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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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]]>The post Top podcasts that every entrepreneur should listen to! appeared first on We Are Memphis.
]]>When you’re not listening to great podcasts about Memphis (which should absolutely be on your favorite playlist), here are the top five podcasts every entrepreneur should listen to:
1. MFCEO Project Podcast
Recommended as the number one podcast for entrepreneurs, this podcast’s host, Andy Frisella, is a passionate entrepreneur and CEO whose goal it is to help you build your confidence and “Win big at businesses and life.” If you want to surround yourself with the necessary motivation and ambition to kick your competition in the teeth, this podcast is for you.
2. Earn Your Happy
Self-made millionaire and entrepreneur Lori Harder knows a thing or two about starting from the ground up. And she wants to teach you the secrets necessary to make your business everything it can be. In her words, the podcast is, “your sacred space to forgive, grow, heal, find your tribe and reconnect your soul.” If you’re ready to earn your happy, this is the podcast for you.
3. Smart Passive Income Podcast
This is a must-listen-to podcast for any entrepreneur who wants to take things to the next level. This podcast is as informative as it is inspirational. It is known for its perfectly laid-out map to entrepreneurial success. Each episode serves as a “how-to.” Prepare to be impressed.
4. The School of Greatness
What better way to improve your skills and increase your knowledge than to learn from people who are doing what you’re doing … only better! Each episode in “The School of Greatness” sits down with someone successful and discusses their inspirational story, delving into what makes people (and businesses) great. If you can’t literally rub shoulders with great people on a regular basis, this podcast is an excellent replacement.
5. Startup
Are you ready to build your own startup? Or, are you already in the process? This podcast is for you. It’s a podcast about “what it’s really like to start a business.” Prepare to dig in and learn what it takes to start something successful from the ground up.
6. Grindset
There is a new podcast that started in Memphis that highlights entrepreneurs, specifically female business owners. Grindset is the result of a collaboration between local digital content creator, Kudzukian, and Epicenter, the hub for the entrepreneurship ecosystem in Memphis.
Additional Reading:
Links to the podcasts:
1. https://andyfrisella.com/blogs/mfceo-project-podcast
2. https://www.loriharder.com/podcast/
3. https://www.smartpassiveincome.com/podcasts/
4. https://lewishowes.com/blog/
5. http://www.gimletmedia.com/startup
6. https://itunes.apple.com/us/podcast/grindset-powered-by-kudzukian/id1435732014?mt=2
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]]>The post Forbes says Memphis could lead the way in minority owned businesses! appeared first on We Are Memphis.
]]>According to Forbes, we’re spearheading the movement.
Gaining Forbes Attention
Whenever Forbes catches wind of business activity it either means something very good or very bad is happening within a specific sector of commerce. For Memphis, it is the former. Forbes’ contributing writer Elaine Pofeldt profiled the city’s push in hopes of growing minority-owned business.
As Mrs. Profeldt highlights, the African American business sector is growing by leaps and bounds. In fact, it is the fastest growing group within the United States. Now, one fifth of African Americans are starting and running new businesses, which is up 15.5 percent from 2016 (as reported by the Global Entrepreneurship Monitor, which is the largest study of entrepreneurship in the entire world).
However, Memphis isn’t just attempting to grow African American businesses. It has hopes of assisting other minorities, including Hispanic Americans and Asian Americans. The same Global Entrepreneurship Monitor study has indicated that 12 percent of Hispanic Americans are running new businesses and 17 percent of Asian Americans are running new businesses and startups.
Leading The Way In Minority Owned Businesses
64 percent of Memphis residents are black, according to the Forbes article. Of this 64 percent, there are 40,000 black-owned firms, with around 800 of these businesses employing more than just the owner. Additionally, there are another 1,000 Hispanic owned firms with 155 of these businesses employing more than just the owner.
