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]]>Know Your Target Audience
This is where most businesses in Memphis get themselves into trouble. They create social media profiles and try to go after everyone. But going after everyone won’t appease anyone. While it would be nice to attract everyone to your business, you need to first understand your target audience. This way, you can create content on your social media channels that will better connect with your target audience.
Segmentation Is Good
Segment marketing is a good thing to practice on your social media account. This is because while you need to know your target audience, there is a chance you might have several targets. For example, your key audience might be composed of college students and older professionals. As each target audience will connect with different marketing materials, you don’t want to create the same materials for everyone. By segmenting your social media content, you will better connect with the varying target audience.
Focus on Social Platforms Where Your Audience Is Located
Not all social media platforms are created equal. Knowing your target audience will help you decide which platform is right for you. You will need to have a Facebook profile regardless as this is the largest social media outlet used by the largest number of individuals. Many will turn to Facebook over websites when searching for store information.
Beyond Facebook, though, younger demographics are more likely to use Snapchat and Instagram, while you may want to maintain a blog on professional sites like LinkedIn (you should run a blog anyway as it will help boost your website SEO).
Live Video Is Your Friend
If you’re not taking advantage of live video now, you should be. Why? It instantly puts you in front of all your followers. On Instagram, when you go live, your video feed will be highlighted and put in front of all other storylines. This is true as well when running a video feed on Facebook. YouTube will send out notifications to your followers that you are going live as well.
Basically, live video works as a way to constantly promote your content and put it ahead of all other accounts your subscribers follow.
Remain Active
Part of having social media accounts is remaining active. You can’t just post once ever few weeks. You need to post at least once a day. You also need to reply to those who post on your content in order to properly market your buiness in Memphis.
Additional Reading
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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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]]>1. “Good ideas are cheap. Success comes from hard work, not a stroke of genius.”—Nir Eyal
Nearly everyone knows someone with a business idea that they’re sure will solve everyone’s problems and make them millions of dollars. However, if asked, many of these people don’t have plans for turning their ideas into profitable companies, in which case even the best idea becomes completely worthless. If you have an idea for a small business, it’s essential to actualize it with a business strategy and concrete goals to make it into a reality.
2. “Don’t plan everything! Listen to your customers and make changes as needed.”—Vanessa Van Edwards
Being sure of yourself and laying concrete plans is essential for getting a business off the ground. However, once you’re up and running, it’s paramount to listen to your customers. Though the phrase “the customer is always right” has been watered down in recent years, it holds true in terms of small business development. Ultimately, customers will only pay for things they want, so if business owners grow out of touch with their customers’ wants, it will swiftly become impossible to make money. Always keep the desires of your consumers at the forefront, and make sure the product you’re offering solves a problem for your customers.
3. “If you want to succeed in business, count your costs and project revenue ahead of time.”—Jason Quey
Though this mostly applies to businesses with venture capital, all entrepreneurs should be wary of upscaling too quickly. Although scaling should be an eventual goal for any business, it’s important to remember that expanding costs money. If a startup grows too quickly without the revenue to support the expansion, it will eventually crumple under its own weight. With this in mind, entrepreneurs need to always ensure cost does not exceed revenue, or else they will find themselves swiftly going under.
Additional resources
- Advice from successful entrepreneurs
- What to know about the Lean Startup
- The danger of growing your business too quickly
- Grow your business in Memphis
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]]>The truth of the matter is Memphis is a prized gem in the employment industry. To land a job in Memphis, TN, though, you’ll need to be on top of your game. Here’s a look at six things to do before your job interview in Memphis.
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Research the potential employer
To get a true sense of a company, you can research, read news releases and talk to friends. You may even be able to speak with a few of the company’s existing employees if you know any. The goal is to get a better understanding of what the company represents so you can align your interview answers to the employer’s values and morals. Reviewing the company’s profile on social media and on its own website is an excellent way to prepare for your job interview, but you should also check out company review sites such as Glassdoor, which offers an in-depth look at a company’s values and standards. Individual employee blogs may even be available to provide you with a glimpse at life within the company.
Pinpoint and familiarize yourself with topics worth discussing
By scrolling through the company’s social media presence on sites like Twitter, you can gain insight into the latest news, events and product topics related to your potential employer. Keep these in mind, as they’ll be worth discussing during the job interview. If applicable, you should also try to use one or more of the company’s products before the interview, and be prepared to discuss the products’ features and offer input.
