According to the Telegraph, 80 new companies were set up every hour in 2016, with 608,110 new companies emerging in 2015. With a record high of new businesses, it is more important than ever to ensure your business is properly registered and licensed.
There are a whole range of businesses that require the owner to buy a licence, ranging from childminding businesses, taxi companies, restaurants, hairdressers and hotels, to name a few. Your business may also require a more specific licence, for example, you need a licence to sell alcohol. Follow our guide to understand the importance of ensuring your company is properly registered and licensed.
Protection for you
Ensuring your company is properly licensed helps to bring protection to yourself, your employees and your customers. Having the correct licence will ensure your personal assets are protected in case of a lawsuit as well as providing protection for you if your business is damaged. This works the other way around too as if you are personally liable for injuring another, your businesses finances will not be available in the settlement. A licensed business is completely separate from yourself, meaning your company’s taxes aren’t filed with your own. This makes it far easier to report income as well as businesses losses.
Protection for your employees and customers
A licence will also ensure your employees are protected if they are injured as well as protecting your customers. If you sell food or sell a product that touches the human body, for example, if you own nail salon, you will be required to have a specific licence as well as be required to pass an annual inspection. This protects both you and your customers in case any incidents occur.
If you obtain a licence for your business, you are ensuring that your personal information remains private. This includes everything from your address to your finances as they will not be associated with the business and will almost guarantee you retain a level of personal privacy.
Customers will more readily trust a company this is licensed, even if your specific company isn’t required to obtain one. You may not require a licence to play music in certain areas or to sell food on the street, but obtaining one brings security. A licence proves your company is trustworthy and stable and that you are dedicated to your company’s success.
Good for the economy
With so many new businesses appearing every day, ensuring your businesses is registered and licensed helps to formalise the economy. It ensures the businesses sector is thriving, as well as strong and protected. Small businesses can also only gain funding or protection by the law once they are registered and licensed.
Where to start
It can be confusing understanding exactly what type of licence you need and how to register your business. Cloudstream Partners, who offer the sale of licences, have been using and developing Tableau for five years, meaning they “know and understand the Tableau licensing model”. They will offer you personal advice on the licence you need, as your company may require more than one, and will offer you support during setup. It cannot be denied that setting up a new business is hard work, and there is a whole range of general advice on the internet on how to be successful, but Cloudstream Partners can offer your personal advice for your specific company. They have worked with a range of industries so are qualified to help you no matter what your business is. They also offer a free trial of Tableau and are a profession, trustworthy company.