Entrepreneurship is never entirely without risks.
But if you identify your business risks...
you can reduce them as much as possible.
So, make sure to prepare quotes…
and general terms and conditions.
That way, you make it immediately clear…
what you deliver and how.
And you outline what rights and obligations you and your customers each have.
The general terms and conditions cover matters such as liability, payment term...
and warranties.
You can further reduce risks by taking out insurance.
For example, for professional or business liability...
your inventory, goods, and legal assistance.
Also, look at your personal situation.
Do you want to build up a pension and insure yourself against disability?
Let's see how these entrepreneurs arranged such matters.
For us, travel insurance is the most important, I think.
And in addition to that, we have drawn up a contract for ourselves…
with risks as an entrepreneur, but more as in...
For example, if someone falls ill or quits. We do have that on paper.
I chose not to take out any additional disability insurance.
Maybe not very smart.
Yes, at a certain point the bank required us…
to take out that disability insurance.
Before that, we didn't have it either, because you make the choice...
to either use the money to grow or use it to insure yourself.
And especially in the first few years we chose to grow.
You really do have to be well-insured for fire and damage.
It's also important that our customers and our staff are insured in the company…
in case something happens.
And our general terms and conditions were made by a lawyer.
And so far we haven't needed to use them.
What often does happen at companies we work with...
who actually have clauses themselves, so that's actually covered pretty quickly.
If you're running a campaign with a brand or an agency...
then there is often a contract involved, which we sign.
And we actually deliver.
It is important that the general terms and conditions are drafted correctly.
We enter into an obligation with the customer and the customer, in turn, has rights.
That has to be properly described in that document, of course…
so that if there is a problem, we can fall back on the general conditions.
And now it is time for action.
Check whether your industry association has general terms and conditions that you can use.
Tip: A lawyer can check or draft your general terms and conditions.
Find out which risks you are exposed to and which ones you want to insure against.
Bear in mind that private insurance policies generally do not cover business risks.
Take your retirement into account.
Explore options for building up a pension as an entrepreneur.
And as an entrepreneur, you will have to deal with security risks…
such as fraud and cybercrime.
Find out how to limit these.
Want to know more?
Visit KVK.nl/en/starting.