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Find Out Which Business Law You Need
Whether you are starting or have been operating a business for years, it’s always good to familiarise yourself with the laws that affect your business.
Whether it’s regulation specific to the geographic location of your business (provincial or local by‑laws) or laws that regulate your industry (Consumer Protection Act 68 of 2008) – you must do your research or consult a professional – non-compliance could lead to penalties.
Here are 5 types of laws that every business owner should be familiar with:
1. Entity Regulatory Laws
2. Employment and Labour Laws
3. Private Property Law
4. Consumer Protection Law
5. Tax-Related Law
Some of the common legal issues and requirements that small businesses will face include reviewing contracts to protect their company, handling contractor or supplier disputes, internet security breaches, product liability issues, employee theft, tax audits, employee confidentiality issues, and threats of customer lawsuits.
Seeking Business Law Advice... Look No Further
SME South Africa in partnership with Bowman's is happy to bring you pro-bono legal services. The BOWMANS ISHISHINI LETHU pro bono project offers pro bono legal services to qualifying small businesses and start-ups.
2 Main Benefits of a Business Plan
For the majority of South African entrepreneurs, the likelihood of launching a company that is profitable after three years is quite slim. However, the chances of success are increased considerably if an entrepreneur takes the time and makes the effort to put together a business plan.
A business plan is a written statement of your business’s goals and the methods for realising them. A typical business plan will cover some of the following points – a vision statement; your team; business profile; financial and marketing plan and expansion plans, among others.
While there are some entrepreneurs that swear by business plans and use it as a blue-print for every step of their business, there are those that question if it’s still a requirement.
Below we outline the two main reasons why a business plan is still a good idea today. 👇
Congratulations to our Sister Company - Startwise Mentorship Platform for being selected as one if the Top 20 South African Small Business Awards Winners!
New This Week (14 November 2022)
How to Buy a Franchise Business in South Africa
Starting a franchise is an attractive way to get into business for many entrepreneurs. The great thing about buying a franchise is that you’re investing in an established brand and business model that has been proven to work. This makes opening a franchise slightly less risky than starting a new business from scratch.
There are many franchise opportunities that exist in South Africa. These vary greatly in cost and can be highly profitable if done right. The cost of buying a franchise purely depends on what franchise you’re buying. Other factors, like the size of the restaurant or restaurant style, will also affect the franchise price. South Africa has many franchise opportunities available. These cover all kinds of industries and range greatly in costs. If you find a franchise that suits you, it could be an excellent way to start a business.
Need Working Capital? For a Free Quote for Business Funding, visit SME South Africa.
SME South Africa has partnered with Version. Eight Media to bring you the digital marketing Ebook ‘Cost-Effective Digital Strategies for Growing Your Small Business’, with easy-to-follow and cost-effective digital marketing strategies and tactics JUST FOR YOU.
We are letting you IN on the strategies you can use to – Build brand loyalty, increase your brand awareness and GET THAT SALE!
Download the E-book to Learn:
How educating your customers on your products can lead to sales
What social media platforms you should be using for your business
Tactics for lead generation
PLUS 4 ways to grow your email list