Creating Your Business Plan:

The business plan is the truth serum to your idea. It will either make or break your plan to start a business by revealing its true potential. The creation of a plan also helps uncover the important details you may have otherwise overlooked.
Who are your customers and how will you attract them?
How are you going to manage your inventory and cash flow?
Creating a business plan will help you organize your thoughts, test your true desire to start the business, and allow everyone involved to be more in tune with one another.

Resources to Help Write a Business Plan:

Tennessee Small Business Development Center/Jackson State Community College

Email Joel Newman, director, West Tennessee Business Resource Center or schedule an appointment at 731‐424‐5389.

The Small Business Planner includes information and resources that will help you at any stage of the business life cycle.

Business Owners Tool Kit
Various articles and topics related to starting or maintaining a small business.

Building Your Business One Block at a Time.

Will you be financing a start-up, buying a business or buying a franchise? Each structure has different monetary requirements in the beginning process and throughout the life of the business.

Starting a Business

If you are starting your own business it's possible, depending on the type of business, to get going on little to no money. But another type of business may require overhead and purchasing of equipment or space. It is important to evaluate your start-up costs ‐ those that will be one time costs (equipment, etc.) and those that will be recurring (rent, utilities, etc.). For help, Business.USA.gov.

Buying a Business

Purchasing an existing business generally saves time and money; not to mention the fact that the business will probably already have cash flow, inventory and existing customers. The downfall? The initial purchasing costs. Finding a thriving business for a reasonable price can be difficult, but there are several resources available to help in your search.

Small Business Administration
Provides information on buying a business from start to closing.

Entrepreneur.com
Shows where and how to look for a business to buy.

Buying a Franchise

Franchising is a great way to start a business if you are concerned with the risk involved in starting your own business. As a franchise owner brand/trademark owner, the franchiser will provide you with his business expertise on marketing, management, financing, and training among other things. Though you are purchasing a business with instant name recognition, you still need to bring your entrepreneurial spirit and motivation for success to the table to make the location thrive.

If you are interested in owning a franchise ‐ attend a seminar about that particular franchise, interview other owners, research, and get expert advice.

Small Business Administration
Gives you the pros and cons of buying a franchise and how to do it.

Federal Trade Commission
Learn about franchise opportunities and how to follow through to the franchise agreement.

Name Your Business

Once you come up with a good, creative name for your business, you must research state and local requirements to be sure you aren’t infringing on someone else’s name. At this time, you must also decide what the structure of your business is going to be.

Tennessee Department of State
Search business name availability.

Small Business Administration
Legal requirements for naming your business, search and registration information, help with domain names.

Choosing a Business Structure

Research and take careful consideration when selecting your business structure. Once it is decided, it will determine your taxes, liability and ownership succession. It’s always a good idea to consult an accountant or attorney when deciding what type of ownership is best for your business. When deciding on a structure, your vision and business plan will be taken into account.

Small Business Association
Choose a structure for your business using information and guidelines provided by the SBA.

IRS.gov
Information on different business structures.

Becoming Official: Getting Your Business License or Permits

The line of business and business structure you decide upon determines the type of business license you get.

Tennessee License
The state of Tennessee has a useful website that will guide you through the entire business start-up process from naming it to getting your business license.
It’s always best to check with the state licensing authorities to determine the requirements for your business.

Business License

Madison County License
Apply for a new business license online or in person at:
Madison County Clerk
Madison County Courthouse
100 E. Main St.
Jackson, TN 38301
731-423-6022

Jackson City License
Apply for a new business license online or in person at:
Jackson City Hall
121 East Main St.
Jackson, TN 38301
731-425-2489

EIN Number and Sales Tax License

In the state of Tennessee, each business is required to have an employer identification number (EIN). This can be acquired from the Department of Revenue.
If your business will be collecting sales tax, then you’ll also be required to have a sales tax license.
Website ‐ Irs.Gov.smallbiz.

Taxes: What you should pay and how

The type of business you operate and its structure will determine what taxes you pay and how you pay them. IRS.gov is a great source to help walk you through the taxes you should be paying.

