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11 Best Business Ideas In Tennessee

Written by:

Edited by:

Reviewed by: Daniel Javor

Published on October 28, 2022

Updated on November 12, 2022

11 Best Business Ideas In Tennessee

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11 Best Business Ideas In Tennessee

Tennessee is famous for country music, Graceland, and the legendary Elvis Presley. Obviously, the music and entertainment industry is among the state’s growth drivers. Other thriving economic sectors are healthcare, advanced manufacturing, corporate operations, and supply chain management. 

Besides these industries, the professional and business services sector is also seeing high demand. So you might consider starting an IT consulting, freelance paralegal, appliance repair, or landscaping business. We have listed more business ideas in Tennessee below. Check it out!

1. Real Estate Agency

how to start a real estate business

The US real estate market has been booming in recent years, and is now worth nearly $400 billion and expected to see further growth in the years ahead. As an entrepreneur, you’re probably always on the look-out for new opportunities. Right now, with sales totals and home prices at record highs, real estate ranks among the largest and most promising markets. And best of all, you’ll be helping families settle down and build homes and communities. 

Of course, starting a real estate business isn’t as easy as getting out of bed. You’ll need to educate yourself about the market and obtain a real estate agent’s license. You’ll need to familiarize yourself with all of the relevant online tools and information to keep you updated on market trends, and find a local broker to partner with. Finally, you’ll need to set up a website and successfully market your home buying and selling abilities in order to stand out in a crowded marketplace. 

All that done, you’ll be ready to start building your real estate empire.

2. Home Builder

How to start a construction company

New home construction starts in the US have recovered from pandemic slump, posting a record 22% annual growth at the start of 2022 despite the rising mortgage rates. The $120 billion market is expected to continue growing as the economy improves and consumer spending increases. It’s the perfect time to start your home builder business and help address the housing backlog while achieving financial independence.

Of course, it’s not easy to get started in this competitive industry. Home builders construct new homes and undertake remodeling projects. You will need to research the market and find out what other home builders are offering. It is important to find ways for your business to gain an edge over the competition. You will also need to hurdle some time-consuming challenges like finding construction loans and getting building permits. Make sure to comply with the building code requirements and all construction-related laws and regulations before you start building. With careful planning, a home builder business can also be very rewarding.

3. Restaurant

How to start a restaurant business

So you’ve decided to start a restaurant business. Congratulations! Opening a restaurant is no easy task, but it can be very lucrative. The food service industry in the US is expected to bounce back from pandemic slump due to pent-up demand and generate $900 billion in sales in 2022. 

The pandemic, however, has reshaped the industry and many restaurant operators believe it would take a year or more before business conditions return to normal. But if you’re keeping track of the trends, you would establish a digital presence and work on offering delivery services before opening your doors.  

There are many other things to consider. First, it’s important to decide what type of restaurant you want to open. Do you want to serve classic American fare, or specialize in a certain cuisine? Do you want to do casual or fine dining? What about a family-style restaurant? Next, it’s a good idea to research the competition in your area and come up with a plan to set yourself apart. Starting a restaurant can be tough, but if you’re prepared for the challenges ahead, it can be an incredibly rewarding experience.

4. Freelance Paralegal

How to start a freelance business

Did you know that there is a growing demand for paralegal services? About 43,000 job openings for paralegals and legal assistants are projected each year through 2030 in the US. If you’ve had training or experience as a paralegal, starting a freelance paralegal business would be perfect for you. 

A paralegal provides assistance to lawyers. To become a paralegal, you must be knowledgeable about the US legal system and detail-oriented. As a freelance paralegal, you can start small and work from home. Most paralegals hold an associate’s degree or a certificate in paralegal studies. It takes at least two years to complete an associate degree program. Most states don’t regulate paralegals, but some states require paralegals and legal assistants to get a license. Some states also require paralegals to get continuing education credits. You will need to check out your state’s regulations before starting your freelance paralegal business. You’ll also need a bit of creativity to market your services and find clients.

5. Hair Salon

How to start a hair salon

Hair is big business, worth more than $46 billion in the US alone. More importantly, it’s set to grow nearly 40% by 2027, which means there’s no shortage of opportunity for bold and talented entrepreneurs. If you’re good with hair and have a strong sense of style, you could start your own salon and help people look better and feel more confident while making a good living. 

It can be a very rewarding experience, but it’s not without its challenges. Assuming you don’t plan to be a mobile salon and make house calls, your first order of business will be to find a great space, preferably in a location with good foot and vehicular traffic. Next, you’ll want to build it out in a way that suits your personal style and provides a comfortable place for your clientele. Finally, you’ll want to decide on your products and services — will you offer only styling, or also shampooing and dying? Maybe you’ll want to offer added services like nails and head massages? 

Once you’ve decided all that, and gotten your required licenses and permits, you’ll just need to do some strong marketing across social media and in your area to get those first customers coming through the door.

