Why is it So Hard to Be Fully Licensed?
Most Businesses Are Missing Licenses, And Don't Even Know It
Because you just don’t know what you don’t know. The time and the scope to getting fully licensed was impossible. Growing businesses couldn't manage. How do you keep track of every required license and regulation across the 79,000+ jurisdictions in the USA, with 65% of those licensing requirements changing every single year? For larger companies, the answer was hiring a team of attorneys, but legal counsel was up against the same challenge. The vastness of the task, combined with outdated county and municipal systems, leads to incorrect or missed filings. Legal counsel is manual, making it imperfect, slow, and expensive. Legal counsel can cost around $250/hr, and the average time to find and file a license is 3 hours. Thus, legal counsel costs businesses around $750/license, with the risk of not even finding every required license. As a business adds additional services and products, their licensing requirements change. Licenses are required for every location of operation, and that can include every work-from-home employee. So, if a company is expanding, employs remote workers, or serves multiple jurisdictions, the risk for non-compliance multiplies. So, it’s obvious why so many businesses asked: “How licensed do I really need to be??” And the data proves it – 90% of businesses are missing at least 1 license. That’s 136 million businesses in the US. Not because of laziness, or even defiance, but simply because you don't know what you don't know. You can try your hardest and still fall victim to the magnitude of the task.
The problem now is that regulatory agencies are coming after non-licensed businesses like never before, and they’re being overtly aggressive. Afterall, licenses are not a commodity, they're a necessity. It can become a criminal offense to operate a business illegally. In the past, businesses operated without being fully compliant, because agencies didn't have the tools to adequately come after them. Now, these regulatory agencies and municipalities are utilizing advanced AI tools to scrape for all non-compliant businesses. Fines, arrest, business closure. Police are being deployed to shut down unlicensed businesses. One company had to pay back 90% of profits during their 15 month non-licensed period. Another 60 companies in Rhode Island just had their doors shut until they’re licensed. A real estate investor spent 3 weeks in jail because of failure to carry licenses. $10,000 /day fines. It's not worth the financial or reputational damage. The question has now become, “How can I get licensed the fastest?”
Trying to be fully licensed is like looking around a room with a candle. The resources you have available to you are slow, limited, imperfect, and tedious. Krypt turns on the light. You can see into every corner, instantly. Krypt empowers you to avoid the headache and risk of business licensing in the US. In less than a day, Krypt identifies every license you need for all of your business products and services, and files your missing licenses for you. It stays on top of new licenses and regulation changes, catching everything so you never have any gaps. If you add new services, products, or locations, Krypt finds and files those new licenses too. Your licenses are managed and renewed automatically. Faster, cheaper, and more accurately. Being licensed is a known and accepted cost of doing business in the US. Don't sweat about it anymore. Let Krypt shoulder it.
