Memphis is the largest city in the state of Tennessee, U.S. It also bags a title among the top cities in the country to start a business. There are myriad business ideas for Memphis due to its vast opportunities; it is situated on the Mississippi River and is intersected by five major railroads as well as two interstate highways. Moreover, it is one of the most affordable destinations when it comes to living and vacationing.

Memphis is a city with a rich and eclectic history. It’s where many celebrities hail from, and music is very deeply settled in the culture of this city. The city can lay claim on a lot of things: Home of the Blues, Birthplace of Rock ’n’ Roll, BBQ Pork Capital of the World, and the list goes on. It regularly hosts festivals that attract people far beyond the city’s borders.

So, if are looking to start your own business anywhere in Memphis or nearby, make sure to look at the quick checklist for starting a business in Tennessee first and then proceed.

Well, choosing which business will be best and will earn a great profit is a very tacky question with an unpredictable answer. However to give you an idea and get you started for brainstorming we have sorted 25 low-cost business ideas when starting a business in Memphis, TN.

25 Small Businesses to Open Now in Memphis, Tennessee in 2023

1- Baked Goods Store:

Do you have expertise in baking? What would be better than earning with the help of this skill? There are very few proper baked goods suppliers in the city. Start your business in this area. You can function from your home and can even start a business from your kitchen as well or have your own shop, though you may need an assistant. The greater the variety and quality the more customers.  Moreover, when it comes to baking you have a wide variety to offer, work on your special products, and excel from them. You can also offer customized products on the sidelines.

Related Reading: How to set up a Home-Based Bakery

2- Barber Shop:

Even if people don’t have time for proper grooming and styling, a haircut is a necessity. People on a tight budget even need this. You just need to have some skills and some equipment to start this business. Start your shop where there isn’t any to attract the resident and people of that area. Moreover, the quality of your services will determine the scale of your clientele. Here’s a detailed guide on starting a hair salon on budget.

3- Fitness Center:

Health is one of the main priorities of many people, everybody wants to look fabulous and smart. If you have experience in this area, start a fitness center. You can plan exercises that may/may not involve machines. Have a nutritionist as well to plan the diet of your customers. Needs little investment but if people leave your doors fully satisfied you are going to outstand your competitors very quickly. We have a detailed article on starting a successful gym; do check this one.

4- Fine Arts School:

Arts is deeply rooted in the culture of the city. If you have some professional skill or expertise in the area start an art school. You may need some investment for the tools and place (You can also set it up in the garden of your house). People will welcome this initiative very positively and will encourage their children to adopt is a hobby. Moreover, you can also have exhibitions and sell your best work in them.

Starting a fine arts school will take almost a similar effort as starting a dance studio. And, you can even partner up with such institutions to save most of the startup costs.

5- Second Hand House Hold Appliance /Repair Store:

Not everyone can afford to buy new appliances. When people are moving they are eager to sell their goods as well in order to avoid the strenuous task of moving their appliances as well.  This business has a lot of potentials to be profitable. Start a shop of used appliances and you can also offer to rent that appliance as an additional service. You may need some investment in buying the starting goods but gradually your clientele will recover your investments.  Dealing with professionalism but honesty is the key here.

6- Elder Care:

As people grow old they need constant attention and assistance. If you are one of those people who love to spend their time with the elderly then this idea may be for you. You can start your own community house for the elders or you can offer your services at their homes. No investment would be needed in the latter option. A very good option to earn side money.

 7- Car Wash Service:

A city with a lot of cars needs a lot of car washes. The car wash business definitely needs some investment but it has the potential to yield great profit. Even if there are a lot of car washes, no one wants to wait for their turn. Seeing your empty slots people would enter your garage. Moreover offering the best services around will help you grab the customers of your competitors as well.

8- Landscaping Services:

Landscaping does not only involve gardening, it is about designing and reshaping the whole landscape to enhance its beauty. If you are someone who has a love for nature and has a great aesthetic sense. This business might be for you. You just need some starting money to buy the tools and you are good to go.

 9- Driving school:

Are you good on wheels? Got a Driving Licence? You are all set to start earning money with a small-scale driving school. Yes, it does require some investment in fleet and business licensing, but if you go really strategically, you can start it at relatively lower costs through leasing and retrieve back your investment with an amazing return over a small period of time. Make your business online to be easily approachable by people.

10- Amusement Arcade:

Entertainment is a very vital element of society. You have a lot of capacity and creativity when it comes to setting up an amusement arcade, it can be the typical place with the billiards and darts or something like bowling. It all depends on the length you are willing to take your business. Definitely, it requires some capital but the business will return the money with profit in a short period of time.

11- Carpet Cleaning Service:

You find carpets everywhere; houses, hotels, offices, and where not. Although it gives a warm look and adds to the beauty of the room at the same time it’s very difficult to clean them. Start a service to clean the carpets at reasonable rates. You just need some cleaning agents and equipment or maybe an assistant as well and you are all set.

12- Laundry and Dry Cleaners:

People these days welcome every kind of service which gets their daily work done at reasonable rates and with quality. Start a laundry plus dry clean service. You must set it up in a residential area to attract a lot of customers. Plus you can also offer delivery services as well and earn extra money.

