If you have taken a leap of faith and started your own business as a solopreneur, you will probably now know that compliance is something that causes a lot of stress!
In this post we talk about the compliance factors that cause headaches for entrepreneurs and help you alleviate the problems that could arise down the line.
1) Setting Out Terms & Conditions
If you have a service business or you sell items online, you need to set out terms and conditions to protect yourself from legal cases in the event that there is a disagreement between you and your customers. Dealing with a tiling supplies company before, it was essential that they had T&C’s for their online business to prevent problems arising in the future
It is important that you set out payment terms so that there is no confusion over payments for your services or products.
2) Data Protection Compliance
Data breaches are a common problem for small businesses. The fact that solopreneurs do not have the revenues to invest in cyber security protection, it is very important that you are aware of what phishing is and how devastating it could be for your business.
With GDPR now governing data laws in Europe, the penalties are colossal!
Companies can get fined up to €20 million or 4% of annual revenue, which could potentially wipe out a solopreneur should a data breach happen.
It is so important for an entrepreneur to become aware of how to become compliant with regard to saving customers details. There are lots of resources online that one can learn more about the subject.
3) Calculate Your Debt To Income Ratio
As an entrepreneur you will need to ensure that your financial affairs are in order in terms of your cashflow, tax payments and outgoings.
If your business requires a lot of loans in order to operate, you could consider consolidating your loans into one. Check out the best debt consolidation loan companies to find out what option would best suit your business.
It would be a wise decision to outsource your financial affairs to an accountant in order to save yourself time and to make sure you are compliant with your taxes and that your debts are covered.