In order to help promote these new businesses, Mayor Strickland is working on assisting 800 identified minority-owned businesses with employees. It is the goal of the mayor and the city government to help these 800 businesses grow revenue by at least $50 million in the next five years. This is being done through The 800 Initiative.
While we all will need to wait for the next five years to see the overall success of the program, it is reassuring the city is remaining proactive and doing what it can to lead the way in minority-owned businesses.
The business publication recently stated in an article the Memphis could lead the way in minority owned businesses. Under the leadership of Mayor Jim Strickland, The 800 Initiative, launched in May 2018, has set a goal of growing the revenue of 800 minority-owned businesses with paid employees that the city has identified by $50 million by 2023.
With Memphis already thriving with black entrepreneurs and female entrepreneurs, it’s no wonder why national publications like Forbes are taking notice!
To see the full article from Forbes, click here!
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]]>The post Spark Your Next Great Memphis Business Idea With These Tips appeared first on We Are Memphis.
]]>1. Go Where You’re Happiest
Where in town do you feel happiest? Is it taking in the beautiful outdoor art? Perhaps it’s pulling up a stool at one of the many new local breweries. Or maybe you simply enjoy the calm of walking your dog during the evening twilight.
Whatever makes you happiest and brings out your natural satisfaction is where you should begin. Sometimes, focusing on your job forces you to see only the trees and not the full forest of a possible business idea. Going where you’re satisfied and comfortable tears down the barriers you likely experience throughout the day, which makes it that much easier to spark your next business idea.
2. Go for a Run
Or, you can go lift some weights, head out to the gym, or bike your neighborhood, basically, just get your body moving. This is one of our favorite ways to spark creativity, because when you elevate your heart rate, you also pump more oxygen and nutrients to your brain. All of this is great for idea-generating.
It doesn’t matter if you’re someone who prefers to work out inside or if you like the sun on your neck while jogging through one of the many Memphis public parks, exercise can work as a personal idea generator.
3. Try Something New
What makes Memphis so great? There is more than one answer here, but for many of us, it’s that there’s always something new to try out. Whether it’s a locally owned restaurant opening up shop, a new art exhibit or just a new club to discover, there’s always something new to try.
New experiences force your brain to think differently. You may have never found yourself to be much of a dancer, but a local dance class can get you out of your comfort zone, see the world differently, and help spur on new kinds of thinking.
When you find yourself struggling with generating a new business idea, it’s likely because you’re thinking like you always do. Trying something new changes it, which means you may be able to find that new idea as well.
You’re Just an Idea Away
We love the city of Memphis. There’s always something fun and exciting going on. It’s also a great destination for business. With these three tips, you’ll discover brand-new ways for generating ideas for either your own business or a brand-new one.
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]]>The post Memphis Is Thriving With Female Entrepreneurs! appeared first on We Are Memphis.
]]>Follow your passion
With companies like St. Jude Medical, FedEx and ServiceMaster leading the way, entrepreneurs are encouraged to try new things and explore the options that are open to them. In addition to the large number of major corporations that have made Memphis their home, female entrepreneurs can follow any number of career paths, including music, fashion, food and any number of other creative pursuits.
An abundance of resources
The Creative Works annual conference and Epicenter are just two of the resources that can be used to not only connect with investors, but with other entrepreneurs as well. Female entrepreneurs can also learn a number of business-oriented skills that will allow them to pursue their dreams of creating their own career.
It’s not just a man’s world anymore!
In Memphis, the focus on minority- and women-based businesses has helped to create an environment in which women are encouraged to move forward with their own business goals. Whether they are part of the artisan or creative community or wanting to make a name for themselves in the corporate world, women are beginning to take advantage of these new opportunities and are making names for themselves in bold letters.
Memphis has been a city of opportunity for many years. In the recent past, female entrepreneurship has grown by leaps and bounds. With the financial opportunities that are now available to women, they now have the resources to pursue their dreams and make them come true. Women who have the initiative and the drive can enter almost any career field they choose and become a success. All they have to do is make up their mind to succeed and follow their passion!
