Launching your own business can be one of the most rewarding experiences of your life. You get to be your own boss; you get to establish your own hours, and you get to earn money for yourself.
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At the same time, however, it can also be a very stressful and difficult period. Of course, not just financially speaking but all of the bureaucratic red tape that comes with starting a small business. From licenses to business taxes, from zoning ordinances to labor agreements, regulations and laws can be a great hindrance to opening up a small business.
Indeed, starting up a small business takes more than placing an open sign on your front door. Unfortunately, extensive regulations and excessive laws have proven to be major deterrents to entrepreneurs opening an enterprise and contributing to the economy.
Are you way over your head about how and where to begin? Here are five ways to explore regulations and laws regarding starting up a business.
1. Read Free Online Resources
The Internet offers potential entrepreneurs a plethora of information regarding the rules and regulations to starting a business. Everything from licensing to filing a business name, there are tremendous amounts of free online resources at our disposal. However, it can be intricate, complicated and overwhelming because there are just so many laws to abide by.
Here are several resources to peruse through:
2. Hire a Business Attorney & Accountant
The government has established so many rules, laws and regulations that it requires several interpreters, a lot of dictionaries, thesauruses, and many legal professionals just to understand a few pages. This is not an exaggeration!
When starting up a small business, it’s a prudent move to hire a business attorney. By doing this, you protect yourself legally, you get important assistance regarding abiding by regulations, and you harness the power of contracts and documentation. A business attorney can be of tremendous importance to the success of your small business.
Moreover, it’s also a wise investment to take on an accountant. Much like an attorney, an accountant can protect your small business in the form of paying taxes, getting tax breaks and managing the books. Sure, you could do it yourself but here’s an important question: are you an experienced and professional accountant? Likely not.
3. Make Visits to Government Offices
In the initial stages of starting your small business, you will have to make a lot of visits to government offices, whether it’s at the federal, state/provincial or municipal level. Different elements of your business fall into various jurisdictions, and this can certainly induce headaches. When there, be sure to ask as many questions as possible and to take as much as information as possible, such as forms, documents, pamphlets, fact sheets, contacts and so on.
Indeed, the entire process can be a Kafkaesque experience.
4. Speak With the Building's Landlord, Real Estate Agent
Whether your small business is in a corporate tower, a small shop downtown or a store on its own, you should inquire with your landlord and real estate agent regarding numerous bureaucratic factors. These include zoning ordinances, property taxes, utilities and regulations regarding renovations and so on. The building owner or landlord, as well as the real estate agent, can either answer your questions or direct you to important resources.
5. Arrange a Meeting With Your Bank
Your financial institution can also provide you, with a long list of documents to help you get started. This can consist of business financing, business insurance, business accounts and so on. They can also place you in touch with business experts that understand the inner workings of regulatory bodies.
In Franz Kafka’s "The Trial," the main character climbs mountains to access the law. The novel represented the nightmarish conditions of enormous bureaucracies that can make a man fall to his knees. For businesses, it can be exactly like this because the regulations are hard to understand, sometimes contradictory and often plain lunacy. If you’re prepared and have the time and money to read and institute these requirements then you should be fine and successful.