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]]>Check out tax and business incentives
One reason why you might select Memphis over other destinations isn’t just because of its centralized location or less expensive properties than New York or Los Angeles. It’s because of the tax incentives. You want a location that will help you save money while boosting productivity and profits. There are a number of tax incentives available to you when you move your business to Memphis.
Through the Greater Memphis Chamber, you can search through the different incentives available to your business. This includes tax incentives, infrastructure and utility incentives, training and workforce incentives, plus financing incentives. So prior to any move, make sure to check out the Greater Memphis Chamber website for all financial opportunities available to you.
Small and minority-owned business services
Beyond the incentives open to all businesses moving into Memphis, there are added perks of owning a small business or being a minority running a business. The Tennessee Business Enterprise Resource Office (BERO) offers a number of business plan development services, which can include everything from B2B networking to assist with procurement. Before opening up shop, you should look into these services to find out if, or how, BERO can help you save money and get your business up and running faster.
Moving companies
If you’re moving equipment and goods from another city, you will need to book a moving company that is well respected and accredited. This way you know you’re working with a quality service provider who will get your company to Memphis in one piece. While the exact moving provider will vary depending on where you’re located, you need to consider BBB accredited companies and then go with the moving company that best fits your commercial and business needs. You can visit the BBB.org website for more information on accredited moving companies that can transit all of your business material from your current destination to Memphis. After all, you have all kinds of work to put in prior to the move. Having a professional take care of the moving services for you can make things that much easier (and give you one less thing to stress over).
Additional reading
Greater Memphis Chamber Incentives Page
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]]>The post Income & Expense tracker for businesses [Free Doc] appeared first on We Are Memphis.
]]>The ability to track your business’s income received and expenses paid does not require you to take additional courses in accounting or obtain a CPA designation. It requires you to have access to a tool and other resources made available from partners who want to see you succeed in business here in Memphis.
The importance of income & expense tracking
Most businesses, especially small businesses and entrepreneurs, who, as freelancers, are sole proprietors, need to have a system in place for tracking income derived from their business activities. This also holds true of the expenses specific to your business. If you are an individual and you don’t maintain an accurate accounting of your income & expense, you will have a difficult time properly filing your taxes.
For example, income derived from business activity and paid to yourself or others in your employ as compensation (either as wages and salary) must deduct certain taxes such as FICA, FUTA, and state taxes and unemployment insurance (where applicable). Failure to withhold these amounts as compensation is paid may result in penalties and a significant higher tax burden for you or someone else by the time April 15th comes around. This is why income tracking is important.
How to track income & expense
Tracking income & expense need not be a laborious task. There is plenty of software on the market that is designed for businesses, especially small businesses, to accomplish this. The complexity of many of these tools, however, leaves many businesspeople, especially truly small businesses, sole proprietors, and freelancers, wanting something simpler to use and understand.
A simple spreadsheet that provides you with a way to enter information about your income & expense, in a log fashion, may be all you need. This tool is simply organized, set on certain predefined percentages such as those for self-employed taxes. You can change these predefinitions manually and make them applicable for your business easily and without having to do a lot.
Become a master at income & expense tracking
You do not have to have a CPA to become good at income and expense tracking for businesses. All you need is a tool and a desire to keep these all-important records. Starting out with a simple spreadsheet for tracking income & expense helps you become more disciplined in your business and better positioned to identify trends, seek additional opportunities for growth, and, more importantly, give you a good reference for when you do sit down and file with the IRS.
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]]>The post The 800 Initiative and how it will empower minority businesses in Memphis appeared first on We Are Memphis.
]]>Being an entrepreneur is a challenging and competitive career path, as becoming a business owner—especially as a minority business owner—is no small feat. From overcoming barriers to entry to managing finances, there are plenty of obstacles along the way . You’ll learn quickly that an entrepreneurial road can be a lonely one, and not everyone will agree with your mindset. Some people may even think your ambitions are crazy! With this in mind, it is essential to have the right resources at your disposal.