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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 Start Your New Business With the Greater Memphis Chamber appeared first on We Are Memphis.
]]>The benefits of using the Greater Memphis Chamber
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Nationally, small businesses are the largest group to make up nearly every local chamber The Greater Memphis Chamber includes a network of nearly 2,000 businesses and 7,500 professionals. The chamber leadership is comprised of 40 experienced business professionals who are looking to help businesses grow and succeed in Memphis. As a not-for-profit organization, the purpose of the chamber is to lift the local economy and support businesses like yours.
- Customers are more likely to do business with a company that is connected to their local chamber (Shapiro Group, Inc.).
- Increase your visibility within the community by being listed in the newsletter and online membership directory. You could potentially be highlighted in the publications. The chamber may even promote your big events or grand openings.
- More networking opportunities and chances for leadership development are available through chamber contacts, programs and events.
- Have a voice in government decisions, joining with the chamber to oppose regulations, taxes, fees, costs, assessments and other harmful things that impede small business.
- Stay on top of the latest information about local business and community events through the chamber newsletters.
- Potentially get increased referrals from individuals or businesses calling the chamber to find local vendors, services and more. Most chamber members will recommend other chamber members.
- Members-only discounts and services in Memphis exist to benefit you and your business for being a partner of the community.
- Participate in chamber events where you can meet other entrepreneurs and business people.
- Increase your business-to-business advertising and reach potential clients through membership.
- Find access to a one-stop shop where you can address the challenges your business faces and find mentors or programs that can help provide solutions.
Small businesses need all the support and encouragement they can get as they grow. Longtime members form bonds and create connections that keep them involved in the chamber. Even if your Memphis business isn’t small or new, joining the Greater Memphis Chamber helps you connect to the community, the local economy and other businesses in the area. Being a community partner can make a big difference in whether you are a Memphis business or just a business located in Memphis.
Build your Memphis business by participating in the local scene and joining our local chamber today. We can’t wait to see what you do!
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]]>The post Announcing an exciting new podcast! appeared first on We Are Memphis.
]]>Bottom line: If your life or work involves PR or marketing—or if you’d like to grow or make the move into either of these popular fields—you’re not going to want to miss this! Listen to it for yourself or share it with someone you know who could benefit from it.
What is The Boilerplate about?
Beth and Brandon will sit down with marketing and PR professionals, journalists, educators (and more!) to discuss challenges in the industry, along with the solutions that have worked for them. By providing this in-depth look at the work of a full-service advertising agency, inferno hopes that The Boilerplate will build professional relationships and community in the Greater Memphis area.
Follow along with this groundbreaking, relationship-building podcast from the very beginning!
Who is inferno?
inferno is a full-service advertising, public relations, design, and digital marketing firm based in Memphis. They create award-winning, results-driven solutions that solve complex go-to-market challenges for BRB, BRC, healthcare, cultural, financial services, recreation, non-profit and agricultural clients.
Introducing The Boilerplate podcast episode 1
In this first episode, 5 Tips to Boost your PR, Beth and Brandon discuss the importance of public relationships along with their best practices for owned and earned media. They provide five key considerations that every business and PR professional should take to heart when building a successful PR strategy.
You can listen to it here.
The second episode, Working with the Media, Beth and Brandon sit down with Greg Akers, Editor-in-Chief of the Memphis Business Journal, and Associate Editor, Meagan Nichols, to discuss what journalists are seeking from PR professionals. They provide an in-depth look at the importance of building strong, genuine relationships with the media.
You can listen to it here.
This podcast can be streamed from all major podcast distributors, including Apple Podcasts, Stitcher, Google Play and Spotify. New episodes will be available every other Wednesday and there will be videos accompanying each episode on The Boilerplate website.
Keep watching for new episodes and updated information!
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]]>The post What to expect when building your Memphis startup appeared first on We Are Memphis.
