entrepreneurial Resources for Starting a Business in Somerville, Tennessee
Here are more links that we believe will help you be successful in starting a business in Somerville.
- Resources for Somerville, Tennessee Entrepreneurs - Browse a variety of resources we've collected to assist Somerville entrepreneurs.
- Tennessee Entrepreneurial Resources - We've gathered state-level entrepreneurial resources to help new entrepreneurs who are based in Tennessee.
- Tennessee Small Business Development Center - If you are a small business owner, entrepreneur or you are thinking about starting a new business, the Tennessee Small Business Development Center (TSBDC) is ready to help you every step of the way!
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