Minority Business Initiative in Memphis
Enter the 800 Initiative to empower minority-owned and -operated businesses. The program targets the 800+ African American-owned businesses in Memphis that are between the startup and full-scale phases, and the program goal is geared specifically towards assisting minority businesses and increasing equity within Memphis economy. The goal is to increase local minority-owned business revenue by $50 million by the year 2023. Some of the services, tools and resources for entrepreneurs through the 800 Initiative program include:
- Business coaching
- Technical assistance
- Access to loans and grants
- Education
Building upon the $500,000 provision from Memphis Mayor Jim Strickland’s budget to kickstart the 800 Initiative, major companies have made financial commitments to the program. These include a four-year, $1 million commitment by FedEx and leading corporate partners Epicenter, Christian Brothers University and Start Co. The program is hosted by the Office of Business Diversity & Compliance at the Universal Life building and will be spearheaded by Start Co., with more companies added as resources in later stages of the program. Moreover, Christian Brothers University is soon launching the Center for Innovation & Entrepreneurship, which will offer educational courses in entrepreneurship, learning credits and job training for students.
This program is certainly a step in the right direction in terms of adding necessary resources and tools for minority entrepreneurs, a cause near and dear to many Memphians within the business community. Within the first fiscal year of his term, the mayor was able to increase the amount of contracting dollars given to minority-driven businesses by 12 percent, reaching a total of 21 percent. There is still much work to be done, however, as a recent disparity study showed that over 90 percent of the $36.5 billion generated by privately owned, Memphis-based businesses is produced by white-owned enterprises. The 800 Initiative offers the power to change those numbers and level the playing field for minority-owned businesses.
Further Reading:
https://www.memphistn.gov/news/what_s_new/800_initiative_will_empower_minority_businesses
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]]>The post A guide on how to start a business in Memphis! appeared first on We Are Memphis.
]]>Some of the best guides to help you launch your own “Made in Memphis” startup are maintained by the Greater Memphis Chamber of Commerce, which is personally invested in cultivating local entrepreneurship and has members in its ranks who made the entrepreneurial journey themselves.
Getting off to a good start can make all the difference, so utilize the following tools to find your way as a Memphis entrepreneur.
EPICenter
The Entrepreneurship Powered Innovation Center, or EPICenter, is one such valuable resource that the Greater Memphis Chamber of Commerce has made available to those looking to start their own businesses. As the virtual hub of the chamber’s entrepreneurship movement, it is dedicated to helping Memphian professionals change not only the Bluff City, but the world.
Since 2014, EPICenter has been the point of connection between entrepreneurs with what can be very disparate interests, with the understanding that any startup that calls Memphis home plays a part in growing our community into something bigger and better.
To that end, the EPICenter provides support to all, acting as a single point of accountability that measures and celebrates how Memphis startups foster growth—not only of our economy, but of our city at large.
Beyond that, EPICenter also focuses on making sure the necessary infrastructure is in place for Memphis startups to grow and flourish. The organization is focused on delivering programs that serve a broad base, filling the gaps in the startup ecosystem and pulling in necessary resources from outside our community.
Memphis Smart Start
All startups begin by procuring a business license, and the Greater Memphis Chamber of Commerce provides assistance with this through the Memphis Smart Start program.
Through Smart Start, everything that businesses need to become licensed by both the city and the state is available via an online platform created in partnership with the City of Memphis and Shelby County. All you need to do is input information about the type of business you are looking to start, and a list of the necessary steps will be provided along with the relevant contacts, links and instructions.
Along with licensing assistance, Memphis Smart Start also offers a number of resources that entrepreneurs interested in founding their own Memphis startups will find handy, from small business development center programs to information specific to different types of startups.
The City of Memphis has made a conscious effort to increase the chances of startup success, which is part of the reason that the Bluff City is so often cited as one of the premier environments in which entrepreneurs can find success.
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]]>The post 4 Memphis companies listed as the best places to work! appeared first on We Are Memphis.
