Why You Have To Fully Understand Your Risks before Setting Up Shop for the First Time


When you set up in business on your own accord for the first time, it can be both exciting and demanding. You may be one of the thousands of Australians planning this move, as you've decided to take control of your own future. While there are certainly opportunities, there are definitely risks as well. How can you protect yourself, so that you survive and prosper in this new world? What are some of the biggest threats you can face and how can you protect yourself accordingly?

Burglary and Theft

If you are setting up a store of some kind, you will want to attract as many people as possible to visit your location and be very visible. When you promote yourself in this way, however, your risk of theft or burglary goes up exponentially. One of the first things that you need to do, therefore, is to ensure that you have a first-rate security system to protect your property when you're not there. All of the windows and doors need to be strengthened and you need to keep lighting on overnight to deter potential intruders.

Staffing Risks

It's also unfortunate that theft can sometimes come from within. Whenever you take on staff to work for you, there is a risk that they could not have your ultimate interests at heart. In this case, do everything that you can to perform proper background checks before you take anybody on and ensure that they are also invested in your success.

Looking after Your Investment

Within your store, it's likely that you will have a certain amount of expensive equipment to enable you to go to market. This may require an investment and you should look after this as much as you can. Don't be reactive and simply wait for downtime before you repair anything, but be proactive and avoid this at all costs. Make sure that your staff are fully trained so that they use any equipment properly and don't prompt any potential failure. The more attention you give here, the less likely that you'll need to make any claims for replacement.

Are You Liable?

You also need to understand the concept of liability. Whenever you invite people to do business with you or to enter your premises, you become responsible for their safety and well-being. Walkways and floors within are key danger areas and you should do everything that you can to ensure that you avoid slip and fall accidents. Keep any potentially dangerous equipment or hazardous materials away from members of the public and always keep restricted areas under lock and key to prevent unauthorised access.

Covering Yourself

While you should pay attention to all these areas very carefully, sometimes the worst can happen no matter what you do. With so much on your mind and so much potential exposure, you must get in touch with a qualified insurance broker or agent who specialises in your field. Ensure that you have coverage to protect yourself from every eventuality.

About Me

The Benefits of Using a Financial Advisor

Hi! My name is Keith and this is my blog. If you had a told me a couple of years ago that I would need a financial advisor, I would have laughed at you. However, all that changed when I won a lot of money playing blackjack. I cashed out my winnings and put it into the bank, but I had no idea what to do with it. My friend suggested that I contact a financial advisor. The advisor was great. He explained all of my options and helped me to make wise investments. I decided to start this blog to offer advice to others.

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