Owning a business requires dealing with pitfalls, and in some instances, unavoidable risks. There are, however, options for business owners to better safeguard themselves and in the process, grow their operations.
Do you own a business or does your business own you?
When “you own a business”, your business works independently and generates profits without your presence.
“A business owns you” is quite the opposite. It means your business cannot function without you - you’re the key to progress.
But whichever the case, there are three crucial life events that affect your business:
- Disease – Falling sick and needing to be hospitalized necessitates paying bills. Do you have the funds to support your immediate financial needs without interrupting your business?
- Disability – If you are injured and require a sizable sum for hospital bills, where or how can you source for funds without turning to your business?
- Death – If you die prematurely, your family may face difficulties accessing or transferring your possessions and assets (including any business under your name). How are your family’s immediate financial needs supported?