State of TN Dept. of Revenue Tax
Latest news from the Tennessee Dept of Revenue and information regarding taxes and online tax filing.

State of TN Dept. of Revenue New Business
Find out what taxes you must pay and registration requirements in Tennessee.

TN Dept. of Revenue Business Tax Guide
Informal reference for taxpayers who wish to gain a better understanding of Tennessee business tax requirements.

TN.gov
Sales tax, tax forms, overview of business tax, online tax registration, tax workshops, etc.

Small Business Administration (Taxes)
The U.S. Small Business Administration’s guide to all things taxes.

Internal Revenue Services (Taxes)
Information about filing and paying your federal business taxes.

Insurance: Protect yourself and your Business

Insurance is often necessary when starting your business for protection against the unexpected for you and your business. Without proper insurance, an accident, lawsuit or natural disaster could potentially end your healthy business operation.

Find Out More About Insurance

SBA.gov
Figure out what type of insurance will be best for your business and view frequently asked questions about insurance.

---

*For local, personal assistance on any of these topics, email Joel Newman, director of the West Tennessee Business Resource Center or call 731‐424‐5389.

Perfect Your Pitch

Before you seek funding you should ask yourself, do I need the money or can I run on what I already have? What is the risk of my business? What will the money be used for? How does the industry look? Does the need for money co‐inside with my business plan? These are all questions a lender may ask you when you’re requesting a loan.

Types of Financing:

Equity Financing
Most small or growing businesses use limited equity financing. Much of this money may come from friends, relatives, customers, or colleagues but the most common source of equity funding comes from venture capitalists (wealthy risk takers, government sources or financial institutions).

Debt Financing
Banks, savings and loans, the Small Business Administration (SBA), and commercial finance companies are a few options for those seeking debt financing.

Information on Small Business Debt

Pitching your plan to your investors

Before you pitch your idea to the venture capitalist or a bank you must have a well thought out process and plan.
Entrepreneur.com

Financial Assistance

SBA Loans

SBA provides a number of financial assistance programs for small businesses including 7(a), 504 and disaster assistance loans.

TNInvestco

Providing information for new or small businesses interested in TNInvestco funding.

What are 1099s?

Debt.org
Offers sources of financing for small business.

Selling Your product to the customer

Focusing on what the customer wants is critical to successful marketing efforts. Once you have a product people want, set your price, let others know about your product through public relations and advertising and make it available to them for purchase. It is a good idea to create a marketing plan to help guide your marketing efforts. It should include your market research, location, customers, competition, how you plan to position yourself against them, the product or service you are offering, pricing, advertising, and promotion.

Marketing Links

Entrepreneur.com
Broad-based information about many facets of starting and operating a small business.

How to create a marketing plan
Entrepreneur.com's guide to creating a marketing plan.

Business.gov is the official business link to the U.S. government for new and existing businesses. It has a guide for marketing your small business.

Social Marketing

More than 300 million active users spend more than 8 billion minutes a day posting 45 million status updates on Facebook. Over 65 million people on Facebook and 80% of Twitter users are connecting via handhelds allowing them access to you and your company anywhere at anytime. Of the 200 million bloggers out there, 54% post content and tweet daily. Youtube.com has reached 1 billion views per day and is the second largest search engine in the world. Are you beginning to see the value of becoming part of the social marketing craze?

Not only has it proven to increase company and brand exposure, social marketing is free, fairly simple, customizable, and can be updated as much or as little as time permits.

The most popular social marketing sites at this time are:
Facebook

• If Facebook were a country, it would be the world’s largest, having recently added over 200 million users in less than a year. Users log in every day to keep up with friends or colleagues, upload an unlimited number of photos, share links and videos, and learn more about the people they meet. Capabilities include creating a fan page for a business or organization or sending invitations to events among other things.

Twitter

• Twitter has over 310M active users per month and allows users to post a micro-blog of up to 140 characters on their profile page. You can add an image or upload video. Other users can view your tweets by following your page. You can also start or join a conversation with other bloggers or send a direct message to another tweeter.

