Home Biz Must Haves : Licenses and Permits

Quote source :
Entrepreneur.com
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When you’re embroiled in the excitement of starting a new business, it’s easy to ignore the need for licenses and permits. Sure, getting licenses and permits is about as fun as visiting the dentist. But failing to do so-and doing it right from the beginning-is one of the most common mistakes new entrepreneurs make.

NO… it only LOOKS frightening, so don’t let it scare you out of your home based business dream. More often than not, doing your homework (and legwork) will help you find the right answers to the types of licenses and permits that you need to apply when starting your business. If you have the cash to spare, you can always hire a business consultancy to handle the applications and go through any red tape for you.

When it comes to your own business - especially if you are running the business from home - it’s always better to get things right the first time as far as licenses and permits are concerned. It’s not a good idea to plead ignorance about what types of licenses and permits your business requires. Running a business without the proper OKs from relevant bodies can only get you into hot soup. And if you DO find yourself in a tangle with regulatory bodies, you might find that they are less cooperative or extra strict when your application comes up the next time round. So my personal advice is to grab the bull by the horns and deal with it from day one. After you’ve gotten all your papers in order, you can build your business with a clear mind and conscience.

Here are a couple more reasons why you should get your licensing and permits :

• Failure to do so will might mean hefty fines for all sorts of licensing offences - which means money down the drain that could have been put to good use building your business.
• Loss of reputation - word of mouth (especially bad stuff) can affect your business for a long time.
• Easy target for competitors. Competitors are going to do whatever they can to get the edge and that may just include playing dirty by reporting you to the authorities if they come to know that you don’t have the proper licenses and permits.
• Makes it easier for you to deal with banks and companies that have strict requirements about your business status.

Don’t underestimate the importance of getting the proper licenses and permits for your business. The first place to start is your local Business Registration Board or city council.

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