“Over the last year, the nation has caught on to what we already know: life is good in Middle Tennessee.” According to the Nashville Region’s Vital Signs for 2014, available at the Nashville Chamber of Commerce, Nashville’s economy is thriving. Entrepreneurs in the area are enjoying the benefits of a growing region, and SBA funding has never been more opportune. Want to know what the fastest-growing industries are?
- Educational Services
With a staggering growth rate of 31%, non-employer educational services top the list. This can include private education, consulting, counseling, testing, and development.
- Health Care and Social Assistance
It’s no secret that healthcare plays a big part in Nashville’s economy. What you might not have known is that even the non-employer sector of healthcare is growing at an enormous rate of 25%.
- Other Services
These can include personal care, automotive repair, household goods repair, religious and civic services, and even funeral services. All in all, these are growing at a rate of 22% in Nashville.
Nashville is also seeing substantial growth in the Arts, Entertainment, and Recreation industry, as well as in the Information sector. If you are operating a business in one of these or a similar developing area, you are likely noticing the tremendous amount of growth, which is great, but with growth comes growing pains. Here are some tips on how to manage your growing business in an expanding economy:
- An increased demand on business may require extra operating capital. Capital can be obtained through your local bank and through SBA Loans. Loan options include business lines of credit, equipment loans, or a commercial loan to fund building expansions.
- Build a relationship with your business banker. Your banker is your advocate, and should be a constant source of knowledge and advice for you. If not, you may need to find a new one.
- You also might need additional staff to support the customer demand. Payroll can be daunting and costly if not managed properly. Avoid the pitfalls of employee time management and timely 941 filings. Partner with a payroll company. You don’t have to have 100 employees to benefit from a service. Some local payroll companies support as few as 1 or as many as 500 employees.