Thinking about turning your side hustle into a small business?
In 2020, more than 30 million small businesses operated in the United States. More than 600,000 new businesses open each year in the U.S., according to Small Business Administration estimates, and only 30 percent of new businesses fail during their first two years.
There is an incredible variety of small business types. Some ideas of small business that are thriving right now:
Consultant – for those knowledgeable and passionate about a specific topic like business, social media marketing, IT or leadership, for example
Online Bookkeeping – for accountants or bookkeepers who want freedom
Transcription Service, Medical Transcription Service
Freelance Copywriter – for writers with some marketing knowledge
Food Truck – for those with a culinary passion
Virtual Assistant – for those who can use organizational skills to answer phones, schedule meetings and perform other administrative duties
Housecleaning
Automotive Repair
Handyman Services
and many others
To help entrepreneurs begin on the right foot and overcome some of the many obstacles faced when starting a new business, the Tennessee Small Business Development Center provides free consulting, information and instruction.
The local TSBDC partners with MTSU’s Jones College of Business, and is housed at the Rutherford County Chamber of Commerce building. It is now known as TSBDC at MTSU.
The Tennessee Small Business Development Center has been around for quite some time, said Krista Cashion, business development specialist for the nonprofit.
“We are part of a bigger organization called the American Small Business Development Center and essentially our goal is to provide technical assistance to businesses through the entire business life cycle,” Cashion said.
TSBDC’s mission is to provide new and established business owners with high-quality consultation with the vision to be the comprehensive source to deliver innovative business solutions.
“I think it’s beneficial for entrepreneurs to come to us to get everything started, just to make sure that all of your i’s are dotted and your t’s are crossed, and that you’ve thought of all of the things that you forget to think about—even with my entrepreneurial mindset I find that when I’m talking to other people I work with, be it my mentor or my intern, I have moments when it is like ‘oh, I didn’t even think about that’,” Cashion continued.
“It’s really beneficial for people to utilize our services, whenever they are starting, and as they’re moving through, growing and changing as a business. We can strategically plan for that growth.”
Cashion says interested entrepreneurs can get started by signing up for a one-on-one consultation. TSBDC has access to some resource databases and helps with business planning and growth planning for existing businesses.
“We help with hiring, training, and almost any business topic, except legal or tax advice,” she said.
One of the most common questions people have when they first come in is about the structure of a business and what the difference is between a sole proprietor versus an LLC.
“People also talk about whether or not they want to 1099 someone or make them a W-2 employee. And people ask about funding opportunities and resources for funding,” Cashion said. “These are the top three questions I get from people just starting out.”
In addition to one-on-one consultation, TSBDC at MTSU offers different training sessions and workshops that are available for anyone who would like to attend them.
Classes are on a rotating schedule, and centers across the state offer courses on everything from social media management to funding opportunities.
“We had someone teach a hiring workshop so that was a really neat opportunity for our clients,” Cashion said. “We have some Google classes that we offer. There’s lots of different training opportunities.”
Find the rotating schedule of classes on the TSBDC website.
“Any classes that we’re offering in Rutherford County right now are no cost. Some centers do charge for their courses if they’re doing QuickBooks certification or anything like that. I do recommend those, and I think they’re pretty low-cost and a great opportunity for some clients,” Cashion said. “Our classes are offered all different times a day. We have some On Demand training options. We do have some in-person options that are during the day, and we do some live Zoom classes that might be during lunch. We are working to expand those hours as well to after work hours.”
TSBDC was created for capital infusion into the economy, small business success and jobs created. It is funded in part through an agreement with the U.S. Small Business Administration, as well as participating universities and public and private regional support partners.
For more information, visit tsbdc.org.
The Tennessee Small Business Development Center at MTSU is located at 3050 Medical Center Pkwy., Ste. 200.
Contact Krista Cashion at mtsu@tsbdc.org or 615-898-2745 with any questions. Find the training schedule at clients.tsbdc.org/events.aspx.
