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Proper Business Planning

When it comes to your investments, it is always important to include in your plan to have insurance. Most of the time, people would say that it’s just an added expenses, something that they can do without, but very few people learn their lesson, and the sad part is learning it the hard way. Last night I was talking to one of my friends and she told me about her brother’s Taxi franchise, this business has been her brother’s family’s bread and butter since he came from the middle east, and sad to say, they’re unable to use the said franchise because the car is still at the auto repair shop. The taxi has just been hit by a dump truck while parked in front of their home, nobody was hurt but the side of the taxi was badly damaged and needed fixing. Now, the auto repair shop has told them that if only they have motor trade insurance, they won’t have to worry about most of the expenses since it will be the insurance company’s responsibility, and if they should need to shell out, it won’t be too high. The cost of the damage should be shouldered by the owner of the truck, however, since it now became a hit and run, this has been a hard lesson to learn, they now realized the value of proper planning when it comes to putting up a business, such as a Taxi service.

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February 2010
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