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Get Business Licenses and Permits: Operating A Small Business

The document discusses various requirements for operating a business including obtaining licenses and permits, hiring employees, paying taxes, and keeping good records. It emphasizes starting small and avoiding hiring more employees than needed initially. It also discusses the importance of good customer service and receiving feedback.

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Rhea May Zamora Abainza
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53 views2 pages

Get Business Licenses and Permits: Operating A Small Business

The document discusses various requirements for operating a business including obtaining licenses and permits, hiring employees, paying taxes, and keeping good records. It emphasizes starting small and avoiding hiring more employees than needed initially. It also discusses the importance of good customer service and receiving feedback.

Uploaded by

Rhea May Zamora Abainza
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Get Business Licenses and Permits

Depending on the type of business you are operating, you may be required to obtain one or
more business licenses and/or permits from the state, local (city and county) or even federal
level.

Operating a Small Business

Once you've gotten through all the legwork of starting a business, it's time for the real effort to
start. Operating a small business is about more than just buying and selling services and
products – though, of course, that's a vital part of making the business successful. However,
there's a lot of administrative work that goes into operating a company, even those that are
small.

Hire Employees
Start by building a strong foundation. Collaborate and work with people that share the same
goals and dedication for success that you do.

Nothing gets done without employees. Hiring the right people, with the right pay and incentive
structures, can help your business grow faster than you ever could have imagined. It’s best to
start small and try to avoid hiring more employees until there is enough demand to cover the
cost of the extra salaries.

Once you hire employees and officially become an “employer,” you are undertaking an
obligation to comply with many employment laws and regulations, at both the state and federal
levels.
Pay Business Taxes

Making regular estimated tax payments on income is necessary for all business owners, who
must file an annual tax return. The payments include self-employment taxes, which are your
contribution to Social Security and Medicare.

Additionally, business owners who have employees will need to pay employment taxes, which
include Social Security and Medicare taxes, federal income tax withholding and federal
unemployment tax.

Keep Coherent Records

Good record-keeping is vital for a business owner. It not only helps you keep track of how the
business is doing, but it also aids in preparing financial statements, monitoring deductible
business expenses and filing your tax returns.
 No matter what kind of business you run, customer service should not be overlooked or
underappreciated. All businesses rely on their customers and should keep in mind not to
ignore or underestimate them.
 Be open to receiving feedback and suggestions from your team, managers, and employees.
It’s easy as a founder or CEO to lose track of your core values and operations, and that can be
dangerous when it comes to making decisions that will affect day-to-day operations.
 Choose the right people for the tasks at hand and be open to delegations. Remember that
different people possess unique qualities that could benefit your business in different ways.
 Provide coaching, tutoring, and mentoring to your management team directly to ensure they
can properly guide the employees in their teams
 Perform frequent, regularly-scheduled contract reviews to ensure compliance with your
suppliers as well as your employees

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