Does your industry require a state license in order for you to operate? If so, how much time and expense have you incurred to obtain and keep the license? Costs might include fees, education and continuing education costs.
The Reason Foundation recently completed a study on licensing regulation in the workplace. The number of occupations requiring a license is “rising precipitously, with more than 20% of the workforce now required to get a permit to do their jobs- up from 4.5% in the 1950s.” The total is more than 1,000 occupations. The study’s author contends that “These requirements are essentially barriers to business entry and job creation….they have become a greater obstacle to employment than minimum wage laws and labor unions”.
There are other views on the reasons for increased regulation. Perhaps the increase is due to a “defensive outgrowth of the lawsuit culture….business owners (seeking) protection against…irate customers.” While there certainly is a need to protect the public from fraud “in some very specialized, learned professions” (doctors and lawyers, for example), the author contends that increased regulations allows professionals to “create their own monopolies.” Fewer professionals in a given field means less competiton and, ultimately, higher prices for consumers.
The Lesson: If you’re considering a new line of business or industry, does it require a license? If so, what are the annual costs to maintain Your Homework:
(Source: “Licensed To Kill”, Wall Street Journal, 9/11/07)
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