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Worker’s Compensation Insurance and Liability Insurance plus an EIN number …yada, yada, yada…..Believe me, Seinfeld fans, I am definitely NOT yada yadaing over the best part! Unless you own a store or business, you have no idea how many documents and licenses you need just to begin. Let’s not forget how much money you need to pay for said documents and licenses to be valid and legal. I feel fortunate that my brother-in-law is a lawyer who can help me navigate forms and filings and contracts. My husband’s accountant is a really nice guy. My uncle is also a CPA who is always willing to answer my questions. So, there are a circle of people there to help me. But, to say that this process is overwhelming is like saying a category 5 hurricane is just a light breeze. Let’s not forget, I also have two kids to raise. Plus, I promised my son I would volunteer in his classroom on Monday mornings after February vacation and I absolutely will honor that promise. I can definitely see how new businesses fail, sometimes really quickly. It seems as if the system is set up for you to fail. There are so many fees and taxes and regulations that you are lucky to make fifty cents by the time the transaction is completed.! This goes for everyone–doctors, lawyers, florists, gym owners, jewelers….you name it. I think it’s especially hard for retail because you really can’t compete against Walmart, Target, and Kohl’s. But, Benny’s somehow survives against Lowe’s and Home Depot, so it can be done. I just have to figure out their secret! What makes one company stay afloat -make a profit even- and another company that is equally good-fail? If I knew that answer, I might be less inclined to be intimidated by all these upfront costs and commitments. If anyone out there knows the answer, please tell me. I would sincerely appreciate your insight. Happy Shopping:)
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