The Real Cost Of A Business

Most people dream of having their own business.  They have visions of running the business on their own terms, working the hours that they want to.  They see themselves having perfect employees and making money hand over fist.  That’s a lovely picture and sometimes, if someone is prepared to go into business for themselves they can realize their dream.  More often than not, those dreaming of their own business have a rude awakening about everything involved in having their own business.

Starting up a business requires its fair share of paperwork.  Before you even do anything else, you must have a name for your business.  Coming up with a name can be tricky considering you must make sure no one else has claimed that name previously. Then there are tax numbers to obtain from your state government.  You must register your business with local authorities for tax purposes as well.  If your business has a physical location, there may be permits to obtain and inspections from local authorities before you can operate out of that location.

Okay, the next thing you need are employees.  When hiring an employee, it is imperative that you remember there are laws against discrimination.  The employee that you feel is too old cannot be discounted just because of age.  The employee who has a different religious view cannot be discounted because of that.  As long as someone is qualified, they have to be considered.  You also need to remember labor laws.  There are minimum wage requirements for workers.  And there are laws regarding the amount of hours someone can work, especially if the employee is still in school.

After you have employees, you still might need to consider a few things.  Are you going to provide health insurance?  This is another expense you might not have considered.  Your business probably has insurance to cover against property damage and accidents.  And you should have insurance to handle any liability claims.

All this might make you think twice about starting a business.  It definitely is a complicated venture to take on.  There are so many laws that govern every part of doing business.  Do you think you might need the advice of an attorney?  It probably is a very wise thing to do.  Check for a lawyer who specializes in business law and make an appointment to get all the answers you need.