]]>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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]]>The post The start-up scene is blowing up in Memphis, here’s why! appeared first on We Are Memphis.
]]>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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]]>That’s what makes Memphis a viable option for entrepreneurs who are looking to start or grow their companies. Memphis even made it onto Livability.com’s list of five cities with enticing startup incentives, and a national study noted that Tennessee has the fourth highest business incentives in the country.
If you’re looking to relocate a business to Memphis, you too can take advantage of competitive City of Memphis taxes. Let’s take a look at some of the incentives you may qualify for once you open up shop.
Freeze your taxes during development
If you’re working on a project with a large capital investment, you may qualify for the Economic Development Growth Engine (EDGE) incentive, which will allow you to expand or relocate your business without worrying about taxes during the building phase.
To qualify, you must create at least 15 jobs and invest a minimum of $1 million in development. EDGE is designed for organizations that are fabricating, processing, assembling, manufacturing and distributing biomedical items, food, electronics, alternative fuels, cars and other products. However, auto dealerships, adult entertainment stores, residential houses, liquor and tobacco shops, pawn shops and payday loan businesses are not covered.
Incentives for international traders
If you trade goods with businesses overseas, you may qualify for the Foreign Trade Zone Program, which allows you to take advantage of quicker shipments for goods, lower processing fees and decreased duties. Note that thanks to this incentive, you can store, process, manipulate and integrate your international goods with your domestic goods before paying duties.
Tax-freeze for commercial real estate
Interested in making Memphis an even better place to live and work? See if you qualify for incentives associated with developing commercial real estate throughout the Central Business Improvement District and surrounding areas. Thanks to the PILOT (Payment-In-Lieu-of Tax) program, your taxes will freeze for a period of time during the pre-development stage. To be eligible, your new construction or site improvements must be at least 60 percent of the total cost of the project.
State incentives available to businesses
Other state tax incentives for which businesses in Memphis can qualify include the Jobs Tax Credit, which gives you $4,500 per job created, and the Industrial Machinery Tax Credit, which covers 1 percent to 10 percent of industrial businesses’ qualifying machine purchases. To maximize your financial standing, it’s a good idea to look further into sales and use tax exemptions and sales tax reductions for which your Memphis business may qualify.
There’s a lot to offer Memphis entrepreneurs here in Tennessee. If you’re planning to found or move a business here, now’s a great time to do so!
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]]>The post A 10 step guide to starting a business in Memphis appeared first on We Are Memphis.
]]>One of the best cities in Tennessee to start a business is Memphis. Here’s a helpful go-to guide outlining the steps you need to take to start a business in our city.
Step 1
Wondering how to start a business in Memphis? Begin by coming up with business ideas that you’re passionate about. Do research to see if there is a demand for the type of company you want to start and to determine whether there are enough potential clients out there to make your business a success. Once you pinpoint which idea has the most potential, move forward to Step 2.
Step 2
A smart business plan is what a successful company is built upon. You should ask yourself what will make your product unique and how you will attract customers. Consider people you may need to hire and professionals you should connect with, then calculate the profits you need to make to break even and identify where you will get your funding.
Step 3
You will increase your credibility and be protected from personal liability by registering your business as a limited liability company (LLC). LLCs are easy to set up and manage, and they provide superior tax breaks compared to other business entities—especially in Memphis.
Step 4
If you plan to hire employees or open a business bank account, you will need to obtain a Tax ID number. Be aware of important tax laws, such as those pertaining to registering for sales tax and providing unemployment insurance on behalf of any employees you hire.
Step 5
To build your credibility and simplify accounting, it is a good idea to use a dedicated business bank account and credit card for any and all business transactions. Now that you’ve obtained a Tax ID number as detailed in Step 4, it’s time to set up your company’s accounts.
Step 6
Invest in quality accounting software to make accounting fast and easy. Downloading your bank and credit card transactions will help you track your performance and make things easier when filing annual taxes.
