4 Surprising Compliance Traps Every Small Business Needs to Know
/4 Surprising Compliance Traps Every Small Business Needs to Know
So, just picture this: Your side hustle is finally taking off, your business planning is going perfectly, and it’s basically at the point where it’s going to become a full-on business. You’re basically at the point where you’re all set to launch this business. You’re just filled with so much excitement, and then—boom!—you run into a compliance issue you didn’t even know existed.
Now, it’s better that this happened before it got worse. Plus, it’s a common headache for small business owners, too. But overall, staying compliant isn’t just about the obvious stuff; sometimes, it’s those sneaky, lesser-known rules that trip you up. Now, with all of that said, here’s how to avoid getting blindsided by the fine print.
PCI Compliance Isn’t Optional
If your business is processing card payments, you need to be PCI compliant—no ifs, and, or buts. It’s not just for big companies. This ensures that customer data, like credit card details, are securely handled. And if you’re in a field like healthcare, there’s even more to think about—your system must accept HIPAA-compliant payments to avoid legal troubles that could put your business in a tight spot.
So, this is something you’re definitely going to want to think about, and overall, you’re going to have to be super cautious about all of this, too (such as the systems, options, and methods for payment).
Are You Offering Free Wi-Fi?
Now, it’s pretty obvious that free Wi-Fi sounds like a great perk to offer customers, right? But here’s the kicker—if someone uses your Wi-Fi for illegal activity, you could be on the hook. Yes, you read that right!
Actually, there are a lot of small business owners out there that don’t realise that providing Wi-Fi comes with responsibility. So, you’ll need to ensure you have proper network security, like firewalls, to protect your business from being liable for what customers do online. What seems like a harmless perk could turn into a legal nightmare if not handled correctly.
Local Advertising Can Be a Trap
You might think putting up a sign to advertise your business is simple. But think again—local councils often have very strict rules about advertising. Now, it’s really going to depend on how you’re advertising, like a roadside banner, posters in windows, or even temporary displays, you can’t just put things up wherever you want.
This is where a lot of new business owners just get it wrong (and sure it’s a honest mistake). But mistaken or not, violating these laws can lead to fines or worse, you could be forced to take down your advertisements just when you’re trying to drum up attention.
Even Solopreneurs Need to Meet Health and Safety Compliance
Here’s something that catches a lot of small business owners off guard: health and safety regulations apply even if you’re literally the only person in the business. So, yes, even if you don’t have employees if customers are coming into your workspace, you’re responsible for keeping them safe.
So yes, failing to meet health and safety standards can land you in hot water with fines, or worse, accidents that could have been avoided (again, even if you’re alone).