Research the interview process
Try to find out who will be part of the interview process ahead of time so you can research these individuals. A simple Google or LinkedIn search will likely give you a strong starting point. The more you know about them individually, the better you’ll be asking and responding to questions. You might also consider asking the human resources contact for the company to provide you with an idea of the interview format ahead of time to help you better prepare.
Practice in front of a mirror
Always take the time before an interview to carefully think about the lasting impression you wish to leave. Make a mental list of your skills, accomplishments, creative endeavors and any volunteer work or special training you have participated in. If you are concerned about your nerves getting the best of you, jot down a few notes or bullet points to guide you through the interview. Don’t just THINK about your responses, practice them by getting in front of a mirror. Ask yourself a few anticipated questions out loud and answer them. If you have a friend available, do a mock interview with them and ask for feedback.
Dress and look professional
Plan to keep your attire basic and conservative. Most importantly, make sure whatever you wear is clean and pressed. That said, it’s not just about your clothing choices. Make sure your shoes are clean, your fingernails are manicured, and no loose hems or threads are dangling from your clothes. If you look your best, you’ll feel your best, which will boost your confidence. And confidence is key to pulling off a winning interview.
Be prepared
You don’t want to be caught short in the event that your interviewee requests a list of references. With this in mind, be sure to have copies of your references on hand, along with a few extra resumes and a notepad. This both demonstrates your sincere interest in acquiring the position and illustrates that you are prepared and organized.
With preparation and a passion for the job you’re applying for, Memphis is sure to exceed all your employment expectations.
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]]>5 best Memphis Wi-Fi locations in the downtown area
Bluff City Coffee – Located on South Main Street, Bluff City Coffee is perfect for a remote day of work. Breakfast sandwiches, pastries, a lunch menu and delicious coffee, this locally owned coffee house is a popular favorite (try the “Golden Kelli” drink and thank us later).
Ghost River Brewing – If you like a relaxed work pace later in the day, you might want to check out Ghost River Brewing. Aside from having delicious, locally brewed beer and free WiFi, the taproom serves as a great place to host casual meetings or after work drinks.
Stock & Belle – Looking for a truly dynamic space to work that you won’t get bored in? Stock & Belle is the spot for you. With a hair salon on the second floor, a retail store, coffee space, and art gallery on the main floor, this location brings plenty to look at, speedy WiFi, and a cool atmosphere all in one.
Café Keough – Beloved amongst downtowners, Café Keough is a locally owned French café offering fresh, handmade breads, cookies, and entrees as well as expertly crafted coffee drinks. As an added perk, you can also order a cocktail or beer to take the edge off while you work.
Starbucks – New to the downtown area, the Starbucks on the corner of Monroe and Main offers all the familiar comforts of the franchise. Right on Main Street, it’s conveniently located in central downtown, walking distance from nearby shops and restaurants.
When you’re looking for free Wi-Fi and a great atmosphere that will let you get some work done while you’re away from the office, consider our list of the best places with Wi-Fi in Memphis.
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]]>Funding help
Although seed funding may seem tricky to secure when you’re working solo, it can make a world of difference for you and your business—and that’s where the Memphis Chamber of Commerce and other government bodies come in. By taking advantage of their guidance and resources, you can set yourself up for funding success.
Tax credits
Although taxes are going to follow you whether you start your own business or work for someone else, founding a business in Memphis means you may qualify for tax credits that lighten the burden of this necessary evil. The specific credits for which you qualify will depend on the type of business you are operating, as well as the number and type of employees you hire.
Strategy development help
You may think you have a great idea for a business that will be the only one of its kind in the city, but however compelling it is, your vision is unlikely to come to fruition unless you know how to take your plan and put it on paper. If strategy development isn’t your strong suit, the Memphis Chamber of Commerce offers a variety of resources to help you take the leap from entrepreneurial fantasy to startup reality.
Assistance getting a business license
The paperwork associated with getting a business license can seem overwhelming, but you don’t have to wade through it alone. When you consult the Memphis Chamber of Commerce, you not only ensure that every I is dotted and every T is crossed, you also have the opportunity to ask questions, receive input and connect with fellow entrepreneurs—all aspects of running a small business in Memphis that may make your life as a startup owner easier down the road. In short, working with the Memphis Chamber of Commerce is a win-win, so why not reach out to the organization today?
Important resources
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]]>You won’t find many cities around the nation that boast the startup rates you’ll find here in Memphis, TN. This is likely why Memphis has been included on CNN Money’s list of the top 10 best cities to launch a startup… twice.