Step 7
You will need to obtain the required business permits and/or licenses to operate your new business. Be sure you are complying with federal, state and local government regulations.
Step 8
Purchasing business insurance is necessary to manage your risk and focus on developing your business. Consider general liability insurance and professional liability insurance. In Memphis, if you have five or more employees, you are required to have workers’ compensation insurance.
Step 9
To ensure your company is a success, you’ll want to build a convincing brand experience that will drive customer devotion. Truly think about the core values that drive your business and what your enterprise stands for, then incorporate these aspects into your marketing and day-to-day operations.
Step 10
Being active online allows you the opportunity to introduce yourself to customers and build credibility. With a web presence, you are not restricted to a customer base within the physical proximity of your shop’s location. When approached strategically, internet content marketing can be the doorway to success.
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]]>The post Memphis – The newest startup hub for business beyond the Silicon Valley? appeared first on We Are Memphis.
]]>Built for business
When you think of business and technology centers, Memphis may not be the first city that comes to mind. We are Memphis, after all, and music, blues, and BBQ are what we’ve long been known for. But Memphis is also home to some of the most cutting-edge technology-driven medical facilities in the country, including St. Jude Children’s Research Hospital and Methodist University Hospital.
Memphis isn’t a stranger to massive entrepreneurial success either. In fact, a once small company called FedEx found its start in the heart of Memphis and now brings in an estimated $45 billion in annual revenue. All Memphis entrepreneurs may not quite see that type of success themselves, but make no mistake – Memphis is built for business.
A Memphis state of mind
Memphis is where originality and soul converge to create change and as the power of Memphis is in its people, there’s no better place to shake things up. We are a city of doers, dreamers and believers. We create, we invent, we experiment. This “Memphis state of mind” is one reason why Memphis has been and continues to be the home of an impressive range successful of startups.
Money matters in Memphis
The simple truth is that startups often fail, which will likely have as much to do with money as with anything else. Just a couple of years ago, Memphis made the list of cities with the lowest startup costs, meaning entrepreneurs who set up shop in Memphis have an advantage over those in many other urban areas across the country.
A home for everyone
Memphis may not be known as a startup hub quite yet, but a rising number of people are learning that our city is diverse, innovative and invested in its people. Not only does this make Memphis a wonderful home for everyone, it provides an amazing opportunity for the next great startup.
No, Memphis isn’t Silicon Valley, but it could be the perfect headquarters for your business.
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]]>The post The Best Young Entrepreneur Groups to Join in Memphis appeared first on We Are Memphis.
]]>Consider joining these local Memphis groups for entrepreneurs eager to meet each other and facilitate business growth:
- The Greater Memphis Chamber: The Greater Memphis Chamber offers its members access to over 7,500 business professionals and 2,000 businesses. Through Soundcheck, the Chamber’s young professionals council, individuals can gain access to top business leaders and exclusive information about new initiatives and development happening right here in Memphis.
- Undercurrent: A great resource for young business professionals and entrepreneurs, Undercurrent hosts events across Memphis and invites young professionals to RSVP for a fun (and free!) night of networking. Undercurrent offers a casual, exciting and social approach to linking young professionals with one another.
- Memphis Young Professionals Network: If you’re a real estate professional, Memphis Young Professionals Network is the right group for you. The organization creates mentoring and networking events in a field where young professionals are outnumbered 2 to 1 by peers who are 40-plus years of age.
- The Latino Memphis Young Professional Fellows: Young Hispanic/Latino entrepreneurs in Memphis may find it hard to find each other, and that’s where the Latino Memphis Young Professional Fellows organization comes in. Being Latino is not a prerequisite for attending or participating.
- Memphis Chapter of the Public Relations Society of America (PRSA): Marketing and public relations professionals may be interested in joining the Memphis chapter of PRSA, which provides monthly networking and educational luncheons along with a host of other events, resources and presentations for its members. Young entrepreneurs are offered discounted rates.
