Tips on How to Start your own Business

To succeed in business today, you need to have good planning and organizational skills. Whatever type of business you want to start, using the following tips can help you be successful in your venture.

• Choose the right business for you. You need to plan, set goals, and above all, know yourself. You should know what are your strengths and your weaknesses. Make sure you’re on the right track and if it is worth the sacrifice of your time and money.

• Evaluate your target audience. To minimize your risk for loss, never assume there is a market.  Don’t wait until you’ve officially started your business to line up clients, as without them, your business will not survive.

•  Write a business plan. A business plan is a necessity.  The main reason for doing a business plan first when you’re thinking of starting a business is that it can help you avoid pouring your time and money into something that will not succeed.

• Setup your business and get legal and taxes right the first time. Register your business and learn what your responsibilities are before you start your business and operate accordingly.

• Avail business insurance. These insurances will be your safeguard throughout your business. You don’t have to worry when things might not go well since these insurance companies will easily customized your business’ needs.

I have discovered that Malayan Insurance offers the best property insurance in the Philippines. Malayan Business Protect provide asset protection for various commercial businesses such as offices, restaurants, and even small kiosks. Business insurance, like Malayan Insurance’s Business Protect, covers fires and a wide range of other business risks :

• PROPERTY INSURANCE Provides coverage for your business against loss or damage resulting from Fire and Lightning, Typhoon, Flood, Earthquake Fire & Earthquake Shock, Smoke Damage, Explosion, Vehicular Impact, Falling Aircraft, Riots, Strikes and Malicious Damage, Sprinkler Leakage, and Bursting or Overflowing of Water Tanks, Apparatus, and/or Pipes (BOWTAP). It also covers built-in extensions namely Debris Removal, Professional Fees and Fire Fighting Expense.
• Comprehensive General Liability (CGL) Value-added feature that brushes off business-related legal worries. It provides protection to the Insured’s business against third party claims as a result of property damage and/or bodily injury arising from the operations of the business. This includes legal expenses necessary to defend the Insured from third party claims. Depending on the type of business, the CGL offers specific extensions that are relevant to the nature of business from food poisoning endorsements for restaurants.
• Personal Accident (PA) A 24-hour, 365-day protection for the Insured and Insured’s employees against accidents. As a standard feature, Business Protect provides coverage for four (4) named employees provided that the age of each person declared under this benefit does not exceed 65 years old.
• Money, Securities and Payroll (MSP) Compensates for loss of money or securities stored within the insured business premises due to burglary or robbery. In addition, this cover will also respond to loss of money-in-transit due to robbery from the business premises to the bank and vice versa.

Protect your business property with Malayan Insurance now. To learn more about Business Protect, visit www.malayan.com.