From the course: Creating a Business Plan

Administration

From the course: Creating a Business Plan

Administration

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- When you run a business, there are a lot of administrative matters you're going to have to handle. These are nonnegotiable. Many of them are regulatory requirements. Which firms are you going to use for your finance, HR, legal, intellectual property? Who's going to represent you? And who on your team is going to manage administrative matters for your company? There are some key questions you need to be able to answer as you build your business plan. Are all your licenses and business filings complete and accurate? Are you sufficiently insured? Are you compliant with all laws, like tax law, employment law, safety law, if you're doing some manufacturing? Is your business legally protected? Do you have the right legal structure, intellectual property, and copyright protections? Are your contracts solid? And are your finances correct? Are you issuing 1099s and W-2s, and filing your taxes appropriately? These aren't fun things to deal with. However, they're critical, especially if you get them wrong. So spend some time, find some external service providers who can help you with this, and make sure you have these things buttoned up before you launch your business.

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