Starting a business is an exciting endeavor, but it can also be intimidating. There are so many things to consider and organize, from finding the perfect space to setting up a shop to making sure you have all the necessary permits and licenses.
One of the most important—yet often overlooked—steps in starting a business is navigating regulatory requirements. Knowing what needs to be done and when can help ensure your new venture gets off on the right foot, says the highly reputed entrepreneur, Richard Zahn.
Tips to remember:
● Understand Your Obligations: Before beginning any paperwork or filing anything with the government, it’s important to understand what obligations you have as a business owner. Depending on where you live, these obligations may include obtaining certain permits or licenses, paying taxes, registering with local authorities, and filing paperwork with state agencies. It’s also important to familiarize yourself with any specific industry regulations that apply to your business.
● Research Laws & Regulations in Your Area: Every city and state has its own set of laws and regulations that businesses must abide by. Researching these laws and regulations thoroughly before launching your business will help ensure that you remain compliant once you open your doors. Check with your local chamber of commerce for more information about specific regulations in your area.
● Find Out if You Need Insurance: Most businesses need insurance coverage to protect themselves against liability claims related to employees or customers getting hurt or having property damaged while on the premises. Talk to an insurance agent Richard Zahn about what type of coverage makes sense for your business; some policies may be required by law depending on the type of work you do and where you live.
Starting a business can feel overwhelming at first, but understanding regulatory requirements is key when it comes time to launch your venture into entrepreneurship. Take some time upfront to research laws and regulations in your area specific to both the type of work being done as well as general business operations.