5 TIP TUESDAY: APPROVALS YOUR BUSINESS ACTUALLY NEEDS
It's true what they say: If you fail to plan, you plan to fail. Nothing is more true for owning your own business. Owning your own business can give you a sense of pride and accomplishment, but it can also come with unique processes and challenges to overcome in order to fully establish and run your business. Approvals, taxes, employees, revenue, profit and loss - there's a lot to consider and plan for. Here are 5 approvals your business may actually need:
1. A loan.
Now, attaining a loan is not mandatory for every business but it can definitely help reach your goals faster and establish a trusting relationship with a bank. Check out this Forbe's article on how loans can advance a small businesses.
2. A business license or name registration.
The legitimacy of your business should be important to you and will be for your customers. To register your business and its name, you may need a business number. A number is necessary if your require GST/HST, Payroll, income tax and more.
3. Patent and/or copyright.
If you have a one-of-a-kind business idea, name, or product, or even song, you should always consider protecting your assets. Prevent future regrets and learn more about copyright laws.
4. Government regulations.
Depending on the country or city you operate your business in, it's always best to do some research ahead of time to see what regulations are in place that could enable or prevent your business from reaching its full potential.
5. Your own definition of success.
You might argue that you need your customers to approve of your service and you need the approval of a bank or family member for a loan or some start up capital. These are 'nice to haves' but they aren't necessary. Ultimately, your determination, business decisions and personal definition of success is what will make or break your business.
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