- Memphis Urban League of Young Professionals (MULYP): This organization is one of the largest networks in the Memphis area for young entrepreneurs and professionals in various fields. Opportunities include volunteer and philanthropy-based events, business collaborations, networking, educational seminars and much more. MULYP’s goal is to assist young professionals in creating positive community change in Memphis.
Creating a new business in Memphis is just the first step, as 80 percent of small and start-up businesses fail within their first four years. By joining one of the groups outlined above, you can improve your odds of success, keep your spirits high and learn from others around you with the same entrepreneurial mindset.
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]]>Creating a new business in Memphis is a process, but when you have access to a list of resources to grow, market and fund your business, you can accomplish your goals. Partnered with the right know-how and diligence, you can create and run a successful business of your own.
How to start a business in Memphis
No conversation about startups in Memphis would be complete without mention of Start Co. The program is a unique opportunity to be paired with mentors, create a solid business structure and plan for your Memphis business, equip you with the tools and education you need in all areas, network with other startup founders and even potentially pitch your business for funding at investor events!
Start Co. focuses on a solid plan of start-to-finish business tools that a startup will need to achieve its goals and have a fair opportunity to compete in the tech business world. The company is always looking for women-owned and -run tech startups with at least one female on the executive team. So, just how does its curriculum work, exactly? Start Co. offers startups help in the following areas:
- Product development
- Market research, quality control and user testing
- Pitching resources and tips
- Personal and business development
- Access to financing suited toward gender diverse startup businesses
- Networking with business leaders and mentors
- Legal resources
- 24/7 workspace access to the Start Co. Lab, a modern office space
- Key partnerships with companies that can serve as mentors, offer customer market research and user testing and provide business resources
- Possible opportunities to pitch your business for funding at Memphis and Silicon Valley investor events
Common reasons that the owners of small businesses and startups fail in their first four years include feeling overwhelmed with their business, getting stumped on coming up with new and innovative ideas, not having access to capital and funding, and a lack of resources and education overall. Start Co. provides Memphis businesses the opportunity to access resources that otherwise may take years to accumulate.
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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 The top music venues in Memphis that you have to check out! appeared first on We Are Memphis.
]]>That heritage can be seen throughout Memphis to this day. Though Beale Street may get most of the attention, there are great places to hear live music all over. If you find yourself in Memphis, here are a few venues you need to check out.
B.B. King’s Restaurant & Blues Club
Beale Street’s most famous live music venue brings in some of the most sophisticated and diverse modern blues lineups in Memphis. Swing by on any given night for the chance to see the B.B. King All-Star Band tearing through a set.
FedExForum
When it’s not hosting the Memphis Grizzlies as the “Grindhouse,” the FedExForum welcomes some of the biggest names in music. Located near the west end of Beale Street, the state-of-the-art arena can accommodate 18,000 cheering and screaming music fans. Past acts who’ve stopped by have included the Red Hot Chili Peppers, Paul McCartney, Bon Jovi and Bruno Mars.
Orpheum Theatre
While it may be best known for its Broadway performances, the Orpheum on South Main Street offers its fair share of live music, with symphonies, singers and major bands all populating its calendar. The gilded ceiling, plush interior and upscale feel contribute to a live music experience like no other.
Halloran Centre
The Halloran Centre is located right next to the Orpheum and consists of both a modern theater and an education center. The Halloran Centre welcomes classical music groups and artists from all over.
The Cannon Center for the Performing Arts
You’ll find no better acoustics in all of Memphis than at the Cannon Center for the Performing Arts. It’s the home of the Memphis Symphony Orchestra and has hosted a number of nationally known artists from a wide array of genres, including Bonnie Raitt, Marc Cohn, Bell Biv DeVoe and Shirley Caesar.