LinkedIn

• LinkedIn, the world’s largest professional network, has over 50 million members and continues to show steady growth. Every second, two people join LinkedIn. It is a place to connect with colleagues or trusted contacts and exchange knowledge and ideas. Over 95% of companies using social media for recruitment, use LinkedIn.

Stats provided by Socialnomics.net, Facebook.com, and Brandwatch.com.

Useful Links about Social Marketing

Socialnomics
A Social Media Blog.
Visit Socialnomics on YouTube.com for more videos about social media or go to their website, Socialnomics.net.

Social Media Revolution
YouTube video on the effects of social media.

Share Your Vision.

Finding a mentor, networking with other entrepreneurs, participating in roundtables and researching are all great ways to share your vision.

Events

Annual Celebration

This annual luncheon celebrates our chamber members’ accomplishments throughout the year. Local businesses that have reached ultimate success and chamber volunteers are also recognized. For information, contact Jill Erling, 731-423-2200.  

Non-Profit Roundtable

Meets the 1st Thursday of each month at the Chamber from 8 - 9 a.m. The non-profit community is invited to share problems that confront them and to discuss issues where collaboration with one another might help to resolve some of their issues. Over the years close relationships have resulted in joint fund-raising such as Christmas In The City, an annual event.  

Business After Hours

One of our largest networking events! This popular after-hours gathering is attended by representatives of the business community. The event is held from 5-7 p.m. typically on the last Thursday of the month. Members make new connections with potential clients and colleagues in a relaxed atmosphere. Sponsorships are available each month by contacting Jill Erling, 731-423-2200.  

CapitolTALK

Held each year February through April. This event provides a forum for members to meet their state senator and representatives in a town hall type setting. For more information about CapitolTALK, contact Ryan Porter, 731-423-2200.  

Jackson Young Professionals

The Jackson Young Professionals is for emerging business professionals ages 21-45. This program creates an avenue for young professionals to connect with networking events, develop professionally with programs and engage in our community through awareness. For information contact Jill Erling, 731-423-2200.  

Quarterly Membership Breakfast

Members enjoy breakfast with their peers and an opportunity to network with other business and community leaders at this quarterly event. Program content covers topics of interest to the business community and helps keep members up to date on what’s happening with the chamber and our local community. Sponsorships are available by contacting Jill Erling, 731-423-2200.  

Ribbon Cuttings

Gain additional exposure for your organization.   As part of your membership benefits, the chamber is available to assist your company in a ground breaking, ribbon cutting and/or open house. Please schedule 2-3 weeks in advance by contacting Jill Erling.   Don’t have a store-front or located outside of Madison County? No problem!   The chamber has a “Home Based and Out-of-Town Businesses” ribbon cutting opportunity for you. Held twice a year, typically in June and December, this event allows companies the chance for their “official” ribbon cutting. For more information, contact Kristy Dew.   Ribbon cutting photos are featured in Jackson Chamber’s video newsletter, on the website photo gallery and on flickr.com. Click for Ribbon Cuttings on Flickr.  

Spark

Ignite your business at Spark! Start your day making connections. Spark is part networking, part learning with a different speaker each month to help grow your business. It meets each month at co-sponsors, theCO, from 7:45 to 9 a.m. Contact Jill Erling or call 731-423-2200 for more information.  

Women in Business

Local businesswomen come together each quarter to lunch and learn as a part of this luncheon series. Held at various locations in Jackson, the Women in Business luncheon offers ladies the opportunity to network, hear fabulous speakers and enjoy lunch. For sponsorship or information contact Jill Erling, 731-423-2200.  

Workshops

Tennessee Small Business Development Center (TSBDC) - Jackson Workshops

1. During the course of the year, there are various workshops offered for both business and non-profits.
2. Quickbooks—basic and intermediate is offered for businesses twice a year.
3. West Tennessee Regional Conference—is offered once a year. It is a collaboration of West Star, TSBDC and the Jackson Chamber.
4. Various Other Workshops—other workshops are offered during the course of the year that are informational as the need arises for small businesses.
5. Grant Writing—is offered for the non-profit sector on an annual basis.
6. Other Non-Profit Workshops—are offered in collaboration with the Alliance for Non-Profit Excellence in Memphis. Additional meetings are held as the need dictates.

