November 14, 2019 Last updated November 13th, 2019 158 Reads share

Want To Have a Business? Learn to Comply With the Regulations

Comply With Business RegulationsImage Credit:

The best way to have a sustainable income and always have work to do is to run your own business. While running your business is a big responsibility and pleasure at the same time make sure that you do everything correctly in order to gain the best possible profit out of it. For that, you should comply with certain regulations that might be following your new start. 

In different countries, different laws and regulations apply to both small and big businesses. Those can be on the level of local, federal or state regulation. Different sectors and fields have different approaches, which you have to acknowledge before running your business. For example, in the US, the State Regulation applies to small business owners in specific industries or verticals requiring obtaining specific licenses for those who sell highly regulated substances like alcohol, or with potentially dangerous environments like construction sites. While in Australia casino games for real money are regulated at both Federal and State levels.

It Is All About Being Right

If you want to run a successful business, you must make sure that you are doing it right. By doing it right we mean that you should check all of the regulations implemented so far and make your business model that will work efficiently even after putting up with the laws and policies. Mostly, what you have to check is taxes, as taxes define whether it is worth or not to run a willing size business in your country. 

Tax

Corporate tax in France deals with the tax payable in France on the profits earned by the companies originated locally. The general tax regulation is a 33.3 % corporate tax on its worldwide profits. However, there are exceptions on certain items and certain costs are non-deductible. The tax rate in France is one of the highest in the western world, which does not make business making an easy thing. Although the tax rate is supposed to be reduced by the next 2020 year, the reduced tax to 28% is still quite high. 

With France being in the leading position in the highest tax rate listing, there are several countries that have no income tax at all. Those countries are Monaco, Andorra, and the UAE. Yes, you heard it right, one of the richest and one of the leading technological countries have no income tax on its account. Well, perhaps that’s why they have a very sustainable economic and many people willing to start their business in the UAE.

Income taxes tend to compromise a large percentage of overall annual taxes. Many small businesses must also pay employment taxes, which are charged proportionally to the number of employees they have in the company, those taxes often include social security and medical care taxes as well. Businesses that purchase supplies or sell products may also have to pay excises. 

A long list isn’t it? What many people do is they try to avoid paying any additional taxes, but we would not recommend following their example, as avoiding taxes is not cheap either – violating regulations can cost you as much as going to jail or any other penalty. 

Labor

When thinking of running your own company, think about your future employees as well. The time when there was one Cinderella, who would do all of the jobs has already passed. Not when the Human Rights and Labor Standards Policy has been an official document, people know what the value of the labor is. 

Does not matter if you have a small company or a large enterprise, you most likely are going to have employees, unless you fully rely on the AI. 

Evergreen used to be a small company once, which can not be true for today, as the annual revenue of the company is 100$ and all of the employees are happy. Impressive is not it? If you are not aiming for at least the same revenue after only a few years of operation, then you always have a choice of opening your own booth. 

The size does not matter in this case. Even while being a big company you can still maintain the happiness of your employees. One of the most employee-friendly companies is Nike and Adobe Systems. Those are worldwide known brands that care about their employees and well, you can see the result. The companies comply with all of the regulations and still are the best choice if you want to make your life happier. This means that the laws are to be taken into consideration and all of the Human Rights have to be the priority while taking an employee to your company. “Companies need to be able to meet employees’ needs across a variety of factors. We find that employees who have a good relationship with their manager and a positive perception of their CEO are more likely to remain happier at their job and stay with the company longer.” stated psychology professor Bradley Brummer from the University of Tulsa and CareerBliss advisor. So, Just Do It, as Nike does. 

Ad-Vertising

In different countries, there are different regulations on advertising and publications of your product/business. It is sometimes impossible to do something the way you want just because the regulation bans it. But, remember the ban is there for a reason. Some companies use fake profiles or people without their approval, which is very disrespectful and is considered to be a violation. 

There are certain Do-s and Don’t-s when it comes to advertising. Years ago, when the only sources of information were radio, paper magazines and later on TV, there were fewer regulations needed in order to control the huge flow of information and companies, which wanted to place their ads there. Now, when the radio is of the least importance, the new control should take power, in order to maintain the security and privacy of the customers. Can you recall a recent day when you did not receive a call with promotions of different products or you did not have the promotion coupon the screen of your electronic device? I doubt. Social media is truly the best way of promotion as well as the communication channel. It is the most efficient way as well, though the main factor to take into consideration is the safety and privacy of the customer. The advertising regulations are performed by Financial Services, which vary depending on the country.

Financial services are one of the most highly regulated industries around the globe. Almost all countries have financial regulators that oversee the financial sector, including the regulatory requirements for risk disclosure in advertising. However, there has been a lot of cases of misleading customers with false statements in advertising. Many of the companies or brokerages that offer financial and investment services mislead customers with false statistics regarding their performance, regulations or return on investments. Therefore, it is important for countries to have a well-designed framework for advertising regulation and for customers to be aware of it to be on the safe side.

Be the One Who is Trustworthy

The competition in every market is very high and especially it is very hard to find your place when you are a newcomer. For you, the job is doubled. You have to run your business successfully and have the support and trust of your clients. Though, if you look at the topic from the view of having a successful business means having clients who trust and rely on you, then the most important task you have to fulfill is finding the way to their hearts. 

What does it mean to gain trust in the business sector? Have the transparency and do not have any additional hidden charges, which your customers will detect in the end. The small business especially needs the biggest support. Use your situation as your benefit. People are more open towards small enterprises, as they seem to be more cozy and fewer things to hide. Use this as your personal perk and get an individual approach to your clients. Afterward, you will definitely transfer from the strange newcomer to the reliable partner to the customers, as well as partners. 

Easy A

When it comes to privacy and safety everyone is very sensitive towards the subject. People care about their privacy and would not like to share specific details publically. It might seem that we do not care about others’ opinions, but we do and consequently, we keep as much as possible to ourselves. This is also about safety. One should feel secure enough in order to share the billing address and credentials with the website. Otherwise, there are plenty of other options and opportunities that s/he can address. 

Our information should be private, your information as a company should be transparent but secure. You have a game that is played on the two fields, and make sure you do not mess up with the rules. 

Are you still thinking of running your own business? That is a very good choice indeed, but make sure to be informed about everything. Informed means armed, and armed means prepared. And then, off you go!

 

Mariam Pagava

Mariam Pagava

I am Mariam from Georgia, freelancer blogger, willing to share my experiences and outlook on certain trendy topics.

Read Full Bio