BankPlus Amphitheater at Snowden Grove
There’s something special about watching major national touring acts while sprawling on an outdoor lawn, so it’s no wonder crowds are attracted to the BankPlus Amphitheater at Snowden Grove. Matchbox 20, Lynyrd Skynyrd, The White Stripes and Miranda Lambert are just a few of the musical acts that have taken the stage. As an alternative to the lawn, you can snag some of the 4,000 premium seats if that’s more your jam.
The Handy Park Pavilion
Located on the legendary Beale St., the Handy Park Pavilion was named for W.C. Handy—a musical titan otherwise known as the “Father of the Blues.” Needless to say, blues is a regular sound in Handy Park to this day, and the live performances at this venue are top-notch.
Blues City
If you consider yourself to be a lover of jazz-funk fusion, look no further than Blues City for energetic live performances and the best of local acts poised to go national.
The Levitt Shell
They say the best things in life are free, and concerts at the Levitt Shell are no exception! This 1930s-era band shell has been a hub of music in Memphis for decades and hosts more than 50 free shows every year.
The Hi-Tone
This bar is a hangout for fans of rock, hip-hop, indie and more. There’s no telling what kind of music you’ll hear when you drop by the Hi-Tone, but one thing’s for sure—you’ll have a great time.
No matter your tastes, one thing is for sure in Memphis: There’s a great venue nearby to help you make some of your own musical history.
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]]>The post Helping students launch innovative ideas in the community! appeared first on We Are Memphis.
]]>What is LITE Memphis?
LITE Memphis equips African-American/Latinx youth with 21st-century skills to create wealth. LITE works with over 2,000 youth in 1-day workshops and then empowers 75 youth a year through a pipeline from the age of 17 to the age of 25. LITE believes that creating wealth starts with teaching students how to become entrepreneurs.
The LITE path
Students begin their LITE journey in high school, learning 21st-century skills via the execution of an entrepreneurial idea. The initial six-month program introduces business concepts through community challenges. Students develop their ideas with help from a business mentor, then bring these ideas to fruition by developing funding sources.
While in college, LITE students are matched with a paid summer internship in a high-growth industry. This allows the students to network with established industry professionals, learning the ropes while they build their business prototypes.
Following college graduation, students are matched with high-growth business markets and receive coaching through the startup phase. Finally, they are provided access to capital providers to make their dreams and the dreams of their communities become reality. Students remain in the program until the age of 25, at which point they should aim to have either launched their startup or acquired a high-wage job that is helping them build personal wealth.
Outstanding results
Since the program’s inception, more than 2,000 youth have been empowered by the lessons that LITE teaches. Of the students that went through the 8-year pipeline, 90 percent have shown extreme growth in career skills and 85 percent are on track to graduate college. In addition:
- $112,000 has been invested in small business growth in Memphis.
- $50,000 has been invested in internship stipends.
- Students have spent 4,000 hours building their businesses.
- 95 percent of LITE students described the program as “extremely rewarding.”
- Forbes named LITE “one of the 20 ideas that can change the world.”
- Atlantic Magazine has named LITE “one of the 25 ideas inspiring change in America.”
Partnering with the community
LITE has thrived in Memphis thanks to a number of community sponsors that assist in the identification and recruitment of talented students, including:
- Bridges
- Street Ministries
- Memphis Athletic Ministries
- CodeCrew
- Boys & Girls Club
- Reach Memphis
The results are undeniable. LITE Memphis represents another way our community has embraced innovation in pursuit of a brighter future for all of our citizens.
Check out the founder of LITE Memphis give an amazing talk at TEDx Memphis!
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]]>The post 7 Meetups for professionals you didn’t know were in Memphis appeared first on We Are Memphis.
]]>The number of startups in Memphis at any given time may surprise you. In light of that number, there is a wide selection of local career and business meetups that are perfect for professionals in many different types of business.
Real Estate
If you’re trying to make your mark on the real estate market in Memphis, why not get your name out there by attending meetups? After all, the Memphis market has been trending up, thanks in no small part to the great vibe our city offers.
