Do you have a big business idea? Do you have some concept that will take you from a sense of anonymity to a sense of notoriety? Are you willing to put yourself out there to create a startup? If so, that’s a big risk. But, there will also be a big reward associated with it. During your business development, you’ll find that one of the more difficult things is making sure that you stay compliant with various kinds of regulations. Compliance is often an opposite pressure from profitability, so finding balance is critical.
Three examples of compliance when it comes to new business ideas would be in the restaurant business, relating to OSHA regulations, and ensuring that you never have to be on the wrong side of a staffing discrimination issue. Those sound like dull topics, but they are vital to success in the long run.
The Restaurant Business
In the restaurant business, you will end up with commercial grease. Because you are cooking things, you will have cooking waste. Where do you think that waste goes? Does it just disappear when you’re done with it? No. You have to figure out how to dispose of commercial grease legally, and that can take some administrative effort and some financial creativity. There are plenty of companies out there that do this sort of disposal, but depending on your area and how much money you have, it may feel like an unnecessary expense beyond a certain point.
If you have employees, then you have to follow OSHA regulations when it comes to your business practices. Especially if you have any chemicals that you work with that can cause health issues, or if you have any areas in your business location that have dangers associated with them, you have to do everything possible to remain compliant with safety regulations. If you don’t, you can get fined, and there may even potentially be jail time in there if your offense was severe enough.
Employers have to find a unique balance these days as they expand their companies. As business operations get larger, you will naturally need more employees. But how do you hire those employees? What type of filtration do they have to go through? The answer to this is crucial because you don’t want to ever be on the wrong end of an employment discrimination suit in a court of law. It will bankrupt your company faster than anything you could believe.
Having big business ideas is a great place to start if you want to make more money and be your own boss. However, you have to pay attention to the details along the way, and the more closely you craft appropriate planning milestones, the more control you will have over the eventual result.