Believe it or not, introverts make incredible entrepreneurs. There’s something in the introspective qualities and the love of peace and quiet that helps them assess business needs in a way that energetic, collaborative and social extroverts can’t quite wrap their heads around. Bill Gates, Larry Page, Warren Buffett, Elon Musk and Mark Zuckerberg. These are all great examples of introverts that have done alright for themselves.
Of course, being an introvert that wants to start their own business will always come with its own set of challenges, but it would be a bad idea to focus solely on these, especially as compliance is becoming an increasingly overlooked area among startups.
Yup, it’s this idea of meeting the diverse and ever-changing legal requirements that seem to be crippling startups at the moment. It doesn’t matter whether you’re opening a medical facility or a menswear boutique, an auto repair shop or a health club, there are compliance requirements you need to meet.
With that in mind, we’ve pulled together a list of compliance tips every aspiring entrepreneur can benefit from learning sooner rather than later:
- Health & Safety
This is the big one. It’s the one where life and livelihoods can be affected and that’s why the Occupational Safety and Health Administration has such a tough set of criteria to be met. Which industry you are planning on working in will come with its own set of niche needs, but be prepared to jump through a lot of hoops or face an impossible uphill battle. It’s things like hard hats on construction sites, informing employees of hazards in the workplace, having the correct waste disposal processes, maintaining records of injuries and illnesses and conducting regular inspections. It is making sure all those that visit your sites are protected from any accidents that may occur.
- Proper Papers
Whatever endeavour you have chosen, you need to register it as a business entity. That could be a sole proprietorship, an LLC, general partnership, limited company, corporation or any number of options. It can be a confusing place to get involved, but you need to know what you are doing because picking the right structure will make your life easier and prevent any unnecessary efforts or expenses from arising later.
- Insurance Is Important
Let us give this to you straight: insurance is a basic legal requirement across almost all business types. Which form of insurance you get will differ, but the bottom line is the same: it’s to protect your company. Not just that, but your employees, customers and partners too. Like we said, what type of insurance you get will depend on a few factors, but you will need a form of General Liability Insurance at the very least. If you are planning on having employees, then you’ll also want to get your mitts on workers’ compensation insurance too. These two forms of cover will provide you with financial compensation in the event of a lawsuit and cover your employee’s medical care, respectively.