Town of Farragut has partnered with Farragut West Knox Chamber of Commerce and Tennessee Small Business Development Centers to offer a free class this fall to help new entrepreneurs get a business started.
With instructors from SBDC, Business Start-Up Classes will be held from 10 to 11 a.m., Wednesdays, Oct. 6, Nov. 3 and Dec. 1, in Farragut Community Center, 239 Jamestowne Blvd. in Farragut. The inaugural class began Wednesday, Sept. 1.
“The class is part of the Tennessee Small Business Centers’s Educational Resource offerings,” said Trevor Hobbs, assistant to Town administrator who is the Town’s business liaison. “The class itself covers the different forms of business organization, such as legal structures, whether it’s an LLC or sole proprietorship, tax requirements, business licensing and financing options.
“It’s a basic overview of the things you need to consider when you’re thinking about starting a business.”
Along with this class, Hobbs said all SBDC services are free.
To register for Business Start-Up class, go online to townoffarragut.org/farragutbusinessclass.
“If it goes well, I would like to offer this class every month — ongoing — because this class (covers) the things that you need to hear and be thinking about before you start writing your business plan,” Hobbs said. “Before you sit down with a mentor from the SBDC or one of their partner organizations, you’ll need to have partial or complete answers to those basic questions (covered in the class).
“(The class) will help them to figure out how to actually start their business,” he added. “I think that with most small businesses, (the owners) start with the idea — what do they want to sell or what service do they want to provide?”
“They’ll naturally think about that side of the business, which is great … but in order to do all that, you’ll have to register your business with the government. Figure out financing and all those things.”
Of extreme importance, “You’ve got to create a legal entity for tax purposes,” Hobbs said. “You have to know how you’re going to pay for it all. You’ll have to know how you’re going to be licensed.
“I think some people, when they do realize all these things, it becomes too much; it’s overwhelming, and their idea, maybe, just never happens,” he added.
“So, I want to help get all this out of the way early on, help them get good information on all of the steps along the way so that they can focus on their big idea.”
Origin of the class
The plan to hold the class in Farragut came about after Hobbs, who has been attending some of SBDC’s events during the last six months, said he realized the Town could hold some of those events in Farragut since SBDC holds their events at different locations.
He reached out to Julie Blaylock, president/CEO of Farragut West Knox Chamber of Commerce and pitched the idea; and in turn, she reached out to SBDC’s Knoxville representatives, and they agreed.
“The SBDC has held similar events in the Town in the past, so I am excited to have them back and using the Town’s newly renovated Community Center,” Blaylock said. “The SBDC has been a longtime partner of the Chamber in supporting our member businesses, so this class is a natural extension of everything we work together to achieve for the community.”