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Doing business in Tennessee occurs when you operate a company in the state for profit. According to a report by Area Development, Tennessee ranks fourth in the nation when it comes to advantages for small businesses. This is measured by the cost of doing business, including everything from workforce to real estate, as well as local legislation, business taxation, state capital investment, and other incentives. Other states that rank high in these measures include Texas, South Carolina, and Georgia.
Benefits of a Tennessee based business
More than 70,000 private sector jobs in Tennessee have been created by Bill Hagerty, economic development commissioner, and Bill Hasham, governor. This is a record-setting level of growth that has made national headlines.
More than $32 billion in Tennessee-made products were exported globally in 2013 alone. Nearly 900 foreign-owned companies are headquartered in the state, employing more than 113,000 residents. International brands based in Tennessee include Smuckers, Unilever, Mars, Volkswagen, Electrolux, Nissan, Whirlpool, Gibson, and Jack Daniels. That’s not all–FedEx, Dollar General, International Paper, Dollar General, Community Health Systems, AutoZone, Eastman Chemical Company, Nissan North America, Bridgestone, ServiceMaster, Tractor Supply Company, and Regal Entertainment Group also call Tennessee home.
In 2014, the state was ranked first in the nation for Automotive Manufacturing Strength in Business Facilities for the fifth consecutive year.
Small business owners can benefit from Launch TN. This partnership funds the expansion of fast-growing companies based in the state. From technology and research and development to data and call centers, Tennessee has the manpower and resources your company needs to take off. More than 250 call centers state-wide employ more than 14,000 residents.
Companies also benefit from the fact that Tennessee is a right to work state, its central location, business-friendly laws, and low corporate taxation.