The thriving real estate market has brought together a number of people in the industry at meetups. For instance, the 901 Real Estate Investors meetup has over 600 members who get together to share local knowledge. Attendees have a millionaire mindset and the drive to get to the top—and best of all, it’s a free meetup group.
Startups
Businesspeople in other sectors who are trying to get their brands off the ground may find inspiration at groups like the Startup Grind Memphis meetup. Founders, influencers and other entrepreneurial veterans make connections here, inspiring the next wave of Memphis startups. The Memphis chapter is one of 300 associated Startup Grind groups worldwide and gets support from Google for Entrepreneurs.
Alternatively, Startup and Grow is a meetup group for those looking to grow their business. Networking at this group’s monthly meetings can give you strategies and tactics from those who have come up through the Memphis startup ranks, as well as the inspiration to keep pushing.
Women of Memphis
Female business owners in Memphis have their own thing, and they can find support through a couple of different networking groups.
For instance, Jobs Hatchery Women takes a three-pronged approach to helping female business owners of Memphis thrive. Building faith, clarifying vision and managing cash flow are the driving forces behind this group, which shares ideas and resources to strengthen members and their businesses.
The Founding Moms Exchange is another networking group dedicated to women in Memphis. The best part? You don’t need to be a business owner to take part. Developing your own network of Memphis moms is at the forefront, along with talking about families.
Other significant Startups
While many of the business networking groups and meetups in Memphis are geared toward those actively building a future for the community, some are simply dedicated to helping people get a foot in the door.
The Memphis Job Search Support group is one such collective, with a focus on helping its members change their employment status. Share job search strategies and get support from fellow Memphians in the same boat.
In addition, why not polish up those public speaking skills with the Memphis Toastmasters Meetup? Here, members learn to deliver powerful, persuasive speeches while networking with like-minded individuals throughout Memphis.
Find the complete meetup calendar on the Memphis meetup page.
Career and business meetups in Memphis
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]]>The post 3 Organizations that connect young professionals in Memphis appeared first on We Are Memphis.
]]>I’m a social butterfly, but sometimes meeting people can be downright awkward and can often leave you with a night of drinking entirely too much Memphis Toddy from Old Dominick’s while continuing your Netflix marathon of Friends episodes with Webster, your three legged cat.
Luckily, Memphis has a slew of opportunities for young professionals – both creative and non – to network and strengthen their image in the city’s growing professional landscape. While we aren’t going to cover every wonderful group out there, here are a few of the coolest opportunities available. And whether you’re new in town or just looking to branch out and meet people, all are welcome here.
Creative Works
Whether it’s a free movie screening or a relaxing get-together at one of Memphis’s highly popular bars, coffee shops, or restaurants, Creative Works brings the creative community together.
The mission of Creative Works is to empower Memphis-based creatives to strengthen the creative community through meet ups, workshops, and an annual design conference whose attendees and presenters are from all over the world. Check out their Facebook or website for more details.
Undercurrent
From exceptional speakers who can rapid fire present on laugh-out-loud concepts in 5 minutes to just catching up with old friends while meeting new ones, Undercurrent is the tribe to follow for any social butterfly looking to mingle and mix with Memphis’ young professionals population. Each month, Undercurrent brings together the some of the most interesting young professionals from a variety of industries under one roof for a night of drinks, networking, and exploration of a cool Memphis venue. Some of their events, especially Ignite, fill up fast, so follow their Facebook to get the latest updates and RSVP notices for upcoming events.
Soundcheck
If career advancement is what you’re after, then Soundcheck is definitely an organization to put on your list. As the Young Professionals extension of the Greater Memphis Chamber, Soundcheck’s purpose is to connect budding professionals with business leaders and opportunities through fun and informative programming. From mixers and clean-up projects to shaking hands and swapping business cards with the top executives from around the city, Soundcheck puts young professionals in-the-know and helps you navigate the business economy here in Memphis. Learn more on the Chamber’s Soundcheck page.
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