Related Readings:

Business Plan for Laundry Business & Dry Cleaning Services

Pick & Delivery Dry Cleaning Services Business

13- Digital Printing Service:

From business cards to banners, this business has a lot to cover. Focus on some particular printing services and then gradually increase your services. Some investors may be needed for specialized printing devices.  You can also have contracts with offices and have a constant income in this business.

14- Blogging:

This business idea is for people who want to earn money staying at home. From Business to Lifestyle you have a lot to blog about. Pick out a specific area and start the work. After good traffic on your blog, you will be able to start earning money in good quantity. Here are a few guides that can help you get started with the blogging business.

• Making money with a travel blog
• Starting your own music review blog 
• How to build a product review website using WordPress

 15- Pet Supplies Shop:

If you love pets then this idea may be for you. From the food to their name tags there is a lot you can keep in the store for pets. Many people have pets in their houses especially dogs and cats.  If you set up a one-stop store for pets many of the residents will become your constant customers.

16- Taxi /Ride Share:

A cab service earns a lot of money if the car is already there, if not you can always buy a used car and turn it into a money-making machine. With so many rideshare services, you do not even need to market your business more. Rather, join more services and set your hours. This job does not require any special set of skills just the fact that the driver should have a driving license and no criminal record.

17- Travel Agency:

Are you good at managing things on a tight budget, finding the best deals and discounts in anything? With little research, you will do a great job with this business idea. You will need to have good professional skills and links and you are good to go. A lot of people travel either for vacations or for official reasons but the task of planning the trip gets is very annoying for most of the people. Offer your services in this area and earn in return for them.

Just in case, if you do not like the idea of a travel agency, here are more travel business ideas that you can start with little or no money.

18- CD Shop:

A CD shop can attract many types of customers, it can be a kid in search of some game or an engineer looking for a particular software. Set up a CD shop in a metropolitan area and earn a reasonable profit on each CD you sell. The variety at your store will help you attract more customers.

19- Small Pharmacy/ Drug store:

This is one of the typical business ideas for people who have experience when it comes to running sales shops. Set up your shop near hospitals or clinics and you will attract a lot of patients. Keep the prices reasonable and offer quality services.

20- Computer Repair:

If you have expertise when it comes to repairing computers then you are all set to earn money.  Computers goes out of order or face some problem every now and then at offices, homes and many more. Offer on-the-door services and this saves you from buying a place for your work. You may need some tools but that requires very minimal investment.  Make yourself online so that more people may be able to contact you and you can earn great money just by fixing one system at a time.

21- BBQ Restaurant:

Memphis is the birthplace of this food. If you are a foodie and intend to have a business that resonated with your interest then this idea is for you. Set up a BBQ place which offers delicious food. Have something unique as well which makes you different from the rest ad people will visit out of curiosity as well.

Related Readings:

10 Mobile Food Kiosk Design Ideas

3 Best Social Media Platforms for Marketing Restaurant Business

How to Name Your Restaurant or Café Business

22- Meat Shop:

A meat shop will do great in this city because it is a city where food is love and enjoyed a lot.  You would need contact with some cattle farmers and then some butchers and obviously a place. The better your services will be the more clients will enter your doors. You can also form a contract with a BBQ place or restaurant to have constant customers.

23- Delivery Man:

You just need a motorbike and you are all set to deliver the parcels/food/goods/letters to their recipients. Offer your services to whichever sector you like! You can earn great money with each delivery. It is one of the suitable ideas for students who are eager to earn money.

Moreover, you can also partner up with a leading grocery store or a hypermarket for better profits.

24- Pet Sitting:

A lot of people have pets, but when they need to be away they require the service of someone to look after their pets. This can earn you earn great without any investment but the condition is that you may have some experience in the field and should be free of allergies as well. Affiliating yourself with the pet-related business will help you offer a better service to your customers.

25- Online Researcher:

If you are someone who loves to go into the depths of a topic and has the skill of searching for anything that is present on the internet efficiently then this job is for you. Start your freelance services as an online researcher. Charge people in return for your services per hour. The greater the time you’ll spend online the better the experience you will gain.

26- Landscaping Business:

One of the best business ideas for Memphis in 2021 is the landscaping business. In Tennessee, the weather is hot and dry, which can cause lawns to become unkempt quick if not maintained. Most people don’t have the time in their day to manicure their lawns themselves, so this is where you have an opportunity.

The hard part is gaining your first client, but once you do so the opportunities can roll in with good marketing and reviews. Just buy your own equipment to start, and as you expand you can get better equipment and talent.

27- Medical Salesman:

Medical sales businesses are on the rise. With an aging population, medical parts and devices are in large demand in 2021. So, if you want to start a medical sales business, it could be a great idea. Your job would be to match medical providers with the best resources for positive patient outcomes.

If you succeed in a business like this, you’ll own a great startup and make a difference at the same time.

28- Mobile Food Kiosk:

We’ve written a great article on why the mobile food kiosk is a great business idea in general. In Memphis, the large population is on-the-go and might appreciate a quick bite to eat. So, why not exercise some creativity and freedom of movement in your startup idea?

There are many routes to choose in this business regarding your offerings and quality, so the startup costs can vary.

The Bottom Line

We hope that this list inspired you to start a great business in Memphis, TN. With hard work, research, and a great idea, the sky’s the limit. If you are starting a business, make sure you know the ins and outs as well as the risks involved. Here’s an article on how to give yourself the best chance when investing capital in your startup.

Best of luck in your endeavors and we’ll see you back here next week!