6. IT Consulting Firm

How to start a consulting business

As our world becomes increasingly digital, it’s no surprise that more and more businesses need guidance and insight on how to adapt and take advantage of this new technological landscape. This helps explain why IT consulting in the United States has been growing fast and is already worth more than half a trillion dollars. The industry is expected to expand further in the years ahead, which means now is a fantastic time to start your own IT consulting firm and get in on the action. 

The crucial element is expertise. If you have a computer science, IT or engineering degree and have spent a few years doing related work at a respectable consulting or tech firm, you have the resume needed to become an IT consultant. You’ll need to build a strong website and register your business, but you could soon be offering your tech insights to top businesses. Provide quality consulting for the first few clients, and you’ll be well on your way to building a reputation, getting some referrals and being a successful entrepreneur.

7. Landscaping Business

How to start a landscaping business

If you love working on your yard and spending time outdoors, you might consider starting your own landscaping business. Boosted by the recent real estate boom, landscaping and lawncare have seen steady growth in recent years. That expansion is expected to continue, so now’s an excellent time to get in on the action and ride this wave to success. 

You could offer a wealth of services, from designing yards and gardens to tree planting, trimming, mowing and more, and you could focus on residential customers or businesses, or go for broke and aim for both! First, you’ll need to brush up on your landscape design and maintenance skills. Fortunately, the US government in 2019 partnered with the leading landscapers’ association to launch a national landscapers’ apprenticeship program to train more skilled workers. 

You’ll also need to invest in quality equipment, as well as a reliable truck. After that, to attract clients you’ll want to build a simple, appealing website and launch some strong marketing to get the word out. From there, you should start seeing the business roll in as you enjoy the scent of freshly cut grass.

8. Cremation Business

How to start a crematorium

Do you have a bit of a morbid streak? Well then you might be pleased to learn that the US cremation industry has seen steady growth in recent years as more and more Americans choose to be cremated, rather than buried. By starting your own cremation service, you could scratch your itch for the macabre and provide a necessary service for grieving loved ones while making good money. 

By 2040, 8 out of 10 Americans are expected to choose cremation over burial, mainly because costs half as much. You could ride that wave of growth, but first you’ll need to make a major investment and decide whether you’ll use a traditional flame-based system or more eco-friendly alkaline hydrolysis. You’ll also need to get the required licenses and permits and decide whether you want to offer additional products and services. Some crematoriums offer wearables such as an ash-filled locket, or focus solely on the cremation of pets. 

9. Foreclosure Cleanout

How to start a cleaning foreclosed homes

A foreclosure cleanout business involves the removal of all furniture, appliances and junk when a property has foreclosed. It can also cater to properties that have been abandoned. If you’re looking for a new opportunity, then consider starting a foreclosure cleanout business. Foreclosure filings across the US declined at the start of the pandemic, but picked up in late 2021, with ATTOM reporting a 70% year-on-year increase in the third quarter. These are expected to rise further as hundreds of thousands of Americans are set to exit the foreclosure moratorium and mortgage forbearance program. 

To start a foreclosure cleanout business, it’s important to connect with prospective clients. You can do this by developing a website and establishing social media accounts to promote your services. You don’t have to limit your target market. Your business can cater to single-family homes, apartments, and commercial properties. To keep up with the competition, you might want to offer cleaning and repair services after removing the junk. It would take a lot of hard work, but you could make a living off a foreclosure cleanout business.

10. eBay Business

eBay Business
Natee Meepian / Shutterstock.com

With the rise of Etsy and other online platforms you might think of eBay as a blast from the past. This is not the reality. EBay’s revenues grew a whopping 19% in 2020, and the leader in online auctions, which already does $10 billion per year, expects steady growth in the years ahead. So if you’re into online bargains, you could start your own eBay business and ride this growth to good money. 

An eBay business can be extremely profitable, and they’re a great way to start your own business without having to invest a lot of money. The best part is that eBay has done most of the work for you — providing a sales platform and a massive customer base, confirming that buyers are reliable, and building a system that ensures you get the true market value for goods. 

The key to your eBay business will likely be deciding which sort of goods you’ll offer. Will it be vintage T-shirts? War memorabilia? Cool sneakers? On eBay, the possibilities are endless.

11. Appliance Repair

How to start a handyman business

Are you looking for a business opportunity with low overhead costs? Consider starting an appliance repair business. The market suffered a decline because of the pandemic but recovered in the latter half of 2020 because of low consumer confidence and supply disruptions. The market is expected to continue growing because of these disruptions that make it difficult for consumers to get new appliances. 

Before you get started, understand the market and know that an appliance repair business covers household appliances like television, washing machines, dryers and refrigerators. You may also repair and maintain garden equipment like lawn mowers, but automotive or computer repairs are not included. You will need to check out licensing and other regulations, prepare the basic tools that you need for repairs and maintenance, and advertise your business to find customers. You can start small and work by yourself, or hire an assistant as your customer base grows. With a little planning and preparation, you can be on your way to running a successful appliance repair business.