In 2014, Memphis was ranked No. 10 by CNN Money. In 2015, it jumped up three spots to No. 7.
This impressive rise shows how quickly the city is becoming a hub for entrepreneurs. Whether you’re thinking about moving here or already live here and are considering starting your own business, let’s take a look at why Memphis entrepreneurship is booming.
Memphis is a leader in female-owned business growth
A lot of women are opening up businesses in Memphis. in fact, the city witnessed a 116 percent increase in female-owned businesses between 2007 and 2012. One inspiring female business owner is Neely Draughon, who founded Off the Square Catering in 2008. Draughon was an accountant in Nashville when she decided to attend pastry school and start her own company here in Memphis, and the rest is history!
Memphis was voted the best city for black entrepreneurs
What’s also fueling Memphis business growth is the uptick in black entrepreneurs opening up shop here. In 2018, Memphis was rated the best city for black-owned businesses by Black Enterprise Magazine.
Indeed, minority-owned businesses of all kinds have flourished in Memphis in recent years. Here’s a look at the numbers from between 2007 and 2012:
- Black-owned firms grew 100 percent
- Hispanic-owned businesses grew 113 percent
- Asian-owned firms grew 23 percent
As with the growth in female entrepreneurship, several factors played a role in the rise of other types of minority-owned businesses in Memphis, including the establishment of programs specifically aimed at women and other minorities.
Programs and funding are available to women and other minorities in Memphis
One of the biggest obstacles associated with starting a business is funding, and this is especially true for women and other minorities. To help, the Memphis-based nonprofit entrepreneurial organization Epicenter teamed up with Pathway Lending, a nonprofit community development financial institution, to launch the Memphis Small Business Opportunity Loan Fund.
Currently, the fund is composed of a whopping $15 million and is backed by three local lenders. Its aim is to fund business owners who may not qualify for conventional bank loans, with loans of between $5,000 and $1 million available to both existing business owners and those looking to launch a startup.
Starting a business (and a life) in Memphis
It can be tough figuring out the best place to sow your seeds. At the end of the day, you want to pick somewhere you can live, work and play. You’ll find an array of opportunities for all three here in Memphis, which is why it’s consistently listed as one of the top cities in the U.S.
If you’re committed to becoming a successful entrepreneur, then Memphis is definitely the place to be!
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]]>In addition to its tradition of good food, blues, jazz and rock ‘n’ roll, Memphis has shaped several multimillion-dollar success stories. For instance, Restore Medical Solutions raised $4.15 million in funding, while the medical device company MRI Inventions has raised a massive $30.53 million in funding since its inception in 1998.
Needless to say, entrepreneurs around the world have taken notice of the success others are finding in Memphis. For example, Preteckt—a Canadian trucking-logistics startup that predicts vehicle breakdowns before they become major issues—relocated to Memphis after partnering with a local venture-development organization called Start Co.
If you’re looking to establish entrepreneurship success, Memphis is a city overflowing with possibilities. More importantly, it’s brimming with a network that can help you take your startup to levels you never thought possible. Here’s a closer look at some of the many reasons Memphis is booming as far as startups are concerned.
Existing strengths
Memphis is home to a plethora of thriving startups, and this is helping many aspiring entrepreneurs, incubators and accelerators move in the right direction. Given that the city is already home to several large hospitals and health-research institutions, it made sense for the Memphis Bioworks Foundation to launch ZeroTo510—a startup accelerator centered on bringing more medical device manufacturers to the city—in 2012.
A solid entrepreneurial foundation
When Leslie Smith, who previously served as president and CEO of TechTown Detroit, evaluated the city of Memphis’ approach to entrepreneurship, she found it to be missing a united strategy that was shared, repeated and recognized by all essential partners. As a result of her analysis, EPIcenter Memphis was launched. One of the biggest players in the city’s startup scene, the organization is working toward a goal of creating 1,000 new entrepreneurs and 500 new companies within the next 10 years.
Affordability
Did you know Memphis ranks among the top 10 cities with the lowest startup costs? In fact, the cost of rent for office space in San Francisco is nearly triple that of space in Memphis. Affordable office space puts money back into the pockets of entrepreneurs, allowing them to focus on other important aspects of running their businesses, such as product development and marketing. This makes Memphis very attractive to entrepreneurs who are on a tight budget.
From maximizing its existing strengths to facilitating future startup success, Memphis is building a platform that benefits everyone in the city.
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