 

Tennessee Workshops

Lists upcoming workshops for self-employed and small businesses. Also provides a link to the IRS workshop for taxes and small businesses.  

SBA Training

A virtual campus providing quality and targeted online training to meet the information needs of prospective and existing small business owners.  

Free Online Entrepreneurship Classes

Provides links to courses available at MIT – Sloan School of Management, Carnegie Mellon, Stanford University, U.S. Small Business Administration and more.  

SCORE

Free and confidential small business advice. SCORE, “Counselors to America’s Small Business,” is a nonprofit association dedicated to educating entrepreneurs and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA).  

Tennessee Small Business Development Centers

The Tennessee Small Business Development Center (TSBDC) offers free assistance to help business owners grow and develop successful, thriving businesses. Contact Ron Acree or Joel Newman for an appointment with the TSBDC associated with Jackson State Community College, housed at the Jackson Chamber.  

Small Business Television (Small Business Advice)

Provides videos with subjects of interest to small businesses and entrepreneurs.

Contacts

Local, State, and Federal Contacts

Local

Madison County License
Apply for a new business license online or in person at: Madison County Clerk
Madison County Courthouse
100 E. Main St.
Jackson, TN 38301
731-423- 6022

Jackson City License
Apply for a new business license online or in person at:
Jackson City Hall
121 East Main St.
Jackson, TN 38301
731-425- 2489

State of Tennessee

"Tennessee SmartStart" is a step-by-step process of establishing your business in Tennessee.

Business.gov
Tennessee small business guide. Tips on starting, operating and growing your business.

Federal

U.S. Small Business Administration’s Small Business Planner.
This Small Business Planner includes information and resources that will help you at any stage of the business lifecycle.

What is theCO?

TheCo is the front door for entrepreneurs in West Tennessee. A resource, collaborative community and support system for everyone from the serial entrepreneurs to those taking their first plunge into business ownership, problem solving and innovating.

Find Out More

Programs

Non-Profit Roundtable

Meets the 1st Thursday of each month at the Chamber from 8 ‐ 9 a.m. The non- profit community is invited to share problems that confront them and to discuss issues where collaboration with one another might help to resolve some of their issues. Over the years close relationships have resulted in joint fund-raising such as Christmas In The City, an annual event.

Workshops

During the course of the year, there are various workshops offered for both business and non-profits.

1. Quickbooks‐basic and intermediate is offered for businesses twice a year.
2. West Tennessee Regional Conference—is offered once a year. It is a collaboration of West Star, Tennessee Small Business Development Center and the Jackson Chamber.
3. Various Other Workshops—other workshops are offered during the course of the year that are informational as the need arises for small businesses.
4. Grant Writing‐is offered for the non-profit sector on an annual basis.
5. Other Non‐Profit Workshops—are offered in collaboration with the Alliance for Non-Profit Excellence in Memphis. Additional meetings are held as the need dictates.

One-On-One Counseling

The Tennessee Small Business Development Center/Jackson State Community College is a collaborative effort with the Jackson Chamber to provide business counseling.

1. All counseling is FREE of charge and is CONFIDENTIAL.
2. Information regarding start-up businesses as well as expansion of existing business is available.
3. A Business Plan Manual is provided covering market research to determine target market, start-up or expansion costs, cash flow analysis, costing, marketing, etc.
4. This center will aid in the writing of business plans tailored to the specific need.
5. Access to a variety of lenders both traditional and non-traditional as a help to secure funding for a project.
6. Help in determining the business entity necessary for the business, i.e. LLC, S-Corporation of Sole Proprietor, General Partnership.

Networking Opportunities

All of the events above provide more than ample time for networking along with the various events hosted and/or organized by the Jackson Chamber.

Small Business Resources

Through the counseling services of the Tennessee Small Business Development Center (TSBDC), resources for funding, business plan development, marketing, cash flow analysis, costing, licensing, corporate identification, and other business information is available.