]]>Every year, Fortune magazine names the 100 Best Companies to Work For, and we are so proud of the organizations that made the 2018 list! If you’re looking for a job in Memphis, you might want to hit up one of these:
St. Jude Children’s Research Hospital
Ranked at No. 57, St. Jude Children’s Research Hospital employs 4,355 people in Memphis. When asked about the high corporate morale, employees pointed to personable leaders and an understanding of how important their jobs are. Moreover, many reported genuinely looking forward to work every day, and noted that St. Jude’s mission—helping children with serious illness—makes the hospital an incredibly gratifying place to work. Other benefits of working for St. Jude include subsidized childcare, an on-site gym and a strict non-discrimination policy.
Methodist Le Bonheur Healthcare
Methodist Le Bonheur Healthcare employs 11,402 people at several locations in and around Memphis, and was ranked at No. 91 on this year’s list—up from No. 92 last year. Employees were quick to point to the “extraordinary” culture as one of the qualities that make Methodist Le Bonheur Healthcare such a great place to work, along with the organization’s commitment to diversity (minorities make up more than 46 percent of the workforce). This healthcare company had 690 job openings as of January 2018, so step right up.
FedEx
Headquartered in Memphis, FedEx was bumped up from No. 99 on last year’s list to No. 94 in 2018. The company employs 281,933 people worldwide, with perks including college tuition reimbursement, fully paid sabbaticals and health insurance for part-timers. In addition to FedEx being a great place to work, many of its employees take pride in the company’s dedication to charitable causes. Did you know FedEx has committed to donate $200 million to 200 communities by 2020?
Baker Donelson
Since the Baker Donelson law firm was founded in 1888, it has branched out considerably. It now employs nearly 1,500 people in offices all over the Southeast—but it still proudly has its headquarters in Memphis. Baker Donelson took the No. 96 spot on this year’s list, with employees citing generous salaries, generous perks and total trust in management as some of their favorite things about the job. Notably, some also described an atmosphere in which “competition and rivalry do not exist.” Sounds good to us!
Memphis offers all the benefits of a big city with the personality of a small town. It’s this combination of a business-friendly attitude and a family-friendly philosophy that has made it a hub for major companies, as well as a destination for those who want to start their own businesses. Here’s to your Memphis enterprise being named one of Fortune’s 100 Best Companies to Work For next year!
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]]>The post Kitchen teaches healthy cooking habits for communities in Memphis appeared first on We Are Memphis.
]]>In recent years, premier Memphis-area charity Church Health has stepped up to assist residents in leading healthier lives. Church Health’s push to promote a healthy diet through kitchen teaching sessions falls in line with its larger goal of providing healthcare services to the working uninsured.
How the classes work
Fueled by a focus on Church Health’s aforementioned core mission, the Teaching Kitchen aims to instill proper meal preparation skills in the community. When Church Health founder and CEO Dr. Scott Morris launched the operation, he did so with the vision of promoting a well-balanced lifestyle through medical care, proper nutrition, a vibrant spiritual life and more. Today, Church Health is among the top volunteer organizations in Memphis that emphasize the importance of a healthy lifestyle.
Sharing tips for a healthy lifestyle
The Teaching Kitchen at Church Health has expanded in popularity over recent years, and now holds classes at the Crosstown Concourse (formerly the Sears distribution center). This large facility provides enough space and resources for Church Health nutrition professionals to expand upon the theme of using food as a medicine.
Memphis residents may be advised to reduce carbs or eat more protein—but how does this translate into an actual meal on the table? Church Health is one of the few Memphis charities that provides practical nutritional classes for locals to implement in their own homes.
In addition, Church Health works with Tulane University medical students, teaching them how to communicate food benefits and value to their patients.
The Teaching Kitchen runs one day a week for a six-week period. During their training, students work in teams to learn essential cooking skills, optimal use of ingredients and recipes that have the potential to make a big difference to their health over time.
Church Health also maintains a network of health coaches, doctors and providers who work with patients and students at the Teaching Kitchen on an ongoing basis.
Effects on the community
Because the Teaching Kitchen is open to the whole community, it has had a widespread positive influence on the local population. Church Health breaks down the economic barriers often associated with living a healthy lifestyle by using simple and accessible nutritional programs.
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