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.
Karen Kingsbury
